Purchasing Property: From Start To Finish

Buying a new home is a very exciting time in anyone's life. If you've never gone through the process, though, it can be a bit mystifying. In addition to hiring a Queensland conveyancing or Gold Coast conveyancing firm and actually selecting the property you wish to buy, there are many other things that go on. Below, the basic process of purchasing property is broken down so that you can understand it more clearly.

Making an Offer – Upon finding your next perfect home, the Real Estate agent will ask you to sign a contract for the property as an ‘offer’. This contract may equate to the properties sale price, alternatively you may wish to negotiate with the seller by making an offer below the asking price. At this point, the seller may either accept the offer by signing the contract; alternatively the seller may return the contract with a counter offer.

Deposit – During the Making an Offer stage, the Real Estate agent will ask you for a holding deposit. Most agents will ask for a deposit equal to 10% of the purchase price however, you should know that this deposit may be negotiable. Your minimum deposit may simply be based on just how hard you negotiate with the agent.

Engaging a Solicitor – it is wised to engage a professional conveyancing solicitor during the course of any property transaction in order to avoid any nasty surprises. A conveyancing solicitor will be able to assist you the process of drafting contract conditions, the preparation and handling of documentation, making land enquiries, title enquiries and all other associated searches.

Cooling Off Period – Have you ever experienced buyer’s remorse? Luckily in Queensland buyers are entitled to a five day cooling off period. This cooling off period allows you to exit out of the contract in the event you realise that the property deal is not suitable. Please note: this type of contract cancellation generally incurs a penalty of 0.25% of the purchase price.

Special Conditions – Building and Pest Inspections can reveal a great amount of previously unnoticed information about a home. A professional Building and Pest Inspection company should be able to identify potential structural defects and pest related issues. For this reason, it is highly recommended for buyers to protect themselves and ensure that a subject to Building and Pest Inspection inclusion is made in the contracts Special Conditions section. Likewise, a subject to finance inclusion should also be made.

Arranging Finance – The process of arranging finance may take some time. For this reason it is important to engage a lending institution early on in the game.

Settlement - Four to eight weeks after exchanging contracts, it will be settlement time. This is when you will officially be the owner of your new home, and when all interactions between you and the seller will be complete. A final search of the title will be conducted, and the balance of the purchase price will be made to the seller. Your conveyancing solicitor will be of invaluable assistance at this time, ensuring that everything is in order and that it is safe to commence with the settlement. It is imperative that you have insurance that kicks in upon settlement, so that your property is safe. Congratulations - you are a homeowner!