There are no stupid questions

Purchasing a home, whether it’s your first or you’re relocating, can feel overwhelming.

Having a reliable real estate agent is crucial in this process. However, it’s important to remember that the agent typically represents the seller and is paid by them. This is why having a lawyer that you can rely upon is essential. Your lawyer is your advocate, and their loyalty is to you. Choose someone you feel comfortable with—it’s vital that you can ask questions without feeling intimidated. Remember, there are no ‘stupid questions’.

Once you identify a property you’d like to purchase, the agent will usually draft an agreement. It’s wise to have your lawyer review this agreement to ensure that it includes all necessary terms and conditions.

Signing an agreement under pressure can be daunting, so take a moment to have it checked by your lawyer first.

If you’re purchasing at auction, it’s even more important to have your lawyer review not just the agreement, but also the Title, Land Information Memorandum (LIM), and finance approval. Make sure your finance approval is unconditional; many approvals have conditions set by the bank. It’s crucial to address these issues before you place your bid, as auction contracts are unconditional, obligating you to follow through with the purchase.

Your lawyer’s role is to ensure that the property you’re buying matches your expectations and the terms in the contract protect your interests.

Richard Worker, The Legal Team