Regarding the general procedure of purchasing a new home, we’ve made a list to assist you with each of the processes you are likely to encounter.
- Confirmation of specifications: If you have seen a listing online, in a magazine or at a local real estate, ask the real estate agent questions to confirm the listing description is accurate. Once you have confirmed this, you can then organise to have a look at the property with the agent.
- Contract of sale: You can ask for the contract of the property and have a conveyancer skim through to ensure there are no issues with the property. This is to ensure a legitimate contract and transaction, and that there are no restrictions, fines owing or non-approved structures hosted on site. The contracts of sale will also confirm the specifications of the property and land size.
- Legal Advice: Have a solicitor or conveyancer guide you through to make sure you are protected at all times of the transaction.
- Building and pest inspection- To avoid unwanted surprises, carry out a building and pest inspection before unconditionally signing a property.
- Title Insurance- For added protection, you may want to consider taking out title insurance before closing a deal to protect you financially against unknown property defects, liens or issues.
- Dealing: Know how to deal with a real estate agent. Refer to our other articles below
- Pre-approval- Know where you stand before making an offer and get a better indication of what the bank will actually lend you. This does not mean they will guarantee the loan, however, it will give you a clearer indication of your true borrowing power.