Useful Tips for Buyers

How to buy a property



1. Speak with your broker or financier to arrange the best loan to suit your needs.



2. Prepare a shortlist of preferred suburb that suits your lifestyle, bearing in mind affordability and accommodation requirements.



3. Research sales result in those preferred suburbs in real estate websites. Inspect every property in your preferred suburb so you have a feel for the prices. Attend all open homes or private inspections in the area.



4. Develop a relationship with one of our professional Sales Consultants who specialise in your preferred area. Your Sales Consultant will be able to advise you of any additional information, you can also register to the VIP alert system so you will be informed of any new listings that hit the market before they are advertised.



5. When you find a property that suits your requirements, ask your agent to send a copy of section 32 and sale contract to your solicitor or conveyancer.



6. You may need to arrange a building and pest inspection to make sure you are aware of any major defects and pest concerns eg: white ant, termites. Or you can arrange it after the seller accepts your offer and put a conditional offer.



7. Following your solicitors or conveyancer’s advice on the sale contract and taking into consideration the building and pest reports, you are now able to make an informed decision to proceed with the purchase of the property.



8. When you put an offer, you are required to sign the sale contract and pay an initial deposit. The contract can be conditional. If the seller agrees, you can make the sale subject to obtaining a loan, a satisfactory building inspection report, or other conditions.



9. A cooling-off period of three clear business days applies to private sales. The cooling-off period gives you time to consider the offer. It begins from the date you sign the contract, not from the date the seller signs it. To cool off, you must give written notice to the seller's solicitor or the seller’s agent. You will be entitled to a full refund of money paid, less $100 or 0.2 per cent of the purchase price, whichever is greater.



10. If the seller accepts your offer, they will sign the contract and the property is SOLD. You need to pay the 10% deposit on the agreed date on the contract. Your deposit will be held in a trust account until settlement. Contracts will then be unconditionally exchanged. (Your deposit will be returned to you if the seller does not accept your offer.)



11. You are legally entitled to a final inspection within five days before the settlement date. This is to ensure that the property is in the same condition as when you last inspected it and that all the inclusions are as per the contract you signed.



12. On settlement day, your solicitor (or your bank) will hand over the money to the seller in exchange for the transfer documents to the property. The documents may also include the release of mortgage documents, and anything else required to ensure you obtain clear title to the property. Once the process finished, your solicitor will inform your agent and you are able to get the keys and celebrate.



More Information



 



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