Whether you're a first home buyer or seasoned investor with an extensive property portfolio, owning property is still one of the biggest goals, and one of the most daunting experiences a person will encounter in their domestic lives. Your property journey can take many turns, so Harcourts Solutions would like to set you on the right path by answering some of the most commonly asked questions from buyers in the real estate industry.
Whilst real estate agents don't provide professional financial advice, it is one of the most frequently asked questions. Buyers should seek independent financial advice to ascertain what their spending limits are. Organising your finances, obtaining pre-approved finance, and knowing the process to follow with your financial institution before you start searching for property can make it a whole lot easier for you.
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It is important to research whether you are entitled to any Government rebates or incentives. These do change periodically, so visit http://www.qld.gov.au/housing/ to find the most up to date information from the QLD Government.
If you're spoilt for choice, it's a good idea to start refining your search criteria to really find that dream home. You can do this by asking yourself:
Start your property search on http://brisbanecity.harcourts.com.au and talk to one of our friendly property consultants about your property needs.
Firstly you need to let the selling agent know that you'd like to put an offer in - the sooner you do this the better, as you don't want to miss out because you waited too long. Your agent will then draw up a contract based on the conditions you advise, and once completed and you're happy with it, the agent will then present it to the seller.
Legal representation ensures you don't miss anything and that your purchase is 100% legally binding. The best way to ensure you've got all of your bases covered is to employ the services of a conveyancer, who is a professional in the field of property transactions.
You should also organise to have a building and pest inspection conducted ASAP.
Not only do you need to visualise your own possessions fitting nicely into your desired new home, you also need to check out things that may cause or result in large, costly issues down the track. Your property inspection should detail the condition of the structure, external finishes, safety and see if there are signs of infestation of any pests.
Pay particular attention to:
Real Estate agents are legally obliged to communicate any and all offers to the seller of a property, whether they believe it will be accepted or not.
Yes. The property will continue to be marketed and other offers presented to the seller until the seller accepts one of the offers presented to them. If you find that the seller is taking too long to decide, you may include a cut off date for when your offer will be withdrawn.
Chances are that you'll put your offer in writing on a contract when it is presented to the seller. Although you've signed a contract, it is not binding until the seller agrees to the terms and counter-signs the document. Once negotiations are complete you may be asked to re-sign a contract with just the final agreed conditions and price stated on the document.
This is the time in which you can change your mind about purchasing the property. Currently in Queensland, you are afforded 5 business days to rescind your offer once you've signed the contract. If you choose to pull out of a contract you may be liable to pay or forfeit 0.25 percent of the purchase price (taken from the deposit paid).
Confirming your loan approval during the cooling off period is imperative if you have any hesitations with following through with the purchase.
The Settlement of a property is the duration of the contract. Generally, the settlement of a property is set at 30, 60 or 90 days depending on the conditions of the contract and the confidence of the buyers.
On Settlement Day, the money will be exchanged between financial institutions, the conveyancer will instruct on the changes to be made to the title of the property, and the buyer will be entitled to the keys and occupancy of the property.
You will receive a signed transfer of the title deed, and the Registrar General will register the transfer and any applicable mortgage attached to the property. These documents are held by the lender until the property is fully paid off and you own the property outright.
Sometimes a buyer will commit to purchasing a property before they have sold their current property. If this occurs, there are financial pressures and time constraints that may cause the buyer to sell their property below market rate which is never a desirable outcome.