Buying or selling a property is one of the biggest financial decisions you’ll make in your life. It can also be incredibly stressful if you don’t have all the information you need at hand, so it’s important to do your research before listing a property for sale or buying one. You should also speak to a property lawyers Melbourne before signing anything, especially if it’s an important contract like an offer on a house or a mortgage agreement.
List of all your assets
An asset is any item that has a monetary value. This includes cars, boats, jewellery and property. You should include the following details for each asset:
- Value of the asset (what it would cost to replace it)
- Location (where you keep it)
- Contact details (who to call in case of an emergency with that particular piece of property or vehicle)
Income information
There are a number of factors that affect how much child support you’re going to pay or receive, such as your income and the cost of your housing. The judge will want to know all of these things so they can make an informed decision about what you should pay or receive.
- Income from all sources: This includes any money you may be getting from employment, investments, social security benefits, pensions and other sources. If it’s not salary or wages received regularly (like a 9-5 job), include annual figures instead of monthly ones, so they have an idea of what your income looks like overall. If possible, also include details on how much time off work each year (if any) has been due to illness or injury and whether there have been any changes in employment status since the last order was made (such as getting fired).
- Housing costs: It’s important for your lawyer to know where you live and how much rent/mortgage is per month so that they can calculate child support payments accurately. If possible, add up all other housing-related expenses, including council tax bills; utility bills like electricity/gas/water etc.; telecommunication bills such as internet connection charges; home insurance premiums etc., if applicable.
Information about the property you are selling or buying
As a general rule, your property lawyers Melbourne should know the following information about the property you are selling or buying:
- How much do you pay for it?
- What it is used for (commercial, residential).
- What is its current value? This includes how much you owe on the property and how much it could be worth currently.
Details of any debts you have and how you are planning to repay them
An important part of the process is your lawyer having a complete picture of your debts and how you are planning to repay them. This includes:
- The amount of debt you have.
- How much you will pay each month.
- How long it will take to pay off the debt, including interest payments (if any).
Your mortgage details if you are selling property
If you are selling property, your lawyer will need to know what your mortgage is. If you are buying property, they will need to know this information as well.
If you have a mortgage, then your lawyer needs to know who your lender is so that they can find out about any issues with getting the money from them in time for settlement on the purchase of your new home.
Conclusion
You can go to your property lawyers Melbourne or solicitor and get most of this information together. It’s worth it, though, because if you don’t have all of the above, there is a risk that some parts of the process could be delayed or even fall through entirely due to insufficient information.
