In a competitive market (which it is shaping up to be this year) you need to be ready to act quickly once you see a property that you would like to buy. Get yourself ready to buy in 2010 with this handy checklist.
Deposit
Make sure you have access to enough cash for a minimum 10% deposit and to cover other costs such as stamp duty and legal fees. You may also need to cover mortgage insurance.
Get a cheque book or put the funds into an account which will allow you to transfer large sums of money overnight.
Deposit bonds are an option, however they can be very limiting.
Finance
Get your finance pre-approved and get your lender to put this in writing. An approval in principal is not enough.
Also find out whether you will need a bank valuation before you can exchange contracts.
Legal Advice
Choose a solicitor who specializes in property or a conveyancer before you find a property you like.
Real estate agents can give recommendations or use these links:
The Law Society of NSW http://www.lawsociety.com.au/community/findingalawyer/findalawyersearch/index.htm
Australian Institute of Conveyancers NSW Division
http://aicnsw.com.au/aicnsw_cms
Building & Pest Inspection
If you are purchasing a torrens title property (and even strata in some instances) you will need to get a building and pest inspection.
Ask around (friends and real estate agents) for referrals and keep some numbers handy – you will need to engage them at short notice once you find a property.
If you would like more information on buying property in Sydney go to www.gooddeeds.com.au.
Image courtesy of www.freefoto.com.
with the legal advice i am sure conveyancer will be happy to read this blog. do you know As well as saving your time, the conveyancing solicitor would also save your money. He would ensure that your conveyancing process is completed quickly and efficiently. You would not have to bear any financial loss due to mishandling of conveyancing case. There are quite a few people who lose their property because their conveyancing case is not performed as per the rules laid down by the law.
ReplyDeleteWe can't vouch for the site mentioned in John's comment but it's always good to arm yourself with information and options.
ReplyDeletePlease don't look at john's list of blogs followed, however - I am a little concerned about the readers we might be attracting...