Checkbox Legal

 10 MISTAKES WHEN PURCHASING A PROPERTY WHICH CAN BE AVOIDED Part 6 – Property inquiries Sydney-based legal practice  Checkbox Legal  will assist you to avoid or minimise complications which arise when purchasing real estate. We helped many of our clients to avoid multiple pitfalls in the process and now ready to share our knowledge with you. PROPERTY INQUIRIES In our previous publication we discussed obtaining finance for your purchase and pointed out the importance of working with your mortgage broker to have it ready by settlement. As you are completing your loan application forms provided to you by your broker (or directly by lender), there is much going on behind the scenes. Your solicitor or conveyancer orders multiple documents (also called certificates) with the purpose of determining what money is owed on the property by the vendor and to prepare a document called settlement adjustment sheet. The document sets out the agreed price of the property, the amount you ...

  10 MISTAKES WHEN PURCHASING A PROPERTY WHICH CAN BE AVOIDED Part 5 – Arranging Finance Sydney-based legal practice  Checkbox Legal  will assist you to avoid or minimise complications which arise when purchasing real estate. We helped many of our clients to avoid multiple pitfalls in the process and now ready to share our knowledge with you. ARRANGING FINANCE In our previous publication we discussed cooling off period and suggested that that grace period is used to undertake due diligence checks and arrange finance. Having said that it may not be possible to obtain a formal approval for finance within that time, even if the vendor would allow for extension of cooling-off period for a few days more. Finance, which most of the time comes in a form of a home loan, secured on the property you are proposing to purchase, is a domain of specialists called mortgage brokers, and we simply note from our experience that lack of finance is an expensive misfortune or mistake some pur...

  Part 4 – Cooling off period Sydney-based legal practice  Checkbox Legal   will assist you to avoid or minimise complications which arise when purchasing real estate. We helped many of our clients to avoid multiple pitfalls in the process and now ready to share our knowledge with you. COOLING OFF PERIOD In our previous publication we discussed payment of a holding deposit to a real estate agent. What happens next? The statutory cooling off period which usually lasts for five business days. What happens during that period? Well, it is a question of due diligence and what purchaser is ready to invest in for a piece of mind. Essentially, this time may be used by the purchaser’s solicitor to order a strata report (if the property is a lot in a strata scheme), a pest and building report (if the property is a free-standing home, a villa or a townhouse) and other reports, which are less frequently made. Checkbox Legal  always recommends its clients to invest in these impor...

10 MISTAKES WHEN PURCHASING A PROPERTY WHICH CAN BE AVOIDED Part 3 – Paying a holding deposit. Sydney-based legal practice   Checkbox Legal  will assist you to avoid or minimise complications which arise when purchasing real estate. We helped many of our clients to avoid multiple pitfalls in the process and now ready to share our knowledge with you. HOLDING DEPOSIT Our clients often ask us questions about when, how and to whom is a holding deposit paid? Pursuant to standard conditions of Contract for Sale and Purchase of Land, used by vast majority of solicitors and conveyancers in NSW, purchasers pay to  a selling agent a holding deposit in the amount of 0.25% of the agreed purchase price. This deposit is so called because it is “held” by selling agent and it is paid usually in the agent’s office on a date of signing of the contract of sale by a purchaser. It would be useful to remind that by that time a purchaser should already have some funds, at the very least suffici...

  10 Mistakes When Purchasing a Property Which Can Be Avoided Part 2 – Making amendments to contract for sale Sydney-based legal practice  Ross Anderson Lawyers   will assist you to avoid or minimise complications which arise when purchasing real estate. We helped many of our clients to avoid multiple pitfalls in the process and now ready to share our knowledge with you. MAKING AMENDMENTS TO CONTRACT FOR SALE AND PURCHASE As you are engaged in price negotiations with the real estate agent or questioning him or her on various aspects of the property, you should ask your lawyer or conveyance to check the contract for sale which was given to you by an agent.  Many agents advertise open houses on Saturdays to attract more potential buyers. Checkbox Legal  often receives phone calls from potential clients right after open house asking to review the draft contract. Sometimes, by Monday morning when the agent opens their office the clients are already advised in brief ...

  10 Mistakes When Purchasing a Property Which Can Be Avoided Part 1 – Negotiations with real estate agents Sydney-based legal practice Checkbox Legal  will assist you to avoid or minimise complications which arise when purchasing real estate. We helped many of our clients to avoid multiple pitfalls in the process and now ready to share our knowledge with you. NEGOTIATIONS WITH AN AGENT With all due respect to real estate selling agents who deal with tens of potential purchasers, having no or almost no experience in purchasing property...purchasers are reminded of a Latin phrase “Caveat Emptor” which means “Buyer Beware”. In your negotiations with an agent it always recommended to ask questions about various aspects of the property you are targeting and also seek an opinion of your lawyer or conveyance if the answers the agent gave did not satisfy you. The thing is, from our experience, when reviewing draft contract for sale given to our clients by agents we most invariably fo...