Tips for Buying
Efficient real estate help you purchasing a home, that meets your needs and fits your lifestyle. With us it’s easier than you'd expect. We will manage the buying process from start to finish.
Tips for buying-
- First thing, decide how much you’re willing to pay. Figure out how much you can afford, Just because you can qualify for a larger mortgage doesn’t mean you want to have that kind of payment each month.
- Get a pre-approval by a lender. It’s a smart move to get pre-approved for a loan early in your home search. You are not obligated to get a loan from the lender who you get a mortgage pre-approval from. When it’s time to officially apply for a mortgage, it’s best to get loan estimates from at least three lenders to compare their interest rates and fees.
- Prepare a short list of requirement and needs ,you would like in a home, such as location, beds & bath requirement, local amenities, schools, public transport, shopping centre, medical centres.
- Start looking for properties in the area you want to buy. Your agent can help you with this. Look at few websites like realestate.com.au or domain.com.au and go for open homes to inspect the properties. Try to attend few auction to understand and get some idea about current property market trend.
- When you find a property that suits your requirements, ask your agent to provide a copy of contract.
- Forward this copy of contract to your solicitor.
- Once you get the professional advise from your solicitor, Follow their advise and make an informed decision to purchase a property. then request your agent for Offer letter for you.
- Once you receive your offer letter, submit your best offer as per market value.
- Once your offer is accepted by Vendor, Enter into the contract with the payment of 0.25% deposit of sale price.
- Your agent submit it to the Vendor. Once Vendor signs the Contract , Offer/Acceptancy then only it will become binding contract for both the parties.
- Once vendor signs the contract, they can't change their mind in normal circumstances till the completion of sale.
- Being a purchaser , you have a right to withdraw/ revoke the contract in cooling off period. Once cooling off period ends, as a buyer you will forfeit your right to withdraw.
- According to Conveyancing Act there is standard 5 days cooling off period. If you haven't completed your finance or researches, your solicitor request further extension on behalf of you from Vendor's Solicitor. The vendor has to accept that extension and advise to their solicitor then only Vendor's solicitor reply extension.
- During cooling off period purchaser has to get unconditional finance approval and do other relevant inspections. If you wish, We are happy to organise and arrange finance, solicitor, building and pest inspection for you.
- Once you are fully satisfied, you have to pay remaining balance of 10% deposit to your agent on or before cooling off period expiry day before 5 pm.
- If you don't intend to go ahead with the sale process for any reason, you must notify your solicitor as early as possible to rescind the contract/withdraw the contract.
- If you are withdrawing/rescinding the contract, you are going to forfeit 0.25% deposit which you had paid to Vendor.
- The standard settlement is 6 weeks from the date of signing the contract by Vendor. Your Solicitor and Vendor's Solicitor will take care till the settlement. Before settlement your solicitor advise for final inspection of the property.
- Once the property settled , your solicitor will advise to pick up the keys from the agent.