COSTS OF BUYING PROPERTY

A very important step in the buying process, is to do your budgeting and calculation of finances. Do not leave this for the last minute and place yourself in a stressful situation.
 
Download the Cost Summary Calculator sheet here, to work our exactly how much cash you must have available for costs.
 
Transfer Duty, Rates and Sectional Title costs need to be paid upfront. Make sure you have these monies in place and deposit them with your conveyancer as soon as possible. They WILL NOT proceed with transferring the property until these monies have been received. If you fail to pay them, the seller will be entitled to sue you for breach of contract and recover any damages he/she might have suffered.
 
If you do not have the cash available for your costs, you have three options ;
1) Borrow these monies from a lender of your choice
2) Negotiate with the Seller to pay certain costs
3) Many banks now offer loan facilities especially for this purpose as part of their bond service
 
Speak to your agent about this – the sooner the better.
 
I have provided you with two lists of costs to consider and provided a brief breakdown of all the costs a buyer will incur to assist you in doing your calculations. Please do not hesitate to ask me for assistance or in obtaining detailed estimates for you from the attorneys etc.

Once off Costs
Monthly Costs
 
Remember to download the Cost Summary Calculator sheet

For more detailed information on Finance issues go here
For more Articles on Legal issues go here

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