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Frequently asked questions about Conveyancing

Why do you recommend that clients purchasing obtain “reports”?

  • An expert checks out the property for you
  • You receive a different perspective on your dream home

Building and Pest Reports

  • A report will identify items that need attention with the home for you to consider as part of regular property maintenance or point our genuine faults in the structure of the home
  • If there are faults with the property you can
    • Use the power of the reports to negotiate the purchase price
    • Budget for repairs and maintenance

Strata and Community Title Reports

  • A report will show you the financial health of the strata or community scheme
  • A report will help you make an informed decision about the upcoming expenses associate with the strata or community scheme so that you can budget for them
  • Will give you peace of mind that the strata or community scheme has current valuations so that the insurance is adequate
  • Will give you piece of mind that regular and preventative maintenance is being carried out

Why do you vendors have to complete a comprehensive questionnaire before the contract is prepared?

As a vendor, you have obligations under the Vendor Disclosure and Conveyancing(Sale of Land) Regulation 2005

Your obligation means that the contract must disclose certain prescribed information.
In addition, certain other disclosures may need to be made in the contract to protect you and prevent a purchaser from rescinding or terminating the contract.  For example:-

  • A structure or improvement has not been council approved (eg. A garage converted to a bedroom);
  • You may not be the registered proprietor of the property when contracts are exchanged (eg. an executor of a deceased estate)

Why do you request that your clients obtain an “unconditional” loan approval from their mortgagee? And what does it mean if I have a pre-approval from my bank?

A “pre-approval” is confirmation that you are financially able to afford to borrow a certain amount of money based on the information that you have provided to your bank.

A “pre-approval” is not a loan offer.  A loan offer will only be made once your bank has had an opportunity to value the property that you propose to purchase.

Once the valuation has taken place the bank will issue an “unconditional” loan approval and this means that all of the banks terms and conditions have been met by you and that they have verified all of the information that you have provided to them.

CAMDEN

Phone: 1300 444 LAW
Address: 6/21 Elizabeth St
Camden NSW 2570
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ORAN PARK

Phone: 1300 444 LAW
Address: Smart Work Hub - 351 Oran Park Dr
Oran Park NSW 2571
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