I'm buying a home but what's next?
So, you've found a property that you would like to purchase and you are wondering what's next?
The process of buying property is a daunting prospect for all buyers, whether it's your first home, or a new property to add to your portfolio.
In order to make your transaction smoother, and stress free, follow these simple steps:
Contact your Conveyancer or Solicitor Once your offer is accepted, contact your Conveyancer or solicitor and advise them that you have found a property to purchase. This will enable them to review your circumstances and ensure that the Contract is prepared in accordance with your needs. In some circumstances, special conditions will need to be included in your Contract to protect your interests. For example, if you are selling your home, you may require a condition that states that your Purchase is subject to your sale.
The Offer Propose an offer to the Seller via your Real Estate Agent and wait for your offer to be accepted.
The Contract Once the Seller has accepted your offer, a Contract will be prepared and all parties will execute it. It is crucial that any special conditions are added to the Contract of Sale prior to it being delivered to the Seller. That's why we always suggest you contact your Conveyancer or solicitor to review your Contract, prior to you signing it. Also, make sure that all of your details are on the Contract, this includes correct spelling of your name including your middle name, address and contact numbers. To have us act for you, make sure you insert our correct details as follows: Richard Hoare & Co Solicitors PO Box 3196 LOGANHOLME QLD 4128 Phone: (07) 3209 7000 Email: firstname.lastname@example.org
Execution Once all parties have signed and dated the Contract of Sale, it is now considered a formal agreement. You will now need to pay any deposit that is due and owing, in accordance with the terms of the Contract.
Building and Pest If your Contract is subject to a building and pest report, contact your preferred Building and Pest Inspector and request that they attend at the premises to conduct an inspection.This should be at least 3 business days before the due date of the building and pest inspection date so as to allow time for a report to be prepared and provided for your consideration. Once you have read the report, and if all is in order and there a no issues found, advise your Conveyancer or solicitor as soon as possible before due date of this condition. If issues are found, you must provide a copy of the report with a detailed list of the items that require repairs. You can give this to your solicitor who will then contact you to discuss the matter and follow your instructions to advise the other side.
Finance Approval You must apply for finance approval with a Lender or Broker before the due date, and once unconditional approval is received you must thoroughly read the repayments, terms and conditions. If satisfied with the finance offer, you must then provide a copy of an unconditional finance approval letter from your financier to your Solicitor along with your instructions to go unconditional before the due date for this condition. Once this is done, mortgage documents will need to be signed as a matter of urgency to prevent a delay to settlement. We suggest that you complete an Authority Form, which will allow your solicitor to draw any additional funds required for settlement from your nominated account.
Settlement You will need to contact you solicitor, 3 business days prior to settlement, for an estimation of additional funds required, if any. Transfer any funds to either your nominated account, or your solicitor's Trust Account, via telegraphic Transfer by no later than 2:00 pm one (1) business day prior to settlement. This will ensure the funds are delivered in time.
Morning of settlement You must attend at the property for a final inspection and ensure that all of the chattels (personal goods / white goods / electrics and so on) are in working order and there is no damage to the premises. If anything is found, you will need to contact your solicitor urgently to discuss the issues prior to settlement. If settlement occurs, you will take all responsibility and may not have any further rights. Once settlement has occurred, your solicitor will advise the Agent and you will be able to collect your keys. Remember that it is important you ensure you have proper and adequate insurance over the property as you will become responsible for it as soon as settlement occurs.
Enjoy Kick back and relax, you've made it to the end of the process.
Disclaimer: This publication is not intended to be comprehensive, nor does it constitute legal advice. We are unable to ensure the information is current and there is no guarantee in relation to accuracy. You should seek legal or other professional advice before acting or relying on any of the content of this publication.
© Richard Hoare & Co Solicitors