The Buying Process….
Don’t get gazzumped! How to avoid disappointment
1. Submit an offer
When negotiating, remember it’s your responsibility to tell the owner the most you’re prepared to pay. If a higher offer is received, the owner has the right to take a deposit and secure that buyer on the spot, meaning you may not get an opportunity to increase your bid. Whatever price you submit, be prepared to miss out if it’s not enough.
2. Sign your contract
Once you have agreed on price, you will need to sign a contract for sale. Every home for sale has a contract ready prepared by a solicitor that you can obtain at any time. By agreement with our sellers, all properties stay on the market until a contract is signed. All contracts have a five day “cooling off” period to allow pest reports, finance etc.
3. Pay a holding deposit
Upon signing, a minimum deposit of 0.25% of the purchase price must be paid, meaning $250 for every $100,000. This deposit is non-refundable after signing contracts. At this point, no other offers can be considered by the owner, and no more inspections take place. Signing a contract and paying this deposit is the only way to ensure the property is taken off the market, and the owner is committed to selling to you.
4. Order pest & building reports
During your five day cooling off period, you can obtain a pest and building report if required. This period also allows your solicitor to review the contract and request changes. Your bank may require a valuation before issuing loan approval. You should contact your bank and solicitor as soon as you pay your deposit, to allow sufficient time for these arrangements
5. Pay balance of deposit
After you have obtained your reports and loan approval, you must pay the balance of the deposit (normally 5% or 10%) by the end of the cooling off period. Once this happens, the sold sticker goes up, and you can start packing!
6. Settlement
The settlement period is usually 5 or 6 weeks, but this can be negotiated to suit both parties. The day before settlement, you should conduct a final inspection to check the home is in the same condition as initially agreed, and to check the owners have vacated. That’s it! On settlement day, you’re ready to start moving and enjoying your new home.
Premium Buyer Database:
Give yourself a head start
Many new property listings are sold prior to reaching the open market. Ask your Global agent to add you to our Premium Buyer Database so you can be inspecting new properties within minutes of them coming on to the market.
DO YOU NEED TO SELL TO BUY?
To find out, a Global Property Consultant can explain your options, and provide you with a neutral opinion on your home’s value, as a starting point for your moving plans.
For your obligation-free market appraisal,
call 4965 7299 today
