Buyer information
Buying a property can be life changing experience. Buyers are usually emotionally involved, competing against other buyers and are governed by their finances. Buyers must get organized, do own research before getting in a position to become homeowner.
Decide the location
Location plays an important role for buyers to decide where they want to live. Prioritize the areas where you prefer to live. Normally buyers look for child-care, local schools, access to public transport, local shopping center and easy access to the freeways / roads.
Own Research
Buyers who do research, take informed decision before purchasing a property. Being in the local agent database, allows buyers to receive emails, market updates and recent sales results. This way buyer who is looking to buy property will be well-informed before purchasing the property.
This research will allow the buyer to receive insights of the area through sold property results suiting their requirements. Speaking to local agents and visiting open inspections will help them in understanding the market.
Analyze buying requirement
After completing the research process, you will be in better position to decide which property is most suitable to your requirements and budget. Regular update through Agent email alert will allow you to modify your requirements, so that you receive relevant properties when they are available in the market.
Requirement of finance approval
Real Value Real Estate will assist you through the process of getting finance by facilitating various available lenders. Pro-active buyers usually organize finances before placing an offer to purchase a property. Purchasing a property will costs the buyer to pay legal fees, stamp duty, insurance, loan application fees and any other charges & fees applicable.
Property inspections
Buyers who are seriously looking to buy property, visit open for inspections to look and feel the property. Some properties may be inspected privately through the inspection appointment with agent. All property inspections require the buyer to provide Proof of PhotoID upon request.
Due diligence documentation
Once the property is finalized, request for a copy of Section 32 (Vendor Statement) from the managing agent to do the due diligence, by checking any easements, covenants and restrictions.
Building and pest inspections
Qualified buyers are entitled to organize a building inspection with a qualified building inspector, surveyor who inspects the property and provides an inspection report. Make sure professional building and pest inspection service provider have full professional indemnity insurance. All costs for the building and pest inspections is paid by the buyers.
Making an offer
Qualified buyers are eligible to place offer for properties being sold by Private Sale. Buyers wants to pay lower price and try to negotiate their offer. As several buyers in the market make several offers, Vendor decides on accepting from the best offers in place.
For Auction properties, vendors can instruct the selling agent to accept offers prior to Auction, if offer is accepted by the sellers than the property is sold before Auction. Some Auction properties in the market are sold in the scheduled Auction Day.
Final decision remains with the vendor who may reject an offer for reasons other than the price – including the conditions placed on the offer. For example, a vendor might reject an offer with a condition on a longer settlement period, if another potential buyer offers a similar sale amount but can settle sooner, or the seller may accept the offer where the finance is not conditional.
Deposit for purchase of property
Qualified buyer needs to pay a deposit at the time of sale of the property. Generally, 10% deposit is paid at the time of making an offer. All deposits are held in the Real Estate office Non-interest-bearing Trust account until the settlement of the property purchased or released before settlement with the signing of Section 27 statement by both Seller and Buyer.
Final inspection before settlement
Final inspection before settlement is organized by the selling agent, where buyers are entitled to inspect the property in the days before settlement; this is to ensure the property is in the same condition as when it was purchased and that all inclusions including fixtures and fittings are available as per the Contract of Sale.
Settlement and Keys handover
Normally settlement of the property is done through legal representatives of Sellers and Buyers. The settlement process is organized by the both legal representatives involving financial representatives of the buyer and seller. As per the requirement all outgoings, rates and charges are adjusted between the seller and buyer. Until the settlement date, seller is responsible for all rates and charges and the buyer is responsible from the day after the settlement. Once the settlement has taken place, seller’s legal representative will send written confirmation to the managing agent to that settlement has been finalized and to release the property keys to the buyer. Managing agent cannot release the keys of the property until the settlement is finalized and receiving written confirmation of settlement from the seller’s legal representative.
Real Value Real Estate agent assists the clients throughout sale process with Professional Service, Honesty and Trust.