Entering the property market - some important information for your conveyancing transactions

Purchasing your first home, or any property for that matter, is one of the biggest financial decisions you make in life, and it can be stressful.

At Charltons Lawyers, we endeavour to ensure that your conveyance proceeds as smoothly as possible. Included in our retainer is the review and/or preparation of your Contract prior to signing to ensure that you understand all elements of your Contract and so that any conditions you require are included. We work with the real estate agent to draft any additional conditions required in addition to ensuring all the standard terms are explained to you.

Important items to consider when making an offer are pest and building, council approvals, finance, flooding, septic/plumbing and electrical inspections, soil testing, removal of tenants, pool safety, and other agreements verbally agreed between the Buyer and Seller such as works to be conducted before Settlement. The time periods on any conditions also need to be stipulated, so you should liaise with your Financier or Mortgage Broker, Building and Pest Inspector or any other professionals to ensure that the time periods included in the Contract are achievable.  These time periods are very important and must be met to avoid the loss of any rights under the Contract. Particularly, you should ensure that the Deposit is paid by the due date for payment. If you are paying by way of electronic transfer, you should consider amending this timeframe to 3 Business Days from the Contract Date or from receipt of the Contract by the Buyer or Buyer’s solicitor to ensure there is sufficient time for the funds to reach the deposit holder’s account. This will avoid being in breach of contract which would in turn give the Seller a right to terminate the Contract.

Finally, when transferring funds for deposits and or part of the settlement funds to Solicitors or Agents, you need to ensure you are transferring those funds to the correct party. There has been an increase in cyber hacking since the Covid-19 pandemic. Hackers are imitating emails from Solicitors and Agents to direct funds to their own accounts. As such, should you receive any emails from any party requesting you transfer money, it is best to give that particular person a call to ensure that the details are correct before transferring any money to eliminate this risk.