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Purchasing residential property can be a very exciting process, however, it can also be a challenging time for prospective buyers. Being organised and surrounding yourself with the right key people is critical. This can be very important in securing a property in a multi offer situation (quite normal in the current market) or simply managing the purchase process.
STEP 1 – WORK OUT YOUR BUDGET
Plan what deposit and repayments you can afford. Speak to a mortgage broker or Bank home loan specialist in order to get an approval in principle. This can help you avoid future disappointment and allow you to confidently make an offer on the right property in your budget.
STEP 2 -RESEARCH
Prospective purchasers are better equipped today than they ever have been. There are a number of online organisations such as realestate.com.au and RP Data that can assist you in identifying the areas and suburbs you can afford to buy in.
STEP 3 – SELECT A SOLICITOR/CONVEYANCER
Again, it’s important to have this in place early. Your Solicitor can check a contract before you sign and ensure that everything is correct. This can also be critical when time is of the essence.
STEP 4 – GO HOUSE HUNTING
This is the fun part when you start. Having done your research already, you can search online listings, go to open houses, speak one on one with real estate agents and attend auctions.
STEP 5 – SIGNING A CONTRACT
You’ve found the property of your dreams and now it’s time to make an offer by way of a written contract. The key points your agent will raise with you are:
. Price you are offering
. Deposit required
. Conditions – main ones are usually finance, building and pest inspections
. Settlement time frame.
It is best to know your position around these factors as the sellers may have totally different needs to yours.
STEP 6 – NEGOTIATIONS
Time frames for negotiations can vary. Sometimes it depends on where the sellers are located eg: overseas and in different time zones. It will also depend on the factors in Step 5. All of those points can be up for negotiation.
STEP 7 – CONTRACT EXECUTED
Once the contract is signed by all parties, ensure a copy is promptly sent to your solicitor and bank. The Deposit amount should also be promptly paid to the nominated trust account within the time specified in the contract. Failure to do so could result in you being in breach of the contact.
STEP 8 – CONTRACT UNCONDITIONAL
Assuming that all contact conditions have been met, then it should be fairly smooth sailing until settlement. Aside from signing documentation prior to settlement, the bulk of the work is done by your bank and solicitor.
IN SUMMARY
Preparation is the key. The above is simply an overview. There are just so many variables in a property purchase that the more organized you are, the better the chance of not missing out on the home of your dreams.
