Buying a Home: A Guide
Looking for a new home can be daunting, especially if you’ve never done it before. This is a quick guide to help you through the process and get you ahead of the game so you don’t miss out on your dream property.
Be Prepared: Before you go searching for your dream home there are a few steps we recommend you take to be prepared and ready to go when you find that perfect house.
Determine your budget: Knowing this before you search will help you to navigate your way through the properties on the market to find those that will suit you best.
Know how much you can borrow and get your finance underway: the further along you can get in this process the better as it could mean the difference of securing the property or losing out to a buyer who is more ready than you.
Be aware of the additional costs: In addition to your deposit, Stamp Duty, legal fees and moving costs are unavoidable and can quickly add up. Make sure that you take these costs into account when you are working out your budget.
Find Your Dream Home: This is the fun bit! Know your market, attend inspections and open homes of properties that meet your requirements. Ask questions of the agent and do second inspections if you are really interested. You can ask the agent for a copy of the Contract for Sale if you would like to know more or wish to show it to your Solicitor/Conveyancer.
Once you’ve found the house for you, you need to act quickly to secure the property and avoid the disappointment of missing out!
Make an Offer: Contact the selling agent and make your offer. Negotiations will start from there with the agent as the go-between for you and the seller. Be sure to make the agent aware of your circumstances regarding finance and any special conditions you might need, eg a shorter or longer settlement date.
Once the negotiations are complete and a sale price is agreed, give all your details including the name of your solicitor/conveyancer to the agent who will issue a sales advice and get the ball rolling.
What You Need to Do Now
Contact your solicitor/conveyancer to let them know and ask them what they need to you to do from their point of view. They will likely organise a pest and building inspection and report and possibly other reports that they deem necessary to protect your interests. They will also advise you regarding the contract itself, if there’s stamp duty payable and any other requirements of the finance provider or government bodies as applicable. Make sure to tell them who is providing your finance.
Contact your bank, finance provide or broker so they can move on with finalising your finance application and have final approval granted as soon as possible. They will likely organise a valuation of the home you are buying at this point as part of their approval process.
Pay your 10% deposit to the agent and make an appointment with your solicitor/conveyancer to peruse and sign the Contract for Sale ready to be exchanged.
The more quickly the contracts can be exchanged the more quickly you can settle and take possession of your new home. Don’t forget that your agent can assist with any issues that arise during this process so it’s good to keep them in the loop of what’s happening. They will certainly be in touch with you to see how it’s going.
Once you have exchanged Contracts, you will have a cooling-off period (unless you have agreed to waive this) and at the expiry of that period you are bound to the Contract and must proceed to settlement. Your solicitor/conveyancer will work towards settlement and will liaise with your finance provider and agent in this regard.
The End is in Sight – Congratulations!!
A couple of days before settlement, it is recommended that you do a final inspection of the property with the agent so ensure that all is in order and you are happy for settlement to occur.
The solicitors/conveyancers together with bank representatives for each party will attend the settlement with all the necessary documentation and monies required to complete the transaction. As soon as it has settled, your solicitor/conveyancer will inform the agent who will then hand over the keys to you so that you can take possession.
