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Buying a home will probably be the most expensive thing you ever do, so it’s important to know as much about the process as you can. With so much to think about and so much money at stake, every decision counts.

A Ten Step Guide

1. Contact your Sapphire Blue agent to receive professional advice on the requirements to be ready to purchase a home.
2. Know what you want in a home – take into consideration affordability and accommodation requirements when creating your shortlist.
3. Do the research. Check your local papers and attend auctions to gather an appreciation of market values of homes that meet your requirements.
4. Build a rapport with your Sapphire Blue agent. Use their knowledge to help you make informed decisions. Your agent can also indicate if suitable properties are due to come onto the market soon.
5. Select your solicitor, so that your agent can arrange for them to receive a copy of Contract of Sale once you have found a property.
6. Arrange for an inspection of the property. Note: Despite your keen interest, the property must continue to be marketed on behalf of the vendor until contracts have exchanged.
7. Follow informed advice from building and pest inspections – if everything is to your satisfaction, make an offer on the property through your agent. Note: If your offer is verbally accepted, the vendor is not legally bound until contracts are exchanged, and could accept other offers.
8. Signed and sealed. Upon signing your contract and paying the 10% deposit, the vendor’s solicitor will then be able to process the formal exchange of contracts.
9. Use your time productively. Settlement time will be 6-8 weeks from the exchange date. Planning and preparing down to the last few details will make your move easier.
10. Settlement Day. You become the legal owner of the property. Arrange a pre-settlement inspection to ensure the property and inclusions are in the same state as previous inspections.

Buying at Auction

Buying at auction can be nerve-racking experience so it’s a good idea to familiarise yourself with the process by attending an auction or two as a spectator, and familiarise yourself with the prices that properties in the area have sold for. Ask your agent for a copy of the ‘Bidder’s Guide’.

Before the auction, ensure your solicitor examines the sale contract to make sure that everything is in order; ensure you have your finance arranged; and that you have made all the necessary quality inspections.

Bidding at Auction is done using the number system - prior to the Auction you will need to provide your details and proof of ID for the Bidders Register, to receive a bidding number card. If you are the successful buyer, you must then sign the sale contract and pay the deposit on the spot (usually 10%). There is no cooling-off period if you buy at auction – this also applies if the property is passed in at auction but you end up exchanging contracts on that same day.

For more information contact the Home Purchase Assistance Authority at Office of Fair Trading on phone: 1800 806 653 or web site: www.hpaa.nsw.gov.au

This information must not be relied on as legal advice. Please refer to the appropriate legislation about this topic.

Selling your home can be a nail biting experience. It’s a move most of us make only once or twice in a lifetime and your home is your most valuable asset, so it pays to do your homework and consider all your marketing and sales options. Most important is choosing your real estate agent – in order to do this you need to ask the right questions, for example:

1. Does your agent have a full and valid licence?
2. How long has the agent been in the area?
3. How many properties has he sold?
4. How familiar is the agent with your area?
5. How did the agent arrive at the selling price for your property? A sound and realistic strategy in setting your price can increase the odds of obtaining your asking price and getting it sooner.
6. Can the agent supply you with contacts for testimonials from past clients.
7. Does the agent have a marketing plan for your property?

Once you have selected an agent, you will be receive a brochure ‘Agency Agreements For the Sale of Residential Property’ upon signing the agency agreement. This agreement is a binding contract, with a ‘cooling off period’ of 24 hours, and should set out:

1. The duration of the contract; how it can be terminated by either party.
2. The commission rate and any fees associated with the marketing and sale of the property. It is your right to negotiate the form and length of the agency agreement as well as the fees.
3. The estimate of the sale price and the commission rate expressed in dollars.

A residential property cannot be advertised for sale until a Contract of Sale has been prepared. The draft contract should be available for inspection at the agent’s office. It is important that you consult your solicitor or conveyancer about preparing the contract to make sure that everything is in order.

Ask your Sapphire Blue agent for presentation tips for the home. For example, the home that is neat and tidy for inspection is more welcoming; and small repairs for loose door knobs, peeling paint or faulty flywire can make a big difference.

Exchange of contracts will take place upon the acceptance of an offer successfully negotiated for you by your agent. Buyers usually have a cooling off period of five working days following the exchange of the contracts during which they can withdraw from the sale – there is no cooling off period for sellers; and none for purchasers under Auction conditions.

For further details contact the Office of Fair Trading on freecall: 1800 500 330; or www.fairtrading.nsw.gov.au.

This information must not be relied on as legal advice. For facts relating to this topic, please refer to the appropriate legislation, or contact your solicitor.