Buying a house is an exciting time however if you have not purchased a home before, or haven’t for a while, it is hard to know where to start, or how it all works! This short guide will help you through – from making your offer to buy, to a legally binding Contract.
Finance – one of the first things you should do is talk to your bank or finance broker. They will tell you how much you can borrow, the deposit you will need and what your repayments will be.
Research – get to know the property market. Look at properties sold in your area and attend open houses. Get to know real estate agents and let them know what you are looking for.
Offer – once you find your perfect place, make an offer! It is important to note at this stage you are not bound to buy the property and the seller is not bound to sell it to you, even though they have accepted your verbal offer. Both parties can change their mind, and should a higher offer be made the seller can certainly take it.
Advice – now that your offer has been accepted it is time to get some advice. Find a property Solicitor or Conveyancer to guide you through the process.
Inspections – these may include Pest and Building inspections, Survey report and inspection of Council’s records. It is ‘buyer beware’ – so make sure you know as much as possible about the property you are buying before you commit to the purchase.
Deposit – usually 10% of the purchase price. This can be paid any time after your offer is accepted. The deposit is usually held by the selling real estate agent. You will get your deposit back if you don’t proceed to exchange.
Contract – the Contract will be sent to your Solicitor/Conveyancer and you will then meet with them to go through the Contract.
Exchange – Once you have signed the Contract, are happy with your inspections and have formal approval of finance you are ready to exchange. Exchange is when both parties are officially ‘locked in’ to the purchase. Once you exchange you will also then know the settlement date – the day you get your keys!
Buying or Selling? Contact the Property Team at Everingham Solomons because Helping You is Our Business.
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