If you’ve decided that this is the year you’ll buy a house, now is the time to familiarise yourself with the process and go over the essential procedures to ensure you’ve covered all of your bases when it comes to the home buying checklist. If you are looking around for the Display homes Ballarat, it is not as simple as it looks to acquire one. Apart from the budget and shortlisting the properties, you also need to go through a lot of paperworks. This is a difficult one as the process is complicated and you will need the help of homebuilders Ballarat.
Here’s a list of the documents required-
Documentation for a contract
The vendor’s solicitor draughts a contract note or contract of sale that contains information on the property and specifies exactly what is for sale. The settlement date, which is usually 30, 60, or 90 days, should be indicated. It can be extremely complicated, as in the case of properties sold off the plan.
Other documents commonly attached to a contract include a zoning certificate, drainage diagram, site plan, and a Certificate of Title, which validates current ownership and whether the property is encumbered.
The legal paperwork required to purchase a home varies slightly from state to state.
Exchange
When a contract is signed at “exchange,” it becomes legally binding. This happens at the auction or after a private treaty sale price has been agreed upon, and a deposit is normally paid at this point.
Settlement
Settlement occurs six weeks after the contracts are exchanged (although the date is specified in the contract) and is when you pay the balance of the property’s purchase price. Stamp duty is usually due within 30 days of settlement, however this can vary by state or territory.
Transfer of land
Is a paperwork that your conveyancer will finalise at settlement.
Mortgage
If you’re borrowing money to buy a house, your solicitor or conveyancer will need to provide your lender with specific documents.
Ownership structure
You can normally own a property with someone else in one of two ways: as joint tenants or as tenants in common.
Organise the necessary inspections
The procedure of doing a building inspection is an important aspect of the legal checklist for purchasing real estate. For example, the electrical and plumbing systems must meet particular standards, and any renovations must be approved by the city council. It’s also crucial to double-check that the boundaries are in the right place. A thorough building and pest inspection might uncover potential flaws that you may not have seen.