Purchasing a new house, unit or land is an important step. We recommend that you take time when deciding upon the home you want.
It's a good idea to make a list of 'essentials' that you require in your new home to make sure you don't overlook any of your needs in the excitement of inspecting a property.
It is critical that your solicitor is thorough when giving advice and clearly explains the process throughout the transaction.
A purchase transaction can be quite detailed. Here is a brief outline of the general procedures followed on a purchase matter:
When you find a property you wish to buy, a deposit along with a signed contract for the property is placed with the Real Estate Agent to secure the purchase, subject to a 'cooling off period', should the Vendor have allowed it. Typically the cooling off period is five working days from the date of exchange in which time, you should obtain pre-purchase inspection reports.
Should you discover any problems with the property or have trouble obtaining finance, you may rescind the contract within the cooling off period. You may be subject to a forfeit fee of .25% of the purchase price of the contract.
You need to advise the Real Estate Agent of the contact details of the solicitor acting on your behalf. The agent will then provide the solicitor with a sales advice containing the relevant information.
At this time, you should obtain a written loan approval. Lois Jones Real Estate can help you arrange finance so contact us to discuss this at a mutually convenient time.
You then instruct your solicitor to act on the purchase and attend to the following:
- Request a copy of the contract from the Vendor's solicitor
- Order the pre-purchase inspection reports
- Strata reports for units
- Pest report carried out by a qualified Pest Inspector
- Building report carried out by a qualified Building Inspector
- Request a copy of the written loan from you, the purchaser
- Request an appointment with you, the purchaser, whereupon the contract is explained and signed