5 Steps to Buying Property
We understand what people go through when buying property. It's one of the reasons we work so hard, to make the process as positive, simple and stress free as possible.
1. Organising Finance
The first thing to do is organise your finance. Decide which bank or financial institution you wish to use and talk to them about your options. Your loan amount will depend on the lender's conditions and your ability to repay the loan – don't let repayments adversely affect your ability to pay bills or enjoy a normal life. You'll also need to determine how you will pay the deposit. Generally 10% will be required on the day of sale. A cheque is usually fine, although it's always a good idea to confirm this with your agent. Finally, don't forget to factor in costs such as legal fees, stamp duty and insurance.
2. Property Search
Call Stuart and Adam at Burraneer Bay Real Estate to discuss your requirements and we will help you find the perfect property.
Visit our website burraneer.com.au and you will find most of the properties we have listed. You can also register with Property Alert – our online property email alert system that informs you of new properties, often before they are advertised.
By being registered we can also let you know of our discreet listings – properties that aren’t publicly advertised and therefore only available for private inspection.
When you see a property advertised that looks interesting attend an open house or organise a private inspection. If you wish to pursue this property further you can organise to have a pest and/or building inspection carried out to make sure that the property is structurally what you expect.
You should also request a copy of the Contract for Sale which is available from your agent. The Contract for Sale will contain the vendor's conditions such as settlement date, inclusions plus other legal documents such as local Council Zoning Certificate and Title documents (describes Easements or Covenants if any).
We recommend you seek professional advice either from a Solicitor or a qualified Conveyancer in relation to the Contract for Sale.
4. Make an Offer
This step is optional if the property you're pursuing is due for Auction. But it's pretty much unavoidable if the property is a Private Treaty sale. If a property is up for Auction you can make an offer before the due Auction date. Your offer would have to be an amount the vendor would be happy to accept at the Auction. So it's a good idea to be aware of the going rate for similar properties in the area. Stuart and Adam can help in this regard with comparable local sales information. Of course there's no guarantee the vendor will accept your offer, and unless they do the property will remain on the market.
5. Make the Purchase
There are basically two ways to buy a property, either through Auction or Private Treaty sale. The method of sale is up to the vendor. There are several benefits to buying at Auction. It's an open forum, so you know who you're bidding against and what they are offering. You can inspect all the legal documents and have any necessary property inspections completed before the Auction and the Contracts for Sale are signed and exchanged right then and there – no delays.
A property offered for Private Treaty sale will be advertised at a certain price from which you may be able to negotiate. If a price is agreed you will be required to sign a Contract for Sale with the agent or your Solicitor/Conveyancer and exchange Contracts to confirm your purchase. Be aware that until you exchange Contracts if the agent receives any offers from other buyers they must, by law, be passed onto the vendors.
Whether buying through Auction or Private Treaty sale, we will advise you throughout the process of what steps you need to take to ensure a smooth transaction.