Buying Property

“When selling a home property owners receive all types of interest, some genuine, some not. So presenting a strong offer gives you the best chance in securing your desired home.”

Step One : Get Organised

Before you do anything at all, have your personal finances assessed by your existing lender That way you can negotiate with confidence about just how much you offer without over-committing yourself. (See our Professional Services page for our recommendations)

  1. The names on the contract.
  2. The price you will be paying for the property.
  3. The deposit amount as well as the method by which you choose to pay.
  4. The settlement period that you require.
  5. The name of your chosen Solicitor or Conveyancer. (see our Professional Services page for our recommendations)
  6. The name of your bank or financial lending institution. (Loan pre-approval is a great advantage).
  7. Have a qualified Building and Pest Inspector in mind as you will want these inspections to be carried out to identify any defects the property may have. Keep in mind that all properties need maintenance one time or another. (see our Professional Services page for our recommendations)
  8. Any special conditions or requests that you may have so that we can inform the vendor (property owner) eg. Building and Pest Inspections.
  9. Ask about any chattels (inclusions) the property may have eg. Dishwasher, fridge, bird bath etc.

Step Two : Present a Strong Offer

Don’t be afraid to come forward with an offer at the top end of your range. Also remember it is not always about price if there has been a sticking point during negotiations such as settlement date or chattels that could be an area you choose to concede on to help get your offer across the line in the end.

Step Three : Under Contract

Contains the details of your house and the conditions of the sale. Your agent should organise a contract as soon as you list with them so that any offers are presented on paper to you.

Step Four : Pay the Deposit

At the end of the cooling off period, the buyer must pay their deposit to secure the sale. The deposit monies are held in our trust account until settlement, when it is released to the seller less any agent commissions, or other outstanding monies that may relate to the sale. The function of the deposit is to provide some security to the seller in the event the purchaser defaults on the contract for whatever reason and they cannot settle the sale. This is a rare occurrence however it can happen and the more deposit funds held in trust as part of the sale the stronger the position the seller has when it comes to a dispute.

Step Five: The Contract Goes Unconditional

This is the term used when all agreed conditions such as (but not limited to) the buyer’s inspection clause, finance clause, pool inspection clause and any other special condition such as subject to the sale of another property or subject to Foreign Investment Review Board approval that have been clearly set out in the contract and have time lines attached for the buyers to perform them by, have all been met and acknowledged by both buyer and seller. It is at this point that the sale is definitely going ahead and both buyer and seller can begin to make firm plans and financial decisions with absolute certainty.

Step Six: Settlement Period

This is the period referred to from the contract date (the date all parties sign off and agree to all terms of the contract) through until the date for completion (settlement) of the contract of sale. The most common time frame in Queensland ranges between 30 and 60 days. It’s important to note this is also a negotiation point with both parties trying to organise dates to suit their own personal situation. Keep in mind price is not always the major factor to a purchaser sometimes being able to move their family in by a key date due to other pressures is the most important factor and one they are willing to pay a premium for.

Step Seven: Settlement

The buyer pays the balance of the purchase price via their solicitor and the seller’s solicitor arranges for title to be transferred into the purchaser’s names. Normally your bank and solicitor will take their fees out of the settlement proceeds and send you a cheque for the rest. The balance of the deposit held in our trust account (if any as it depends on the agreed amount of the deposit on the contract in some cases it may be only minimal) will be released as soon as both parties solicitors advise us in writing that settlement has occurred. The keys can be released to the purchaser once we have received the written authority from the solicitors on both sides of the contract (purchaser and seller).