First Home Buyers' Guide to Purchasing Property in Canberra
Buying your first home is an exciting journey, and we are here to guide you through the process. At Ammitoj Singh Legal, we specialize in helping First Home Buyers in Canberra achieve their homeownership dreams. Here's a step-by-step guide to help you navigate the process.
1. Stages of the Transaction
Pre-Exchange Stage:
For private treaty transactions, this is the initial stage when your offer has been accepted, but no legal obligations have arisen yet.
At this stage, we will arrange an appointment with you to carefully review the contract and negotiate any necessary changes on your behalf.
Our goal is to ensure that the contract meets your needs and protects your interests before moving forward.
Exchange Stage:
The exchange stage is when you become legally bound by the terms of the contract.
Once exchanged, you cannot change the terms of the contract, which is why it's crucial to have everything in order before proceeding.
We work closely with your financial institution to make sure you are both legally and financially protected before we exchange your contract.
Please note that if you make a successful bid at an auction, your contracts are exchanged automatically.
Settlement:
Congratulations! You've made it through the previous stages, and now, it's time for the final step.
Settlement is the day when everything comes together: the seller receives their money, and you finally get the keys to your new home.
As your lawyers, we will organize all the settlement formalities, ensuring a smooth transaction.
On settlement day, all you'll need to do is celebrate and pick up the keys to your new home.
2. Conveyance Duty (Stamp Duty Concessions)
Buyers in the ACT may be eligible for stamp duty concessions, potentially saving you money during your property purchase.
We provide advice on your eligibility for these concessions as part of our service. This can significantly impact your overall costs.
In the meantime, you can go to the Revenue Office's smart-form to complete a self-assessment and see if you qualify for these valuable concessions.
3. Loan Approval / Mortgage Brokers
Purchasing your first home often involves securing a mortgage. We recommend reaching out to finance providers early in the process to obtain financial advice. At Ammitoj Singh Legal, we work closely with various financial institutions and trusted mortgage brokers to ensure a seamless experience for you. If you're looking for a reliable mortgage broker, we'd be happy to provide recommendations.
Please note that this is general information only. Please contact us for in-depth legal advice suitable for your circumstances. For more information on purchasing property in the ACT, you can also refer to Access Canberra's comprehensive real estate guide.