Buying a home is a major commitment (and might be the biggest of your life). With so much information out there, it is hard to know where to start on your buying journey. To ensure your cross every T, dot every I, and read every inch of fine print, we have put together this handy list of things to do for a pain-free property transaction.
FINDING THE PROPERTY
This is where you narrow down your needs and your wants, also make note of the non-negotiables. This could be things like:
- Location
- School catchment area
- Price
- Surrounding facilities
- Amenities
- Suburb profile (e.g. crime rates).
This will help you create a shortlist of properties that are worth viewing or enquiring about.
PRE-CONTRACT
Before signing the contract you need to:
- Engage a solicitor: The conveyancing process usually will be what kick starts your legal journey to property ownership so it’s important to engage a solicitor or conveyancer who will be able to take care of the legalities for you. This will give you ample time to carry out any extra investigations on the property, discuss the contract negotiations, visit any special conditions or even just obtain advice on your rights and liabilities as a purchaser.
- Get pre-approval: Pre-approval is a valuable step in getting you closer to purchasing a home. It’s not necessarily a requirement, however, it can make the rest of the process a lot easier. It will also help you narrow down your options.
- Read the contract: A contract also has other documents attached, including a zoning certificate, drainage diagram, a plan for the land, and a Certificate of Title that confirms current ownership and whether there are any encumbrances on the property. It is important to know about these additional aspects and factor them in when negotiating.
- Check the title:
- Have another look: Check every nook and cranny! Really give the place a good look, even picture yourself living there.
PRE-SETTLEMENT
Before settlement day arrives, there are a few extra things you need to do to ensure everything is in order.
- Bank Loans: Ensure all important bank documentation is signed and your loan funds are available.
- Documents: Your solicitor will ensure the transfer documents are ready to go and that the transaction will go through smoothly. They will also coordinate the settlement arrangement (time & place, etc.)
- Inspect again: You should check that the property is in the condition you agreed upon and that any special contract conditions have been met. If the property is in a worse condition than when you exchanged contracts, you can ask the vendor to make repairs accordingly.
SETTLEMENT
This is where things get exciting! When the date rolls around you will be able to pick up the keys and start the moving process.
The settlement is usually 6 weeks after the contract is fulfilled, and you will have to pay the remaining amount for your property by this date.
Your solicitor will work out all the technical stuff, so make sure you touch base with them to see if they require any extra information from you.
POST-SETTLEMENT
After settlement, the property is all yours. Your solicitor or your bank will attend to the registration of the transfer into your name shortly after settlement. Also, they will attend to finalising any outstanding matters. Now it is time to really make the property yours.
If you are looking for some experts in the buying field, give us a call today on 3202 3040 or speak to our trusted contacts.
- Home Loan Connexion: https://mabconnexion.com.au/
- Fallu McMillan Law: https://fmlaw.com.au/
- Murdoch Lawyers: https://www.murdochs.com.au/
- Ladybird Conveyancing: https://www.ladybirdconveyancing.com.au/
TAYLAH ANTONIOLLI – MARKETING & COMMUNICATIONS COORDINATOR
07 3202 3040
A go getter and doer, Taylah is a no excuses, get the job done kind of girl. With a strong work ethic and high attention to detail, Taylah is happy to help out wherever she can. Armed with a degree in business specialising in marketing and public relations Taylah brings fresh ideas and innovation to the iThink team.