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If you are considering getting into the property market or even re financing it is advisable to speak with your financier or your Finance Consultant to arrange the best loan to suit your needs. Other items and costs to consider are mortgage insurance, current interest rates and additional costs of buying a property may include loan establishment fees and other bank charges, legal fees, stamp duty, transfer duties and insurance premiums.
Prepare a short list of preferred suburbs that suit your lifestyle, bearing in mind affordability and accommodation requirements. Items to consider are the safety of the neighbourhood, and whether it is close to Schools, Medical services, Shops and the location of your workplace or reliable public transport. Increasingly, cafes and restaurants are all desirable aspects of suburban living and favourable attributes to potential property buyers.
Research sales in those preferred suburbs. Inspect every property in your preferred suburb so you have a feel for the prices. Attend all open homes in the area. Many agents will provide a buyer with a brochure or marketing material, this is a great way for the buyer to remember a property and to collate notes about the property after inspection. Put them in order of preference. Other things to ask are terms of sale for each particular property and if the seller has any special conditions that may form part of the offer.
Develop a relationship with one of our professional team who specialise in your preferred area. Your Action Realty Collingwood Park Sales Consultant will be able to advise you of any additional information you may need and also inform you how you can register on our website to automatically receive notification of any new listings that enter into the market.
Once a buyer has decided what they would like to submit by way of offer, an agent will encourage them to put the offer in writing. This recommendation is for the benefit of the buyer as it shows the seller that the buyer is serious and also alleviates discrepancies that can occur with verbal negotiations. An agent will present a buyer with a number of documents and is obliged to go through these documents to avoid any confusion. If a buyer still has queries at this stage, they are encouraged to seek independent legal advice. Deposits can be paid by way of cash, cheque or electronic transfer of funds. They can also be paid using deposit bonds or bank guarantees. Buyers should seek advice from their financier as to any associated costs with deposit bonds or bank guarantees before paying a deposit in this form. Contract conditions are if a buyer terminates the contract under the cooling-off period or another legitimate way, the deposit is refundable.
Multiple offers occur generally in a 'sellers market' where competition for residential property is greatest and there are more buyers than there are properties for sale. However, it can occur in any market and especially for properties within the more affordable price range.
It is important for a buyer to ensure building and pest inspections (if applicable) are carried out within the time frame set out in the condition of the contract. With regards to finance, if an independent valuation is required as part of the finance process, buyers should ensure their financer has this arranged within the time frame of the condition of the contract. If a buyer feels that any conditions may not be finalised by the applicable end date, they should seek legal advice from their solicitor as soon as possible. Commonly, a solicitor may suggest a buyer requests from the seller an extension to the condition date. It is the seller's discretion to grant, or not grant, the request. Following your solicitors or conveyancer's advice on the sale contract and taking into consideration the building reports, you are now able to make an informed decision to proceed with the purchase of the property.
Understanding the difference. Conveyancing is the legal transfer of a property's title from the seller to the buyer. It is important that buyers research who they wish to use for conveyancing when they have a contract of sale. The Real Estate Institute of Queensland recommends the use of a qualified solicitor for any property matter, including conveyancing. Using a solicitor often saves time on paperwork such as title searches and stamp duty, and can often provide peace of mind when making what may be the largest single financial transaction of one's life. CONVEYANCING COSTS Conveyancing will incur costs such as searches of the: Titles Office, Certificate of Rates, Zoning Transfer duty Registration fees Standard professional services costs Local government searches have become vital in the conveyancing process to determine how an area will develop in the next five to 10 years. They ensure major changes like new freeways and major road upgrades are not planned for a property's backyard. Searches for zoning and titles will determine whether the property has any restrictions such as adverse planning, demolition orders, outstanding taxes or encumbrances on the title (for example, easements or caveats).
Once all conditions have been met ie finance and pest and building the contract will be unconditional. Your deposit will be held in a trust account until settlement. At settlement, contracts will then be unconditionally exchanged and possession given of the property.
Prior to settlement day it is advisable that you do a final inspection before settlement takes place. This is to ensure that the property is in the same condition as when you last inspected it, and that all inclusions are as per the contract you signed.