Buying or selling property can initially seem like a daunting prospect, however McLaughlins Lawyers can guide you through the process.
There are a number of important aspects involved in the purchase or sale of property and for this reason, it is vital that the services of a solicitor/conveyancer are obtained to ensure your best interests are met throughout the transaction.
Important factors to consider:
If you are purchasing property it is imperative that the Contract is conditional upon your finance application being approved. This will protect you in the event that your finance application is not approved or is not sufficient to cover the balance purchase price payable at settlement.
Extra care must be taken if you are purchasing property off-the-plan. There is often a lengthy period of time between the contract date and settlement, therefore if finance is approved shortly after the contract date there is a risk that it will expire before the settlement date. In the event this occurs you may need to reapply for finance however, there is no guarantee that your finance will be approved as a number of variables may have changed for example, the current economic climate your personal/financial circumstances and fluctuations in the property market.
It is important to consider this risk when negotiating the finance approval date under the Contract.
We can assist with the drafting of special conditions to suit your individual needs and ensure your best interests are protected under the Contract.
For example, if you require some or all of the purchase funds from the sale of your existing property to finance a purchase, we can ensure your purchase contract is subject to and conditional upon the successful settlement of your sale contract.
If you require assistance with the purchase or sale of property please do not hesitate to contact one of the Commercial and Property Law Team at your Gold Coast Lawyers, McLaughlins Lawyers, today.
Author: Alex Hamlyn
Director: Ian Kennedy
Date: 28/09/2017
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