In a competitive market (which it is shaping up to be this year) you need to be ready to act quickly once you see a property that you would like to buy. Get yourself ready to buy in 2010 with this handy purchase property checklist.
Make sure you have access to enough cash for a minimum 10% deposit and to cover other costs such as stamp duty and legal fees. You may also need to cover mortgage insurance.
Get a cheque book or put the funds into an account which will allow you to transfer large sums of money overnight.
Deposit bonds are an option, however they can be very limiting.
Get your finance pre-approved and get your lender to put this in writing. An approval in principal is not enough.
Also find out whether you will need a bank valuation before you can exchange contracts.
Choose a solicitor who specializes in property or a conveyancer before you find a property you like.
Real estate agents can give recommendations or use these links:
The Law Society of NSW http://www.lawsociety.com.au/community/findingalawyer/findalawyersearch/index.htm
Australian Institute of Conveyancers NSW Division
Building & Pest Inspection
If you are purchasing a torrens title property (and even strata in some instances) you will need to get a building and pest inspection.
Ask around (friends and real estate agents) for referrals and keep some numbers handy – you will need to engage them at short notice once you find a property to begin your purchase property checklist.
Published:- 21 January, 2010
Please note: Good Deeds buyers tips are intended to be of a general nature. Please contact us for advice that is specific to your individual circumstances. You may also need to get advice from other professionals such as an accountant, mortgage broker, financial planner or solicitor.