Understanding the property buying process involves several key steps and considerations. Here's a breakdown of the property buying process:
1. Research and Finance:
· Begin by researching the property market in the area you are interested in, including property prices, and market trends.
· Assess your financial situation and determine how much you can afford to spend on a property.
· Consider seeking pre-approval for a home loan from a financial institution or broker to understand your borrowing capacity.
2. Property Search and Inspection:
· Start searching for properties that meet your criteria, have a chat to Dennis or Leisha, use real estate websites and newspaper listings
· Attend open houses or arrange private inspections to view properties of interest.
· Conduct thorough inspections to assess the condition of the property and identify any potential issues.
3. Making an Offer:
· Once you've found a property you wish to purchase, you can make an offer through your real estate agent.
· The offer can be made verbally or in writing, and it usually includes the proposed purchase price, settlement terms, and any special conditions (e.g., subject to finance or building inspection).
· The seller may accept your offer, reject it, or negotiate the terms until both parties reach a mutual agreement.
4. Contract of Sale:
· Once your offer is accepted, a legally binding contract is prepared, known as the Contract of Sale.
· It outlines the agreed terms and conditions of the sale, including the purchase price, settlement date, any special conditions, and other relevant details.
· Engage a qualified conveyancer or settlement agent to help keep the process flowing smoothly.
5. Finance and Building Inspections:
· If your offer is subject to finance, you must formally apply for a home loan from your chosen lender.
· The lender will assess your application, conduct a valuation of the property, and if approved, provide a formal loan offer.
· It's advisable to arrange a professional building inspection during this period to identify any structural or maintenance issues with the property.
6. Settlement:
· Once finance approval is obtained and all conditions in the contract are met, you proceed to settlement.
· Settlement involves the exchange of funds and legal documents between the buyer, seller, and their respective representatives.
· Your conveyancer or settlement agent will coordinate the settlement process, which typically occurs around six weeks after the contract is signed or by agreement by all parties.
· On settlement day, you pay the remaining purchase price, and the property's title is transferred into your name.
7. Post-Settlement:
· After settlement, you'll receive the keys to the property, officially taking ownership.
· Update your details with relevant authorities, such as the local council, utilities, and any service providers.
· Consider purchasing home and contents insurance to protect your investment.
Remember, this is a general overview of the property buying process. Dennis and Leisha are available to help streamline the process. Give them a call or send them an email if you would like to chat further.