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. 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 is your opportunity to ask questions about anything you are unsure of or would like 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 as to whether you proceed with the changes suggested or leave the contract untouched.
After any amendments have been made (if required), you can then proceed to sign the contract and it can then be presented to the vendor for signing.
Your solicitor will also be able to estimate 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 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.