Talk to the experts

When buying a property, you’ll need a range of experts to make it happen. The financial expertise we can offer you at Teachers Mutual Bank is just the beginning.

Here is a guide to the specialists involved in buying a property, and what they do.

Solicitor or Conveyancer

They will protect you by checking the vendor/s contract of sale, run searches on the property, transfer the title or ownership of the property.

It is your solicitor or conveyancers responsibility to:

• Check that you have sufficient funds to complete the sale
• Ensure that you are advised on what inspections should be undertaken, depending on the type of property
• Prepare or review the Contract of Sale on your behalf
• Organise necessary title searches
• Check if there are any encumbrances or caveats on the title of the property that you are wishing to purchase
• Carry out the conveyancing
• Protect all your interests during the sale
• Calculate adjustments for taxes, council and water rates for settlement
• Arrange, attend and complete settlement of sale

Fees are very competitive and are typically based on the work required. Fees may also include charges for a number of disbursements including local council or rates certificates. They will also organise your pre-purchase pest and building reports.

Pest Inspector

A pest inspector will check for defects such as: termite activity (past or present), past termite treatments, borer damage to timbers, significant decay, poor sub-floor ventilation and will make recommendations. The pest inspector should be licenced and have professional indemnity insurance. A property may be deemed as inadequate security if the pest report returns active termites and the costs to repair are too high.

Building Inspector

A building inspector will identify significant building defects or problems, and suggest repair costs for the defects found. The inspector will compare the property inspected with buildings of similar age and construction and give an overall rating for the dwelling. A property may be deemed as inadequate security if there are major defects and the costs to repair are too high.