First Home Buyer’s Guide
First Home Buyer’s Guide
Congratulations on being ready to take your first step into the property market!
Use our experience to navigate your way through the conveyancing process.
What is conveyancing?
Conveyancing is the legal process involved in the transfer of real estate. All Vendors and all Purchasers need to engage a Conveyancer to prepare the necessary transfer documents and arrange to settle the Contract of Sale.
Who are we?
We are a conveyancing firm. We are not lawyers. A lawyer is not required for residential property transfers. We are doing “conveyancing” all day, every day. Conveyancing is what we do.
Civic Conveyancing operates from offices in Werribee and Geelong. We pride ourselves on being a full-service conveyancing firm with a focus on a high level of customer service. Our current owner has been at the helm since 2008. We are highly skilled with extensive experience in all aspects of conveyancing.
We are well respected by our clients and peers. Take a look at Google reviews!
Hints and Tips
- A cooling off period will not apply if you buy at auction or if you sign the Contract within 3 clear business days before or after publicly advertised auction. (Other exceptions also apply).
- If you cool off, the Vendor is entitled to a fee of 0.2% of the Price (eg if the price is $500,000.00, the cooling off fee is $1,000.00). This fee is not often charged by the Vendor.
- Ensure you have funds available to pay the deposit by the due date. It is important that you agree to terms that you are confident you can satisfy. Many purchasers sign a contract which provides for a deposit they cannot pay.
- Loan approvals have a “use by date”. For some lenders it is 3 months between approval and settlement, for others it is 6 or 12 months. This is especially relevant when purchasing “off the plan”. Where a Plan of Subdivision is not registered for a considerable time, it is common for loan approvals to “go stale/expire”. You are then required to go through the entire loan approval process again including credit check, proof of income and assets and liabilities (as circumstances may have changed over the period). Talk to your lender about their loan conditions. Lenders cannot provide unconditional loan approval until the Plan of Subdivision is registered as they cannot value the property until that time. Any “loan approval letter” you receive for an off the plan contract will be conditional upon the lender’s valuation being satisfactory to the lender.
- Ensure the list of Goods included in the Contract is complete and correct. Goods usually included are all fixed floor coverings, light fittings and window furnishings. If applicable, add dishwasher, television antenna, remote controls for climate control systems and garage doors, pool filtration systems and associated equipment, television wall brackets, surround sound systems, ducted vacuum system and associated equipment, cubby house, water fountain …
- In relation to the goods, fixtures and fittings included in the sale, the Vendor must deliver the property to the Purchaser as at the settlement date in the same condition as at the Day of Sale (the date the contract is signed) – except for fair wear and tear. Anything not in working order as at the Day of Sale does not have to be in working order as at the settlement date. It is important you do a thorough inspection before you sign the contract. Test all appliances. Turn on the taps. Feel if the water is hot from the hot tap. Turn on the heating, cooling and stove. We can request a special condition be inserted in the contract (provided it is not already signed) requiring the Vendor to deliver all appliances to you in working order at settlement. Your final inspection in the week prior to settlement should be a relatively quick inspection to check that the property is in the same condition as at the Day of Sale or improved as per any special condition provisions.
- Any handwritten amendments to the Contract should be initialled by both parties at the time of signing.
- Ask Civic Conveyancing about your eligibility for government grants and stamp duty exemptions or concessions.
- Ensure you appoint Civic Conveyancing for a smooth, stress free conveyancing process.
We hold your hand throughout the conveyancing process.
We give you explanations in plain English. We unravel the legal jargon, so you understand and feel more at ease.
We tell you what you need to do and when.
You sit back and enjoy this amazing experience of buying your first home!
It’s as easy as 1,2,3…
- Ask your mortgage broker how much you can borrow
- Find the property for you
- Contact Civic Conveyancing