Establish your requirements
Whether you are buying property for an investment or to live in, it is a very important decision in anyone’s life. It is essential to establish and define your needs & wants when looking for a property, so you can find the right property for you!
Speaking with your preferred financial institution will help establish your budget, deposit, repayments & any other financial requirements.
Finding your dream home/research
There are multiple ways in finding property. This can be done by:
Speaking to local real estate agents
Word of mouth
Doing your homework:
Know the current market: What are similar properties selling for
Make an Offer
You've found the perfect home! It's time to make an offer. This process is formal, so it is important to understand the process, contract & legality aspect of the contract before making an offer. We strongly suggest you consult your solicitor or real estate agent should you have any concerns, as all terms and conditions of the sale must be addressed in the offer.
The agent will submit all offers to the seller
The property remains on the market until an offer is accepted
Ensure you are aware of any easements or encumbrances effecting the property
An offer can be made subject to finance and building & pest inspection
An offer can be made with specific items being absent or included in the contract. These special conditions must be written into the contract.
You can make an offer containing a deposit, prior to acceptance, to demonstrate your intention to purchase. (The balance of the deposit is paid after acceptance). Should your offer be declined, your deposit will be fully refunded.
Ensure you are aware of any clauses & annexure included in the contract.
An offer is not legally binding to both parties until both the buyer and the seller have signed the contract.
Once your offer has been accepted, you are required to pay the deposit as specified in the contract. Please note that the deposit can be paid prior to accepting the offer. The team at PRDnationwide Tannum Sands will ensure the vendor signs the contract, therefore making it legally binding.
QLD has a cooling off period after contract has been signed. We strongly recommend you seek legal advice before signing.
Should the contract be subject to any conditions, such as finance and pest & building inspection, those conditions will need to be satisfied to ensure the contract goes unconditional.
It is in your best interests to make this step run as quick & smoothly as possible. You can assist this step by providing your lender with all information required to process your finance application, organising an inspector promptly and signing contracts as soon as possible.
At settlement, the vender and purchaser sign all papers related to the sale of the property, and the deed is transferred from vender to buyer. While you can expect to sign your name on a multitude of documents, don't be intimidated. Together with your solicitor we will help explain everything so you'll understand and feel comfortable with the process.