Justin Milligan - RM Property Conveyancing

10/10/2024

Safeguard yourself from scams when buying a house with this simple but clever hack.

It’s unbelievable but true. Scammers in the past have intercepted emails, changed the bank details and sent them to buyers. The poor buyer, believing the email is legit, transfers money to the dodgy account, only to find out later that it wasn't the right account.

The largest amount we have heard being scammed this way was $240,000.

But, we’ve found a way to outsmart the scumbags.

Instead of transferring the full amount, try this:

➡Start by transferring a small test amount, like $50, to the agent’s trust account.
➡Ask the agent to confirm they’ve received it.
➡Once you have confirmation, you can confidently send the rest of the deposit.

This simple step could save you from losing thousands of dollars to fraud.

Never rely on ANY email that asks you to pay a deposit to a trust account.

Help us beat the scammers. Share this with someone you know who is thinking of buying. It could save them from losing their deposit.

19/09/2024

Cooling-off period. Finance clause. What are they? How do they effect the purchase or sale? Do you need them?

Let's take a look.

The cooling-off period and finance clause are 2 different beasts.

* 1 is automatically in the contract
* The other needs to be added
* They can be both in a contract
* There can be 1 in the contract and not the other, or
* You can waive one and still have the other.

Yep. Confusing right?

A cooling off period allows a purchaser to enter a Contract for Sale of Land and secure a property whilst having time to finalise pre-purchase inspections like pest/building reports, unconditional finance approval and ensure they are fully satisfied with their decision to purchase the property before being unconditionally bound by the contract.

A finance clause allows a purchaser to enter a Contract for Sale of Land and secure a property while they finalise their finance application and obtain unconditional finance approval.

This video and downloadable PDF will provide a bit of clarity on the topic:

https://rmpropertyconveyancing.com.au/understanding-a-cooling-off-period-and-finance-clause/

Remember, this could be the most expensive sale or purchase in your life so far. It's worth 4 minutes of research time. 😀

The cooling off period is your last chance to withdraw from buying a property – so it’s important to know how it works.

18/09/2024

Real Estate Agents regularly miss this and it STOPS contracts from exchanging!

😠 The worst part - It could cause you to miss securing your new home 🏡

The problem: Real Estate Agents NOT confirming via email that the deposit paid by the purchaser is in their trust account.

Without the confirmation of the deposit, contracts cannot be exchanged.

But there is a way to avoid it.

We (conveyancers and solicitors) do not have access to the real estate agent's trust account so we don't know when it lands.

Here's how to make things run smoother as a buyer:

➡️ After confirming the account details by phone or SMS, transfer the required deposit to the agent's trust account

➡️ Email a copy of the deposit receipt you receive from the bank to the agent & your conveyancer

➡️ The next day, contact the agent to make sure they've received your deposit into their trust account.

➡️ Remind them to send the Confirmation of Deposit to us or whichever conveyancer represents you.

That's it. Once they confirm they hold the deposit, we can move forward to sending the contract for exchange, which secures the property for you 🥳

01/06/2024

Would a Last Home Stamp Duty Concession help some of the housing pressure?

First home buyers receive free stamp duty up to $800k. What would happen if we introduce the same criteria for those over 65?

Stamp duty is an expensive part of buying a new home. It's even harder for the retired.

Providing financial assistance for those living in big homes who are downsizing may help get more family homes on the market.

I don't know if it'll work or not. What do you think?

31/10/2023

I've just hung up the fone from a client, crying bc she can't see a way out & it's not even her debt. Its a messy story.

I wish there was a way we could help. 😔

09/09/2023

A common question asked is: What do I do after my offer is accepted❓ 🤔

Here's some screenshots of our Make Buying A Property Easy page. Jump on our website if you want access to all the videos & articles referred to in these pictures.

https://rmpropertyconveyancing.com.au/make-buying-a-property-easy/

09/09/2023

What should you look for when inspecting a property? This guide will give you a few ideas.

Get this right & your experience buying a house will be a smooth one.

22/05/2023

Changes to stamp duty are coming!

buyers will not have to pay stamp duty for property up to $800,000. 

This will save buyers about $31,000.

The government will be aiming to start this scheme from the 1st July 2023.

But, if you want to take advantage of the land tax scheme, better do something before the 1st July 2023, or you'll miss out! It will be abolished.

If you're thinking about selling & your property will sell for around this price, get your place prepared NOW ready for 1st July. 

17/10/2022

28/09/2022

With housing affordability on the mind of many Australians, it’s good news to read that the Federal Government has brought forward the start date of a major new support measure for first-home buyers living in regional areas.

🗓 The Regional First Home Buyer Guarantee was due to kick off on 1 January, but will now launch from 1 October, Minister for Housing and Homelessness Julie Collins has announced.

Under the Regional First Home Buyer Support Scheme, the government will guarantee up to 15% of a property’s value to 10,000 eligible first home buyers per year, to aid regional first time home buyers by helping them avoid paying lenders mortgage insurance.

To take advantage of the scheme, you will need to:

🔸 Be a first home buyer who is an Australian citizen over 18
🔸 Live outside a capital city
🔸 Live in the house purchased
🔸 Have a taxable income of up to $125,000 per year for singles and $200,000 a year for couples
🔸 Have been living in the region for at least 12 months
🔸 Meet the property price thresholds for the region

Whilst existing houses, townhouses and units will be all be part of the scheme, there are state specific price caps on the property purchased ie NSW: Illawarra, Central Coast & Newcastle capped at $800,000 and other NSW areas at $600,000.

If you think this scheme may help you into your first home, chat to your lender or broker.

Once you've found your forever home, give us a call (02) 4018 7555 or contact us at [email protected] and we'll help you with the rest!

20/09/2022

We appreciate when you share your buying or selling experience with your mates, so we'd like to say 'thank you'.

When you refer a customer to us, we’ll send you a $20 gift card to redeem with over 100+ brands across Australia and online. You can spend with one retailer or across as many as you like.

Here's how it works:
🔸 Tell friends and family about our conveyancing services. They won’t look back!
🔸 When they jump on board, they’ll let us know you’ve referred them.
🔸 After they’ve successfully bought or sold a property with us, we’ll send you a gift card.
🔸 Shop online or in-store and collect additional gift cards when you refer more customers to us.

📖 See our website for full Terms & Conditions rmpropertyconveyancing.com.au/referral-program

At RM Property Conveyancing, we do one thing, really really well. So let us help your family and friends (and you).

☎ 02 4018 7555 📧 [email protected]
🖥 rmpropertyconveyancing.com.au