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Do You Really Want To Buy That House?

February 8, 2012

Once when you find the house of your dreams, you should get a building and pest inspection report and a valuation. In other words – you do exactly what you would do as like you are in the rest of the world. Even if you feel you are knowledgeable about property, there could be flaws in Australian homes – such as termites and various types of worms (borers) – that you may not familiar with. It’s worthwhile, therefore, to use local expertise to verify the structural integrity of your home.

Making an Offer

Assuming the valuation and inspection reports are satisfactory – they usually will be – you will then want to buy your dream home.

Making an Offer for a House (Non-Auction)

The seller’s real-estate agent will submit your written offer to the sellers – along with offers from any other would-be buyers. The property remains on the market until the seller accepts an offer. You are entitled to make your offer conditional. You might, for example, make it a condition of the offer that the valuation report or satisfactory inspection should meet your stated expectations. If they are happy with your offer, the sellers will counter-sign it and the contract becomes legally binding. If made a conditional offer, you will able to withdraw if the conditions are not met. If the conditions are met, you will pay a 10 percent deposit. When you pay the balance you become the legal owner of your new dream home.

Making an Offer for a House (Auction)

Most property auctions in Australia are not caused by the owners running into financial difficulty – they are sales of houses which the real-estate agent / owner thinks will sell at a higher price in an auction than a normal sale. Homeowners will usually set a reserve price for the auction. If bidding does not reach the reserve, the sellers need not sell the house. Auctions can take place at the property itself or elsewhere. If you bid successfully in an auction, you will need to pay a deposit of 10 percent of the purchase price immediately. If you do not follow through on the deal, there is every likelihood you will lose your deposit.

Legal

The legal niceties of property conveyancing – the transfer of title from seller to buyer – depend on which of Australia’s states the property is in. You should employ a conveyancer to carry out the conveyancing for you.

Looking for a conveyancer? Call us on (02) 9387 2111 or enquire online today and we’ll make sure that you get the best rate around!

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