The Blog

pexels-photo-106399

 

Buying a house is not easy, especially if it’s your first time. The purchase of the first house is to take a step of maturity and security that you can give to your family or yourself. The houses are legacies, legacies and spaces that keep our memories of life in the long run. When you decide to buy a house, you embark on what may be the most important purchase in your life.  Remember that you can count on our professionals in fixed price conveyancing in Melbourne for deluxe assistance here at Conveyancing in Melbourne.

Sometimes, because of emotion or pressure, incorrect decisions can be made that are not very thoughtful. But do not worry, if you manage well and follow the following tips, the payment of your home may be something you will even enjoy.

1- Hire a real estate agent

Although in the end the purchase is always your decision, you can resort to the services of a real estate agent since its function is important and can benefit you. The agent will verify every process necessary to purchase your home and can even provide you with paperwork, as well as propose new options.

2- Save money

To buy a house you obviously need money. The saving is necessary to pay the house, the price can change according to the area, characteristics, position, etc. The truth is that it is a payment that will exceed everything you have bought before, so it is recommended that if you do not have a credit, plan ahead with the purchase of your assets.

3- Buy the house that best fits your budget

If you have good credit, you earn well and you have few debts, you can think of a high loan. Although this does not mean you should buy an expensive house. Since if you have plans to travel and want to have a financial stability, you cannot be at the limit of your debts and that includes the mortgage on the house.

4- Make the offer when you are sure

The important thing about buying a house is that the impulse does not win you. Some sellers will try to sell you quickly, but you should not let yourself be pressured. It is better to risk losing an opportunity than to make an offer for a house that does not convince you. And of course, this is the best time to clarify doubts since once signed by all parties, the contract is considered valid.

5- Check all documents before signing

You always have to read even the small letters of any document. A professional can help you a lot in these parts. Every contract at a glance must have start and end dates, amount of money as deposit, description of property, etc.

6- Know your duties as owner

Never forget the obligations you have to own. Among them repairs and maintenance, in many cases unpostponable. Apart from this you have to take into account the other expenses of the house, things like taxes and fees are things that take part when buying a house.

7- Remember that the final decision is yours

It is very good to ask for advice, but the final decision must be yours. Carrying family and friends who do not live with you could confuse you even more since everyone has a different opinion. Although we love to share our goals, achievements and sorrows, the final decision will always be yours.

What is and how does a mortgage transfer work?

A transfer of mortgage credit is the act by which the rights and the mortgage loan are transferred or transferred to another person. In other words, a person assumes the responsibility of continuing to pay the original credit under his name.

The reasons for resorting to a mortgage transfer may vary from those who applied for a loan and can no longer afford it, to those who seek to acquire another property better located or those who are going through a divorce and need to liquidate their property.

But a transfer of mortgage credit is complicated for these reasons:

  1. It is a substitution of the debtor, so the bank, the mortgage company must authorize it. In other words, the applicant must approve the criteria established by financial institutions so that the mortgage transfer can be authorized.
  2. This operation has many legal implications and this process must be done before a public notary and with the presence of the financial institution that holds the mortgage. So, the property and the credit must be in the name of the buyer.
  3. On many occasions, the owner of the property believes that the mortgage is transferred only and this error is very serious and very frequent. Regardless of the credit transfer, one must agree on the price according to the real value of the home. The buyer must pay in cash the difference between the agreed price and the amount owed to the financial institution.

Although there are many myths in mortgage loans, a simpler option is to put the property for sale: A fair price is agreed for the house and at the moment of signing before a notary, the mortgage is settled and the rest is left by the seller. The buyer can pay the house with his own money or use a mortgage loan. It is not necessary to transfer the current credit.

 

 

 

It is important that any of these options are made before a notary because it is the only way to guarantee that the person who is really the owner of the house and is mortgaged. The notary must summon the financial institution to receive the full payment of the debt and proceed with the cancellation of the mortgage in the same act.

Here at Conveyancing in Melbourne you can choose services for property conveyancing in Melbourne that are second to none in terms of professionalism and expertise. Contact us today.