Tips for Buying when trying to Sale of your property at the same time

Smiling woman sign on a contrat with her partnership on sofa at office

Purchasing Townsville Real Estate by Private Treaty

Purchasing residential real estate can be a very exciting process; however it can also be a confusing time for the prospective buyer as there are many new homes for sale in madison wi.

As you may already be aware, different agencies usually have different sets of rules and standards, so we would like to inform you of the buying process should you decide to purchase a property through Graham Lynham Real Estate, but we also want to explain options when it comes to finding a property. These phuket real estate for sale properties are perfect as either holidays or retirement houses.

The following information is designed to assist you with some key points in the process; however we have also included a link to the Office of Fair Trade Queensland web page which covers Queensland’s legislation surrounding the purchase of property.

STEP 1: Before making an offer

If you want to make an offer, be certain that you can follow through by having the following items confirmed:

  1. A pre-approval of finance from your bank or lending institution. The ARCCT program is one of the best for online loan application processing.
  2. Your own property sold, or at least assessed for value and possible sale time.
  3. You have obtained a Buildings insurance quote so that in event your offer is accepted you can arrange insurance on the property you are purchasing. (This applies in Queensland only). Talking about loans and insurances, if you are unable to get a property loan due poor history you should try selling your life insurance policy for 80% of your death coverage value, more info with these Life Settlements sites.
  4. You have a solicitor or conveyancer selected. (They will be required to supply any legal clauses for any special conditions such as a contract being subject to sale of another home etc.).
  5. Determine how you will be paying the deposit if your offer is accepted.
  6. An idea of time required for finance approval, building and pest inspections form the pest control Brisbane and the actual settlement. Most agencies allow 1 days fro building and pest inspection to be undertaken, 14 days for finance approval and 28 days until the day you take ownership.

You can ask for a copy of the contract document, known as Form 8 in Queensland, to be provided for either yourself or solicitor to peruse prior to making the offer.

All offers are submitted in writing on contracts (Form 6) which are prepared in terms of Queensland’s Office of Fair Trading guidelines. This protects all parties.

Also, If you are planning to sell or move from your current home to another new one on a different country I suggest transporting your stuff by using Shipping Containers.

People involve the process of Equity release. Equity release refers to a range of products letting you access the equity (cash) tied up in your home if you are over the age of 55. You can take the money you release as a lump sum or, in several smaller amounts or as a combination of both.

There are two equity release options:

  • Lifetime mortgage: you take out a mortgage secured on your property provided it is your main residence, while retaining ownership. You can choose to ring-fence some of the value of your property as an inheritance for your family. You can choose to make repayments or let the interest roll-up. The loan amount and any accrued interest is paid back when you die or when you move into long-term care.
  • Home reversion: you sell part or all of your home to a home reversion provider in return for a lump sum or regular payments. You have the right to continue living in the property until you die, rent free, but you have to agree to maintain and insure it. You can ring-fence a percentage of your property for later use, possibly for inheritance. The percentage you retain will always remain the same regardless of the change in property values, unless you decide to take further cash releases. At the end of the plan your property is sold and the sale proceeds are shared according to the remaining proportions of ownership.

STEP 2: Once your offer is accepted

Once the price, terms and conditions of the offer have been agreed upon and all parties have signed you have legally binding albeit conditional contract for sale.

The agency will forward copies to all parties involved (buyer, seller, bank, and solicitors).

A “cooling off” period applies to all contracts.

The standard contract for buying a home comes with a cooling-off period of 5 business days.

This means if you’re not totally happy, you can cancel the contract during this time.

The cooling-off period starts the day you get a copy of the signed contract (signed by both parties).

  • If you get it on a weekend or a public holiday, the cooling-off period starts on the next business day. The cooling-off period still begins if a representative takes the signed contract on your behalf.
  • If there’s a dispute over when you got the contract, the seller will need to prove they got it to you.
    The cooling-off period ends at 5pm on the final (5th) day of the cooling-off period.

Insurance

In most cases, you will become responsible for the property from 5pm the next business day after the contract date, we suggest for those who are based in WA, to check out Investors Edge for professional Joondalup property management.

Building and Pest Reports

Before you complete the purchase of any property it is important that you obtain a Building and Pest Report from a qualified inspector. The contract will allow a set time frame for this to be completed.

Please note that this report is a complete list of defects of the home. Buyers can be confused with the report they receive on the home, and most of the time misinterpret the report. It’s nothing like offices to rent in Bangkok at all, always remember that.The point to remember here is that all homes sold maintenance, and the building and pest inspector will usually walk you through the report. If there are major defects these may points for negotiation prior to the contract being unconditional. Buyers should make sure your building and pest inspector communicates the details of the report to you in person and explaining any issues I layman terms.

Bank Valuation 

Don’t be alarmed if your bank or lending Institution requests a valuation by a registered property valuer. This is normal practice of lending institutions, and serves as confirmation of the agreed sale price represents fair market value.

STEP 3: An Unconditional Contract

Once unconditional your solicitor will advise all parties that the terms of the contact have been met and then it’s time to

  1. Organise signing of your loan documents with your Bank or lending institution.
  2. Organise signing of your legal documents with your solicitor
  3. Arranging removalists (Get removals in Sunshine Coast services)
  4. Arranging connection of services including phone gas and electricity and diverting any mail to you new address

Pre settlement inspection

As a buyer you are entitled to pre-settlement inspection with the building inspections Melbourne to confirm the property is to reasonable standard and presented to your satisfaction to prior to you handing over your funds for the completion of the purchase. One of our team will meet you at the property to conduct the inspection.

Settlement

On the day of settlement your solicitor and bank will have organised a time to exchange funds and hand over the legal paperwork, our best advise is to look for  trusted real estate investors  so that you can finally hear: Congratulations! Welcome to your new home.