Buying a property involves much more than an everyday transaction. Not only does it entail significant financial decisions, but also important legal aspects.
Peter Currie Real Estate strongly recommends the use of a qualified conveyancer before undertaking the purchase of any property.
Buyers should strive to accumulate the highest possible deposit before purchasing a property to minimise the amount they need to borrow.
When it comes to selling your home or investment property, we believe that the more information that you can obtain the better informed you become. This is why Peter Currie Real Estate offers every client a FREE ‘Market appraisal' of your home and suburb.
When inspecting properties it is important to take a property inspection checklist with you, so that you can remain objective.
The criteria on your property inspection checklist might include:
- If buying a house, what is the property size and land size?
- If buying a unit/townhouse, how many units are there in the complex?
- What is the condition of the kitchen/bathroom?
- Is there room to extend the house?
- Are there any easements running through the property? (it might prevent a swimming pool being built)
- Are the rooms big enough? (e.g. Will your king size bed fit into the bedroom and will there be enough room for a wardrobe?)
- What are the neighbours like? (You’ll never know for sure, but you can get an idea by looking at the way they maintain their gardens by peeping over the back fences!)
- Is there room for expansion/scope to renovate?
- What is the council zoning for the block? (that will impact what can and can’t be done to the land and the property)
You also need to look out for signs of damage in the property:
- Are there any cracks in the walls (interior and exterior)? Cracks may indicate shifting foundations and costly underpinning work may be required.
- If it is an old house and the carpet is lifting up in places, have a look at the state of the floorboards. You may see signs of mould, white ants, borers or other problems.
- Is there a musty smell? (which may indicate rising damp or water damage)
Check the walls on the other side of the bathroom for signs of water damage/rotting wood.
A buyer should always ask the agent to clarify any inclusions or exclusions that may be part of the contract of sale. Unfortunately, a buyer sometimes moves into their new property only to find features that originally ‘sold’ them the property are now gone.
Decide On A Price To Offer
Once a buyer has found the property they want to purchase, the price they would like to offer needs to be carefully considered.
Before doing this, a buyer may choose to conduct a property sales history search to find out how much the property last sold for and when, and the recent sale prices of comparable properties sold in the surrounding area. Information of this nature can be obtained from organisations such as RP Data, Pricefinder & Onthehouse.
Make An Offer
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.
The primary documents that the buyer will be presented with are:
PAMD Form 30c – Warning Statement;
Contract of Sale; and
PAMD Form 27c – Disclosure Statement to Buyer.
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.
Once a contract has become unconditional it is time to start packing! It is important for a buyer to keep in touch with their solicitor through this time with regards to any issues that may arise approaching the settlement date.
Buyers are encouraged to arrange a pre-settlement inspection with the agent to ensure that everything is per the contract conditions, noting any included chattels or excluded fittings. Pre-settlement inspections should be conducted once the property has been vacated by the seller or its occupants.
Commonly, the solicitor will attend the actual settlement on the buyer’s behalf and both the seller’s and buyer’s solicitors will notify the agent once settlement has occurred. Only after an agent has received notification from both parties, can keys be released to the new property owner.