So you have found the perfect property and you are presented with the contract to purchase it. What should you do next? The best next step would be to speak with your solicitor so you can go through the contract together. This appointment can be made in person or online via a platform such as Microsoft Teams to review propery contract.
Your solicitor will go through the contract with you to explain all of the terms and conditions to ensure you understand what it means. This review of property contract is your opportunity to ask questions about anything you are unsure of or would like to be clarified. At this stage, your solicitor will also suggest changes or amendments that should be made to the contract or additional clauses that could be added. It is then up to you whether you proceed with the changes suggested or leave the contract untouched.
After any amendments have been made (if required) to property contract, you can sign the contract and then be presented to the vendor for signing.
Your solicitor will be able to provide you with an estimate of the costs involved in purchasing the property by providing you with an estimate of the professional fees & search outlays, calculating the stamp duty payable and calculating the registration fees payable to register the transfer.
Before signing the contract, you might also consider speaking with a finance broker to ensure you can borrow sufficient funds to purchase the property.
You may also like to speak with an accountant to discuss the best purchasing entity to use when purchasing the property. This is particularly important when buying a commercial property or investment property, given the tax implications.
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We are here to help you in any way possible to make your purchasing journey easier or to review your property contract, so please feel free to reach out to discuss your contract or any other legal needs with a member of our team.