When looking to buy your first property, dream home, or an investment, you should feel comfortable and confident through the entire buying process. At Key2Coast Real Estate we pride ourselves on our honesty, availability and enthusiasm.
BUYING A PROPERTY
There are essentially 3 stages to buying a property; these notes will help you to enjoy a smooth transaction.
Stage 1 -Making an offer
This is a relatively simple process; after you have found the property you wish to buy talk to the agent for any guidance on price if there is no listed price; ie tender, auction or price by negotiation.
Ask if there is other interest, the last thing you want to happen is to miss out when you have made a decision!
Make your offer subject to any special conditions: this could be a variation in the deposit if you don’t have the standard 10%, it could be subject to a shorter or longer settlement or any other condition you require.
It is generally considered that your offer will be subject to satisfactory pest & building reports.
Once the pest & building reports have been completed you are advised to discuss the contents with the inspectors. If all is OK you can proceed to signing the contract, your solicitor/conveyancer will go through the details of the contract with you. If you have not already paid the deposit to the agent, you are required to pay this at the signing of the contract. Your solicitor/conveyancer will then forward the signed contract to the seller’s legal representative and the deposit will go to the agent. The seller’s legal rep. will send the seller’s signed contract to your solicitor/conveyancer and this is called The Exchange.
The period of time between Exchange and Settlement is when the legal teams will be preparing documents for the transfer of ownership. If applicable to you, finances will be prepared for the settlement.
It is not your property until after the settlement occurs; by signing the contract you have committed to the purchase but you do not have right of access without the permission of the seller.
You are entitled to a pre-settlement inspection; this is to determine that the property ‘is’ as it ‘was’ when you agreed to buy it. You will need to arrange this viewing with the agent a day or two before the settlement is due. Following the inspection please contact your solicitor to advise them that everything is OK.
Please allow an hour after the settlement time before you collect the keys from the agent. The agent cannot release the keys to you until they have received written authority from both legal representatives; this is called ‘the orders on the agent’
Please bear this in mind when arranging your removalist; it will cost you extra money to have the truck waiting outside your new home, while you are waiting for the keys.