The Best Tips To Make Buying a Home Easy
Houses sell every day. However, many buyers have no idea what to do once the offer is accepted.
The buyers I speak to are very excited but also very stressed. Maybe that’s you too.
The reason why they, and possibly you, are stressed is this:
You have so many things running through your mind & you don’t know really where to start.
On top of that, you don’t want to make a mistake.
Our checklist is what you need if you want to:
- lower your risk
- lower your stress, &
- be in control
That’s the real reason you feel stressed: lack of control & understanding.
Download our list.
Read it.
Follow it. Start ticking off the tasks as you complete them.
Steps Required to Secure Your New Property
Fill in our Buyer Questionnaire.
This allows us to act on your behalf as your legal representative. It also tells us about you, the property you’re buying, your lender’s detail (if you’re borrowing money) and any other important information we require in order to advise you correctly. Without this, we legally cannot provide you with advice.
Have you called a
Pest and Building Inspector?
This is optional, but we highly recommend them. You are free to use anyone for the pest and building report. Find one, give them a call, book in a day and let the agent know to expect a phone call from them. If you need any recommendations, feel free to ask us or the agent.
Call your lender or broker and organise a time to sign ALL the necessary paperwork
This is a biggy! If you haven’t done this, you won’t get UNCONDITIONAL APPROVAL and you’ll need that in order to buy your new home. Give your lender a call and ask them if there is anything you need to do.
Do you have the TRUST Account details from the real estate agent?
If not, ask them for it. You’ll need those details in order to pay the deposit. Remember, no deposit means no exchange. No exchange means someone else can buy the property. Tick this once you have the account details.
Have you paid the DEPOSIT to the Real Estate Agent or Agency?
Although a deposit DOES NOT HOLD the property from other people buying, you will still need to place a deposit in order to exchange the contracts. Exchanging contracts DOES stop other buyers. The minimum deposit you can pay is 0.25% of the purchase price. i.e. $(purchase price) x 0.25% = Deposit Amount
Give your lender/broker & Real Estate Agent RM Legal and Conveyancing's contact details
Ask them to email us IF they want a copy of the contract of sale. There is a very good chance they will need it for a valuation. If they do want it, ask them to email us & request it
Check your email & phone DAILY
Our team will email you regularly with important information, explanation letters and of course, ask you when you would like to sign the contract.
In our experience, those who read this information seem to be less confused and know about deadlines.
Pay the remainder of the 10% deposit
The full amount of the 10% deposit has to be paid BEFORE the cooling-off period expires
You need to be Verified
On the 1st July 2016, the government required that everyone who is buying or selling a property (whose name is on or will be on the contract of sale) needs to have a Verification of Identity Check completed. This can be completed at the post office or by us. All the details can be found on our website here: New Verification Laws for NSW
This may also help:
What is a Cooling Off Period?
This is a simple slideshow explaining a Cooling Off Period.