The CEO of the Real Estate Institute of Victoria (REIV) posted an interesting article in early January postulating on what might be the market trends for property in Melbourne for the coming year.
A combination of low stock levels, low interest rates and strong population growth should encourage buyer interest well into 2017. It bodes particularly well for vendors in the outer suburbs with their properties, on average, being snapped up within 28 days.
Read the full article including the yearly wrap and the top 10 suburbs to look out for in 2017 from the REIV here.
Conveyancing is the transfer of ownership or interest in real property from one person to another.
Conveyancing is usually completed by a licensed conveyancer (us) or a solicitor. You can do it yourself, but the complexity of the Federal, State and Local laws makes it an unwise choice.
The conveyancing process typically takes four to six weeks and includes, but is not limited to, the following:
- Title searches
- Checking for encumbrances and restrictions on the property
- Ensuring any special conditions mentioned in the contract are met
- Making sure rates, land tax and water consumption charges are paid by the appropriate party
- Arranging for the payment of fees and charges
- Preparation of legal documents.
So, You have decided to purchase a property.
You can sign the Contract of Sale once you are happy with the property that you wish to purchase. Depending on your level of knowledge and experience, you should contact our office to ensure that you do not miss any important clauses which may have a significant impact on your settlement.
You may arrange your finance prior to signing a Contract, however, if you have not done this you may arrange for the Contract to include a “finance clause” which provides you with time to make the necessary arrangements. Finance can be arranged via your Real Estate Agent, or we can assist you with the various lenders and finance brokers that we are confident will help guide you in this process.
If your finances are not arranged correctly, settlement may be delayed in which case substantial additional costs may be incurred.
We will arrange settlement of property, and take care of any complexities on your behalf. Settlement usually takes place at 30/60/90/120 days intervals from the signing of the Contract, or the date mutually suitable to yourself and the vendor.
So, you have signed the Contract of Sale, Congratulations!
At this stage you need to notify your Selling Agent to forward your Contract to us. Once we have your Contract, we will check all details and guide you through to settlement from here.
You may be eligible for a Government Concession, such as the First Home Owner Grant, stamp duty rebate or some other special consideration.
We will discuss your circumstances with you and contact the relevant government offices to ascertain your entitlement to government subsidies.
One of the options is that the settlement date can be moved forward by way of agreement between the parties.
Another option, is that you may request the vendor give permission to obtain possession of the property for a fee prior to the settlement date.
The terms under this agreement differ from a residential tenancy agreement and we can guide you through either process.