Buying a property – Easy 7 Step Guide

Step 1

The first step to buying a property is to contact a mortgage broker and obtain finance approval. When assessing the price you can afford to pay for a property, it is important to factor in your stamp duty liability, loan amount, legal fees and any potential land tax liability. 

Step 2

The next step to buying a property is doing research. By attending open homes and auctions, you should gain a better understanding of property values and trends, and which key features you need your potential property to have. 

Step 3

Once you have found a suitable property, contact our office. We will review the contract, negotiate more favourable conditions for you, and then explain the contract to you. 

If you are purchasing a strata property, we highly recommend ordering a strata report. We can review and provide you advice on the strata report. 

If you are purchasing a house, we highly recommend ordering a building report and asking any questions you have to the inspector directly.

If you want further piece of mind, you may consider purchasing title insurance. 

Step 4

The next step is to make an offer to the agent, and if your offer is accepted, sign the contract. The agent or vendor’s legal representative will then arrange for the vendor to sign the contract. Once both contracts are signed and dated, they are exchanged.

If you are however planning to bid at auction, then each bid you make will be an ‘offer’. If you are the winning bidder, and your bid has passed the reserve, then you will sign the contract at the auction. The agent will then arrange for the vendor to sign the contract. Both contracts will then be dated the date of the auction and exchanged.

Step 5

Once contracts are exchanged, you will need to advise your mortgage broker and provide him with a copy of the vendor’s signed contract. We will make enquiries with the relevant council and water authorities to obtain the most up to date rates. We will also provide you with documents to sign, certify your identity documents, and provide you with a summary letter outlining the important dates and information.

Step 6

Prior to the settlement date, we will provide you with settlement figures for your approval, outlining adjustments for rates, and the amount required by you to complete settlement. We will also provide you with a copy of our invoice, which will be factored into the settlement figures for payment on settlement.

Step 7

Settlement will take place electronically on PEXA. Once settlement has been completed, we will inform you and the agent so you can collect the keys from the agent. We will also provide with another summary letter with all the relevant paperwork you will require for future reference.