Tips for Buying a Home
1. Get to know the Paperwork – When you purchase a new property, you will be required to enter into a contract, which can be a terrifying thought for some people. These are the documents that make up a the ‘contract of sale’:
- Form 30c – Warning Statement
- Contract of Sale
- Form 27c - Selling Agent’s Disclosure to the Buyer
- Buyers Acknowledgement
If you would like to obtain a copy of these documents, feel free to contact me and I’ll send out some blank copies to you. I’m happy to go through them with you to ensure you’re familiar with them when it comes to the business end of the buying process.
Remember you are entitled to have your solicitor review the contract and associated documents prior to signing if you are not entirely sure about the commitments you are about to enter into. Most solicitors will do this as part of their professional service.
2. Obtain Pre-approved Finance – You can make an offer on a property subject to a condition of obtaining finance, and this is quite common. However, to give yourself the strongest position when making an offer on a home (remembering there are likely to be multiple offers made at the same time) obtain pre-approval of your finance before you even commence looking at property. This will allow you to budget for the mortgage repayments, and it will show that you are serious against other prospective buyers that may not have sought approval of their finance – meaning your offer will look more attractive than theirs.
I can recommend some finance providers, but as 80% of borrowers in Australia have done – find a Mortgage Broker who will hunt around for the best deal for you.
3. Obtain an Independent Valuation – This will happen automatically if you are using money loaned by a bank to finance your purchase, however if you want reassurance of the offer you intend to make on a property, get it valued by an independent valuer.
4. Obtain an Independent Building & Pest Report – A good tip here is to use someone you trust in the industry, or comes as a referral from someone else whom you trust. There really is quite a gap between thorough and slack inspectors out there, so get someone you believe will do the right thing.
5. Insurance – Clause 8.1 of the standard REIQ endorsed contract states that the property will be at the risk of the buyer from 5pm on the first business day after the contract date. Call your insurer to get a cover note on your home once you’ve established a contract date.
- Form 30c – Warning Statement
- Contract of Sale
- Form 27c - Selling Agent’s Disclosure to the Buyer
- Buyers Acknowledgement
If you would like to obtain a copy of these documents, feel free to contact me and I’ll send out some blank copies to you. I’m happy to go through them with you to ensure you’re familiar with them when it comes to the business end of the buying process.
Remember you are entitled to have your solicitor review the contract and associated documents prior to signing if you are not entirely sure about the commitments you are about to enter into. Most solicitors will do this as part of their professional service.
2. Obtain Pre-approved Finance – You can make an offer on a property subject to a condition of obtaining finance, and this is quite common. However, to give yourself the strongest position when making an offer on a home (remembering there are likely to be multiple offers made at the same time) obtain pre-approval of your finance before you even commence looking at property. This will allow you to budget for the mortgage repayments, and it will show that you are serious against other prospective buyers that may not have sought approval of their finance – meaning your offer will look more attractive than theirs.
I can recommend some finance providers, but as 80% of borrowers in Australia have done – find a Mortgage Broker who will hunt around for the best deal for you.
3. Obtain an Independent Valuation – This will happen automatically if you are using money loaned by a bank to finance your purchase, however if you want reassurance of the offer you intend to make on a property, get it valued by an independent valuer.
4. Obtain an Independent Building & Pest Report – A good tip here is to use someone you trust in the industry, or comes as a referral from someone else whom you trust. There really is quite a gap between thorough and slack inspectors out there, so get someone you believe will do the right thing.
5. Insurance – Clause 8.1 of the standard REIQ endorsed contract states that the property will be at the risk of the buyer from 5pm on the first business day after the contract date. Call your insurer to get a cover note on your home once you’ve established a contract date.
