1. Evaluate your finances – The first and most important step is to evaluate your budget and finances.  You should take note of the funds you have available & how much you’re able to borrow. This will help you determine your budget.  In addition to the purchase price, you should consider the upfront costs of purchasing.  For example, stamp duty, registration fees, legal fees and bank fees.  Seeking professional advice from a broker can provide clarity.

2. Obtain a pre-approval – Before you can proceed to purchase, it is essential to establish how you intend to pay for the property.  For most people, this will mean obtaining a loan from a bank of financial institution. Before you make an offer, its essential to have a pre-approval in place.  This will assist in your property search, as generally you will be pre-approved for a maximum amount.  It is also important to remember that you will typically need to pay the deposit upfront. The standard deposit is 10%, however a 5% deposit can be negotiated prior to exchange.

3. Begin your search – Now that you have your budget and pre -approval in place, you can begin your property search.  It can be helpful to attend open homes & auctions, to get an understanding of interest levels and sale prices of the properties you like.   When the time comes and you find the property you are interested in purchasing then it is time to make your next move.  You should express interest in the property via the selling agent and obtain an email copy of the contract. At this point, you can contact CV Conveyancing for a free contract review.  Christine will then assist you with any enquiries and advise on the next steps.  If you decide to proceed with the purchase, she can arrange any necessary inspections reports, engage in negotiations with the Vendor’s solicitor or Conveyancer on any amendments and get you ready to sign contracts.

4. Make your offer & exchange – The purchase of a property can happen via private treaty or at auction.  If buying through private treaty, you have the opportunity to submit and negotiate your offer via the selling agent.  If you attend the auction, you will place your bid against other interested parties.  If you are successful in your purchase, Christine will assist you in proceeding to exchange of contracts.  The contracts will be signed, dated and the deposit paid.  Its at this stage the sale becomes binding.

5. Preparing for settlement – Now that Contracts are exchanged between the Vendor and Purchaser, Christine can begin to prepare for settlement.  The main aspect will be your financial preparations.  She will be liaising with your lender and the Vendor’s solicitor or Conveyancer to ensure the necessary arrangements are made.  The date for settlement is noted on the front page of the contract, which is usually 6 weeks after exchange.  Most of the preparation work is completed during this time so that the day of settlement is as straightforward as possible.

6. Settlement Day – The day of settlement is the day you officially become the owner of the property.  The balance of the sale price (+/- any adjustments) is transferred to the vendor and you will obtain full possession of the property.  Following settlement, the relevant paperwork is obtained to confirm registration is complete.

You are now the proud owner of your new property – time to move in and ENJOY!

POINT SUMMARY FOR PURCHASE

1. CONTRACT REVIEW – Before exchange, contact CV Conveyancing for a free contract review.  If you decide to proceed, Christine can assist you with obtaining any inspections or searches, negotiations with the Vendor’s Solicitor or Conveyancer on any contract amendments, and get you ready to exchange.
2. EXCHANGE OF CONTRACTS – Once your offer is accepted, exchange of contracts takes place.  At this stage, a final contract will be produced for signing and you will be required to pay the 10% deposit and contracts will be dated.  Alternatively, if the property selling by way of Auction, you will attend the Auction and if you are the successful bidder, contracts are signed, dated and payment of the deposit is required.
3. SETTLEMENT – Once contracts have exchanged, Christine will continue to guide you through to settlement.  She will liaise with the Vendor’s Solicitor or Conveyancer and your lender to make the necessary arrangements. Settlement will typically occur around 6 weeks after exchange.  This is the day remaining funds are paid and possession of the property is provided to you.  After settlement, a final settlement letter is provided confirming that you are now the registered owner of the property.