First Home Buyer

The conveyance of real property in New South Wales is a very complicated process that requires meticulous attention to detail and expert legal knowledge. A missed signature or a misunderstanding of what you are signing could cost you thousands of dollars.

A licensed conveyancer is someone you should engage to wade through the process of your conveyance. They will advise you in respect of any schemes or bonuses which the New South Wales Government may have on offer for first home buyers. Currently there is the First Home Owners Scheme which the Government will give you $7,000.00 towards the purchase of your first home and an exemption from payment of stamp duty (home value must not exceed $500,000.00)

To apply for this $7,000.00 there is an application form and supporting identification documentation which needs to be completed and submitted to the Office of State Revenue. Your Licensed Conveyancer will complete all the necessary forms and certify copies of your identification documents.

You will also need to know who much money you can borrow to purchase that first home. You should start by either talking to you Bank or a mortgage broker. A mortgage broker can obtain loans through multiple lenders,, so you just need to make the one application. Once you receive your conditional pre-approval you can then start to look for your first home.

When you do find that home you want to purchase, you need to advise your Licensed Conveyancer of the details. They will then handle the matter on your behalf from there. They can arrange the pest and building inspections, survey reports and source additional information from the Vendors Licensed Conveyancer regarding the property.

You should never exchange contracts until you have unconditional loan approval. This is quite different from the pre-approval. The Bank which you will be borrowing the money from will need to do a valuation of the property. Once the valuation has been conducted and all the figures stack up unconditional loan approval will be granted to you to buy that particular property.

If you can't wait for the unconditional loan approval to be granted, you can still exchange contracts but insist that the 5 business day cooling off period remains in place. This 5 business day cooling off period allows you time to get your finance in order.

Should your unconditional loan approval not be granted you can rescind the contract within the cooling off period and the only penalty you will pay is 0.25% of the purchaser price to the Vendor.

About the Author:
Judy Bliss is a Licensed Conveyancer in New South Wales who operates Longmores Property Conveyancers. www.longmorespropertyconveyancers.com.au She has worked in the conveyancing industry for 15 years and has a wide ranging knowledge of residential, rural and commercial properties.

Article Originally Published On: http://www.articlesnatch.com

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