3 Conveyancing Parameters For A Newly Built Home

Law Blog

Buying a home is one of the most significant investments people make in their lives, and is one that should not be taken lightly at any point, especially when it comes to the legal processes like conveyancing because this helps ensure you're making the right choice. Buying a newly built home comes with its own set of nuances, so follow these conveyancing parameters when you're in the market for one.

Make Sure The Contract Of Sale Includes The Building Plans

When you buy a newly built property, certain parts of the home may or may not have been built yet, so make sure the contract of sale includes comprehensive building plans. Having these plans included in a binding contract will help protect your interests when you're buying a home directly from the builder. Review your contract of sale with a fine toothcomb to ensure that it contains everything of what you've been promised in minute details. This leaves minimal room for discrepancies and miscommunication in the future. If any changes need to be made to the property before settlement, make sure that clauses are included to protect your own interests within the contract. For example, floor tiles should be of a minimum stipulated quality, so even if the builder makes changes, they cannot be substantially changed.

Make Sure The Contract Includes All Freebies

A builder will usually try to entice you by offering you a range of freebies like landscaped gardens, blinds, security alarms, security doors, letter boxes, clothing lines and much more. If these are not mentioned in the contract, then the developer is under no obligation to offer them to you, even if you've been promised these additions. In some instances, the builder may even throw in dishwashers and ovens, so be sure to pay close attention to these freebies in your contract, if you want to ensure you get them eventually. Let your solicitor know everything that was promised during the sale, so that he or she can make sure it is included in the contract.

Make Sure You Understand The Deposit Stipulations

You must understand the amount you need to pay to the builder as a deposit. This can vary based on different builders, but there's always a chance you can negotiate a lower deposit on the home. Australian home deposits are typically held in trust accounts and can even be invested in certain financial assets before settlement. In most instances, you will be entitled to a share of the interest from this initial deposit, so make sure you're aware of the deposit stipulations to get what is rightfully yours.

Follow these parameters if you're looking to make the conveyancing process for your home easier.  


24 March 2017

Dealing With Divorce

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