TOPICS COVERED:
Buying property
Selling property
Upgrading and downsizing
Buying a home:
You have found the perfect home that you want to buy, now what?
1. Advise your agent of your legal representative, and they will issue the Sales Advice to them to be actioned.
2. Order Pest & Building inspections and arrange formal approval of finance with your lender (if needed!)
3. Sign contract and pay deposit in preparation for exchange of contracts
4. Contracts exchange, sign loan documents and prepare for 42 day settlement period (or the time frame that has been negotiated between you and the purchaser).
5. Settlement occurs in PEXA, all funds are disbursed and the Agent hands over the keys!
The house is now yours!
Selling a home:
Want to sell your property? Here is where to start:
Proposed Sale – Marketing
Contact your legal representative and advise that you are looking at selling your home, they will then walk you through what should be reflected as being sold in the property so that the marketing contract accurately reflects the improvements and inclusions that are being sold with the property.
Contact your preferred real estate agent, complete a selling agency agreement with them.
Your solicitor will then provide your agent with the Marketing Contract in order for them to advertise your property for sale!
Sale – Purchaser Found
Your agent has sold your property - congratulations! Once the offer is accepted, a Sales Advice will be issued to your solicitor.
Your solicitor will update the contract, issue it to the purchaser's solicitor, and contact you to review and sign your contract.
Once both parties are prepared (financially, etc.) contracts will be exchanged.
You will have the standard 42 days (or the time frame that has been agreed between you and the purchaser) to discharge your mortgage, move house, etc. then settlement will occur!
Looking to upgrade or downsize?
When selling your property in order to buy another, make sure you follow these steps:
Market your current property and ensure you have it ready for sale
Advise your agent and solicitor you must make this sale in order to be in a position to purchase.
Liaise with your financer as to your sale and potential borrowing power.
Once a purchaser has been found for your property, you are in a position to start making offers on potential properties you would like to buy.
Ensure you advise the Agent of your purchase that you are in the process of a sale.
Once your offer has been accepted, advise your solicitor and they can facilitate simultaneous exchange and settlement.
If you have any questions about buyer or selling a property, please contact our office on 6742 2122 and ask to speak to one of our property lawyers or conveyancers.