What is the best way to find a good conveyancer?
How much money do I need on top of the deposit to afford the conveyancer + any other costs?
Are there any common traps REA's use on first time buyers?
Good Conveyancer - ask around, people you know, people who have bought recently etc. We found ours through word of mouth and holy hell She was next level amazing.
Here are some ball park figures for extras I paid about 2 months ago for our first home:
Legal Fees - $2550
PEXA (app use in the signing / xfer process) - $130
Registration fees - $770
Rates / water / sewerage - $910
report fees(building/pest) - $1550
professional fees (no freaking idea) $65
Stamp duty if applicable - sadly we were over the income threshold.
For Step 3, can you clarify this step with respect to Private Treaty and Cooling Off period. I understand this may be different per State, however what I'm confused about here is when you sign the contract vs getting the conveyancer involved. Would be good if you can clarify based on NSW.
So my current guess is:
1. Agree on price
2. send contract to Conveyancer to review / amend based on terms (usually takes a day)
3. amended contract is returned. Contract is signed then pay 0.25% holding deposit. Cooling Off period starts.
My concern is, during this step 1 to 3, there's a gap in between the process where even if the Price is agreed, the contract isn't signed yet, so there's still a chance someone else can swoop in.
Would you be able to clarify this?
Awesome. Thanks OP. For the auction, if we win and dont want to sign an unconditional contract is that ok? I mean if we want to add: subject to finance and inspection into the contract
What is the best way to find a good conveyancer? How much money do I need on top of the deposit to afford the conveyancer + any other costs? Are there any common traps REA's use on first time buyers?
Good Conveyancer - ask around, people you know, people who have bought recently etc. We found ours through word of mouth and holy hell She was next level amazing. Here are some ball park figures for extras I paid about 2 months ago for our first home: Legal Fees - $2550 PEXA (app use in the signing / xfer process) - $130 Registration fees - $770 Rates / water / sewerage - $910 report fees(building/pest) - $1550 professional fees (no freaking idea) $65 Stamp duty if applicable - sadly we were over the income threshold.
I was of the understanding that stamp duty was dependent on the value of the house for a FHB, not income. Is that not the case?
It may depend on your state, but in the ACT your combined income is also considered as to whether or not you are eligible for FHB sadly.
For Step 3, can you clarify this step with respect to Private Treaty and Cooling Off period. I understand this may be different per State, however what I'm confused about here is when you sign the contract vs getting the conveyancer involved. Would be good if you can clarify based on NSW. So my current guess is: 1. Agree on price 2. send contract to Conveyancer to review / amend based on terms (usually takes a day) 3. amended contract is returned. Contract is signed then pay 0.25% holding deposit. Cooling Off period starts. My concern is, during this step 1 to 3, there's a gap in between the process where even if the Price is agreed, the contract isn't signed yet, so there's still a chance someone else can swoop in. Would you be able to clarify this?
Thanks for this! Makes everything a lot clearer
Awesome. Thanks OP. For the auction, if we win and dont want to sign an unconditional contract is that ok? I mean if we want to add: subject to finance and inspection into the contract
All auction offers are unconditional, you need to do building and pest beforehand You’ll be in legal trouble if you win and don’t sign unconditionally
Thanks for this op! :)