Buying A Property
JLM Conveyancing provides advice and services for all aspects when buying a property.
Whether you are buying a new home, business or an investment property we help protect you from unexpected costs and mistakes. Some common questions when buying any type of property are:
- How much are the transaction costs?
- What are my mortgage repayments likely to be?
- What are, and how much are the ongoing Rates and Fees?
- Can I move in straight away?
- Is there Stamp Duty payable?
- Is GST payable?
- Will I be liable for Income Tax?
- Is Capital Gains Tax applicable?
- What is it zoned for?
In brief, below are some examples of how JLM Conveyancing can assist you in buying a property and we highly recommend not signing any contract until you have had the opportunity to assess the property in detail:
We can check the title and the plans of the property on your behalf to confirm the owner, if the property is subject to a mortgage and are there any caveats, easements or covenants applicable to the title and the implications.
Property Boundaries and Measurements
We can arrange to confirm the dimensions of the property against the title boundaries to ensure that there are no discrepencies or issues post settlement, or in some cases pre-settlement.
We can confirm with various councils, governments and authorities your legal rights in regards to how the property may be used due to zoning restrictions. These may include residential, commercial, rural etc and may also include regulations around what type of adjustments can be made to the property once you own it.
Water Authority, Council and other access to infrastructure such as power, telecommunication pits, drainage etc. is commonly overlooked, especially when you purchase a property with the intention of building or renovating. It is good to know if and where these are located on your property and whether the relative bodies have access to your property.
This may include whether you are allowed to build more than one dwelling on the property and can even detail what standards the house must meet in regards to brick style and colour, fencing etc. It is extremely important to know what restrictions may apply to the property you are purchasing.
Building Inspections / Pest Inspections
JLM Conveyancing can arrange to obtain relevant inspection reports and permits to ensure that you will not be liable for
Flood Zones, Town Planning and Road Developments
Certain areas in Sydney are zoned as flood prone areas. This may or may not restrict how a property can be used and may also determine if you can build a house on the property. Proposed town plans and the likeliness of any effect on your property in the future should always be taken into consideration. Another important factor especially with semi-rural properties is any future plans by authorities to build roads or in fact widen roads.
Finalising Contracts and Cooling Off
Each state has different laws regarding contracts of sale including obligations for both the vendor and purchaser when entering into a contract. In general NSW has a cooling off period of 5 days which can be extended if the vendor agrees. JLM Conveyancing will deal with all the legal jargon, negotiate the terms of your contract and explain all of this in plain english.