Buying Tips

buying_tips

Solicitor or Conveyancer
Having chosen your solicitor or conveyancer prior to negotiating a purchase assists the sale process to proceed quickly and smoothly. When selecting your conveyancer ask for a quote and a list of their charges and any other costs involved like Title searches and Lands Title Office fees etc that are included in the settlement of the property.

Finance
Many mortgage brokers offer a comprehensive service and advice regarding a mortgage to meet your needs and can often arrange pre-approval.

Request a full list of charges for preparation and stamping of the mortgage including application fees, ongoing monthly fees, stamp duty etc.

Rural Finance
One of the biggest let downs when buying rural land. Make sure that you tell your lending institute that you are looking at buying a rural block zoned Rural 1 A. Most banks will require a deposit of approx 30–40%. Don’t waste your weekends driving around if you can’t meet the criteria, your weekends are too precious.

Research the Property
Prepare a short wishlist; that is, what attributes you would like your property to have when you buy one. Be mindful that your list may alter as you investigate the market and inspect properties.

Inspect properties on either side of your budget so you get a good feel for the market and pricing.

Making an Offer
Having found a property you are interested in, decide what purchase price you would pay and discuss it with your agent. It is the agent’s role to negotiate between the vendor and the potential purchaser to reach an agreeable outcome.

Once an agreement has been reached, you will need to provide your agent with the full names that the property is to be purchased in and your solicitor/conveyancers details. A sales advice will be prepared by the agent and faxed to both solicitors. Your solicitor will review the contract and discuss it with you.

Your solicitor will usually recommend conducting a building and pest inspection before signing a sales contract. When you have signed the contract you will need to provide a 10% deposit.

Insurance
Once you have signed a contract on a property it is advisable to arrange an insurance cover note to insure the property (the actual building) up to the settlement date, and once settlement has taken place you may wish to insure both the building and your contents.

Making an Offer
Having found a property you are interested in, decide what purchase price you would pay and discuss it with your agent. It is the agent’s role to negotiate between the vendor and the potential purchaser to reach an agreeable outcome.

Settlement
Settlement is the act of officially transferring the property into a new name, and the full financial transaction is completed. After settlement the property becomes yours, you receive the keys and are legally entitled to occupy the property. Enjoy!

First Home Owners information OSR: http://www.osr.nsw.gov.au/benefits/first_home/general/