Buying a property whether it is for an investment, first home, upgrade or even if you are just making a change; is an important transaction and it is vital for purchasers to understand the procedures involved.

In this tips section we aim to cover everything from the basics such as email alerts on real estate websites through to the more complicated legal procedures involved in making a purchase.

Research:
The internet is every buyer’s best source of up-to-date real estate knowledge. When purchasing property, it is best to be as informed as you possibly can, so research every aspect of your purchase.
  • Find information on the areas you are interested in buying. Many real estate websites provide suburb profiles with very detailed information such as median sale prices, population demographics, percentage of rental properties vs. homeowners in the area and local facilities such as schools (please view our suburb profiles for these details).
  • Sign up for email alerts. Most real estate websites give you the ability to subscribe to their online notification service and receive periodic emails outlining new listings within desired criteria. It’s the easiest and quickest way to receive this information; in many cases you will receive the property details prior to the rest of the public, giving you advanced time for viewings or even to put in an offer (subscribe to our Premium Membership to receive email alerts and much more).
  • If you can, get a feel for the area you are looking in. Take a drive on the weekend and visit some home opens in the particular suburbs you’re interested. Chat to local estate agents and really get a feel for the safety, look and appeal of the suburb. Visiting home opens also gives you an idea of pricing which will help you determine a budget.
  • If you’re an investor or an overseas purchaser, then it’s best to use the services and expertise of an agent. They will give the best advice and help you achieve your specific goal. In many cases they will help you with your search, and organise inspections on your behalf (find a Peard agent to help you).
  • Gather pricing information. Source information on recently sold properties in the area, combine this with current listings information and you can get a feel for the market conditions and pricing in that suburb (subscribe to our free Premium Membership to access our recently sold database).

Finance:
Once you have determined your proposed budget, speak to a finance broker/lender. In many cases they can provide you with a pre-approval, but at the very least they can assess your status and help you achieve your desired loan amount with the best financial institution for you.

Peard Finance  can help you with all your financial queries. It might help for you to speak to them initially, understand the services they provide and their financial institution associates.

Search:
If you’ve already signed up to one or more email alert systems, then you’re half way there. Also check the local weekend newspapers for listings and home open information. Visit local real estate agent offices and take the time to peruse their windows and available publications.

Offer:
Once you’ve found the perfect home, it’s time to put in an offer. Hopefully this will be a well-informed offer based on earlier research. An agent you’re already dealing with, or the properties listing agent will be able to help you with all aspect of making an offer.

Make sure you are well informed and happy with everything in the agreement before you sign. Your signed offer will then be presented to the owners, who will either accept, decline or submit a counter-offer at a different purchase price.

At this stage you will need to employ the services of a Settlement Agent. They take care of the land transfers and other legal documents associated with the purchase of property. They liaise with the Department of State Revenue, Financial Institutes, Local Councils and Water Corporation on your behalf. Their service is essential for stress free purchase. For further information on Settlement Agent services, please contact Evolution Settlements.

Acceptance:
In the event that your offer is accepted, more often than not, there will be certain clauses in the contract you will be required to meet. Whether it is a finance approval request or a white ant inspection, your agent will help you to achieve these and make sure you are well informed every step of the way.

Your finance broker/lender and settlement agent will come into play at this stage, organising your formal finance approval if required and completing all the necessary steps in order to progress to settlement.

Moving:
Once all the clauses in the contract have been met, the contract is now unconditional and the properties settlement date will now be clear. It is the best time to get organised and arrange your electricity, telephone, gas, internet and removalists.

Settlement:
You will be notified by your Settlement Agent once settlement has been achieved. At this point in time, you can collect the keys from your agent and then notify the relevant authorities of your change in address.