Before you actually start looking at properties to buy, you will need to crunch the numbers to determine how much you can afford to pay from your savings and how much you can borrow, factoring in legal and lender fees, stamp duty and moving costs. Next step is to choose the type of property you want to buy: buying land and building a home or purchasing an existing home/home unit or buying off a plan. After these initial decisions, you can now get started with the steps of buying a house.
SEARCH FOR A PROPERTY
Location is an important factor. Depending on your unique needs, you may want a particular neighbourhood with quick access to public transport, schools and shopping, or you may prefer a peaceful area located away from the hustle and bustle of the town centre. Next, the home itself should be worth what the seller is asking for. Its features, shortcomings and price in comparison to similar properties are some points to consider.
DOES THE SELLER HAVE A SECTION 32 AVAILABLE?
The Section 32 must be ready before a contract of sale can be signed. This contains important information in regard to the property.
MAKE AN OFFER.
Chat to your Professionals Yarra Valley agent and make an offer on the property of your choice. Once you make an offer, you will need to hand over an initial deposit (in good faith) however if the offer is not accepted this will be refunded in full.
Once the contracts have been accepted and signed by both parties, the team at Professionals Yarra Valley will ensure that your solicitor/conveyancer is provided with a copy. The contract will contain all the terms and conditions of the sale.
APPLY FOR A LOAN
Start with the process of getting a loan on the property. Contact your lender and give them a copy of your contract of sale.
PAY THE DEPOSIT
You will need to pay the deposit set out in the contract. The deposit is paid to our agency and kept in our trust account until your solicitor/conveyancer requests the money be transferred to the sellers solicitor/conveyancer.
WAIT UNTIL SETTLEMENT
In the time period between exchange of contracts and settlement (anywhere from four to eight weeks), your conveyancer will make necessary searches and enquiries and prepare documents. A settlement statement containing the details of the final amount owed is dispatched to the seller.
On the day of the settlement, loan money is paid, the deposit is collected by the seller, your conveyancer receives a signed transfer and title of deed, and you pay the stamp duty on the contract. Once settlement has taken place, you can collect your keys from our office and move in!