Winter is on its way and many people think that the property market should be slowing for the cooler months. At One Agency, we are finding this is not the case.
Properties under $250,000 are in hot demand and homes under $200,000 are rare to come by and are walking out the door within 2 weeks. For this reason it’s imperative that you have everything ready to go, most importantly finances, so you can sign off on a contract once your offer is accepted.
Here’s a guide of how to get ready when you want to purchase a property, of things you should have lined up, to help make the transaction as stress free as possible.
For a purchaser to secure a property once an offer has been accepted the best way is to sign a contract with a 10 day cooling off period. By doing this the control is put in the purchasers hands and effectively takes the property off the market, which will remove the possibility of the vendor accepting another offer or gazumping. The purchaser, when signing, will pay a 0.25% deposit, which will not be refundable if they rescind in the purchase, but it will give them 10 days to get finance finalised and pest and building inspections done.
Before you start looking for the house of your dreams, it’s a good idea to have finance approved. Some people get carried away in the excitement of purchasing a home and may put in an offer hoping it will be accepted prior to get finance approval underway. If a purchaser takes too long during this process, they can either lose their 0.25% deposit, if contracts have exchanged, or if simply an offer has been accepted, the vendor can become disheartened and sell to another purchaser.
It’s a good idea to have a solicitor or conveyance picked out and ready to act for you. When an offer is accepted, the real estate agent will be forwarding a sales advice to the vendor’s and purchaser’s solicitor/conveyancer. It is important that you trust your solicitor or conveyancer. They are your personal legal representative in the property transaction. You need to be sure that they are acting in your best interests and keeping you informed of your rights and responsibilities.
Pest and building
Before contracts unconditionally exchange, you will be advised by your lender that you will need to arrange a pest and building inspection. This is done to ensure there are no issues with a property, such as any structural problems or pest infestation such as termites. It’s advisable to shop around to find a pest and building inspector who will do a thorough job.
Before a property settles, it’s advisable to do a pre-settlement inspection. This should be done just before settlement, when the property is vacant. This will ensure there are no nasty surprises such as damage to the property since the purchase and no garbage is being left behind that you’ll have to clean up.
For advice on any or all of these subjects, you can talk to a real estate agent to steer you in the right direction.