| Selling Tips |
| Buying Tips |
|
BUYING A HOME
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
- Contact your Sapphire Blue agent to receive professional advice on the requirements to be ready to purchase a home.
- Know what you want in a home - take into consideration affordability and accommodation requirements when creating your shorlist.
- Do the research. Check your local papers and attend auctions to gather an appreciation of market values of homes that meet your requirements
- 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.
- 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.
- Arrange for a thorough inspection of the property.
- Follow informed advice from building and pest inspections - if everything is to your satisfaction, make an offer on the property through your agent.
- Signed and sealed. Upon signing your contract and paying the 10% deposit, the vendor's solicitor will then be able to effect the formal exchange of contracts.
- 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. Following a schedule that organises tasks within a time frame will keep you on track.
- Settlement Day. You become the legal owner of the property. Arrange an inspection prior to final settlement to ensure the property and inclusions are in the same state as previous inspections.
Buying at Auction
Buying at auction can be a 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.
Before the auction ensure your solictor examines the sale contract to make sure thta everything is in order; ensure you have finance arranged; and that you have made all the necessary quality inspections.
If you are the successful buyer, you must then sign the sale contract and pay the deposity on the spot (usually 10%). There is no cooling-off period if you buy at ayction - this also applies if the property is passed in at auction buy you end up exchanging contracts on that same day.
For more information contact the Home Purchase Assistance Authority at The Dept. of Fair Trading on freecall 1800 806 653 or visit their website at www.hpaa.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 on the above website.
^ Back to top
|
|
