Let’s get one thing clear, in the game of life, property ownership has most likely been a tangible consideration. Perhaps you’re a first time home buyer, or you’re a little unsure of the legal ins and outs of undertaking a purchase of this magnitude. Either way, it boils down to one thing: you want to win the property game. Well, like any game you play, lacking a solid strategy to oversee your individual tactics can be disastrous, especially in a game like this. The last thing you want is to be substantially out of pocket and left in the dark wondering what went so wrong.
To begin with, have you considered asset protection? If not, it should be your first port of call in preparations for home ownership. Unnecessary tax incursions will be more than an unpleasant oversight if you haven’t determined who will legally own the property being purchased. Plus, if you’re a first time home buyer, you could be eligible to receive a grant of $10,000 plus an extra 50% stamp duty savings!
In order to avoid liabilities related to repair and maintenance costs, it is imperative to carefully review all Owners Corporation obligations. In fact, it’s best to review both the Owners Corporation Certificate AND the AGM minutes to avoid inheriting any unexpected legal proceedings. Further to this, it would be best to also lodge a caveat. In doing so, you will be made aware of any attempt (usually from the vendor) to deal with the property’s title before you are officially registered on said title.
Consolidating your efforts to combine your legal and financial approach is your best course of action. Not only can you avoid unnecessary and exorbitant costs, a doubled up approach will create a much more fluid experience in the property game. We can make this happen by providing financial options and complimentary legal protection advice to ensure you win!
Stay tuned for the next instalment: “The cooling off period” on 06/10/16
Feel free to contact one of our DE property or finance specialists today on 9863 7621 or email for expert guidance, whether a home buyer, a residential or commercial investor, or purchasing through your SMSF. We’ll assess your specific legal and finance position and give you the peace of mind you need BEFORE signing any property contract or banking documentation.
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