What should I do before I buy?

- Obtain a copy of the Contract and let us check it
- Arrange your pest, building and/or Strata and other reports
- Contact your lender with details of the property
- Make an offer and negotate a price - but don't sign anything!
- Make sure your finance is approved and unconditional
- Have your deposit ready
- Check the property in different conditions and times of day
- Contact the Local Council and speak to the Planning Department - check
  on nearby developments, previously building applications etc.
- Speak to the neighbours if you can - they are often a fountain of knowledge
  about the area, the property and the neighbourhood

Are there different ways to buy my new home?

The answer is yes, and they are often quite different in the process involved!

A brief overview is set out below:

Private treaty

Private treaty is when you negotiate with the seller through the agent (or with the seller direct if there is no agent) and then agree on a price.  Once you are ready, Contracts are then exchanged.  Unlike a property sold at auction, you may retain or waive the "cooling off period".

Auction

Unlike private treaty, when the hammer falls on your bid, you are the buyer of the property and there is no "cooling off period" or no opportunity to change your mind.  You will be required to sign and exchange contracts immediately.  Naturally it is essential that you have your deposit and finances ready and that you have had the Contract checked and all background checks on the property already carried out.

Are there things Contracts don't tell us?

The Contract gives us a lot of information about the title of the property but none about the quality of the building on it.  This is what is usually referred to as "buyer beware".  It is therefore very important that all background checks have been carried out before signing on the dotted line.

At Prompt Conveyancing we will discuss all the "buyer beware" pittfalls with you prior to exchange so that you are aware of all the hidden risks involved in buying a property.

Call us on 0414 656 211 to discuss buying your new home.