Frequently Asked Questions when Buying

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    Can I come to the building and pest inspection?

  • Yes you can, in fact we recommend it.

    You will be able to appoint an independent inspector of your choice, they will be able to point out any matters around the property to pay attention to while doing routine maintenance or which may need future attention.

    It’s always better to see those items with your own eyes so you can take the best care of your property well into the future.

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    Can I make a verbal offer?

  • Agents are obliged to convey all offers to a seller, but verbal offers tend to carry very little weight as they are not perceived as a genuine intention to purchase the property.  

    Most sellers want to see the offer in writing including the amount of deposit, terms and conditions such as finance and building and pest inspection, settlement date or any other special conditions.  Agents have a legal obligation to convey all offers to their seller, but a verbal offer may be brushed off as not being a genuine intention to purchase the property.

    Your offer is not referred to as a contract until the sale price, deposit and all terms and conditions have been agreed to by all parties and the contract has been signed and returned to you.  

    A seller may accept a better offer right up to the point where the signed document has been completed and a copy sent to you or your solicitor.

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    How much deposit do I need to pay?

  • Many buyers are concerned that they need the deposit in their bank account to have the finance approved, and are reticent to offer it as a deposit on the contract.  

    Your lender will take into account the difference between your contract price and the deposit you have paid. As a minimum most agents will expect you to pay the equivalent of the penalty for withdrawing from a contract during the cooling off period which is .25% of the purchase price.

    As a show of ‘good faith’ offer at least that amount at the time of signing the contract with a balance of 5% upon becoming unconditional. This will show your seller you are serious, and if for any reason the contract is unsuccessful your deposit will be refunded.

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    What if I change my mind?

  • A buyer can withdraw for a contract within 5 working days of having received their signed copy of the contract without giving any reason.

    This is called exercising the cooling off period. Cancelling a contract under these terms attracts a penalty of .25% of the purchase price.

    If your contract is unsuccessful because of an unsatisfactory building and pest inspection, a failed finance application or failure to meet any other special condition your deposit will be refunded in full.

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    Why do I need a solicitor?

  • A solicitor or conveyancer will see to all of the necessary paperwork and processes required to transfer the property from the current to the new owner's names.

    While you are allowed to do your own conveyancing, it is not only confusing but potentially costly to handle this yourself unless you have a great deal of experience with handling legal matters. Some legal firms specialise in conveyancing and offer cost effective solutions.

    Some of the maters they attend to are:

    Contract preparation and review

    Title / Ownership Searches

    Easement and Council Approvals

    Reviewing special conditions such as finance and building and pest inspections

    Delivering / receiving settlement cheques

    Calculating stamp duties

    Distributing funds for settlement from their Trust Account

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Can I make a verbal offer?

 Agents are obliged to convey all offers to a seller, but verbal offers tend to carry very little weight as they are not perceived as a genuine intention to purchase the property.  Most sellers want to see the offer in writing including the amount of deposit, terms and conditions such as finance and building and pest inspection, settlement date or any other special conditions.  Your offer is not referred to as a contract until the sale price, deposit and all terms and conditions have been agreed to by all parties and the contract has been signed and returned to you.  A seller may accept a better offer right up to the point where the signed document has been completed and a copy sent to you or your solicitor.
 
How much deposit do I need to pay?

Many buyers are concerned that they need the deposit in their bank account to have the finance approved, and are reticent to offer it as a deposit on the contract.  Your lender will take into account the difference between your contract price and the deposit you have paid. As a minimum most agents will expect you to pay the equivalent of the penalty for withdrawing from a contract during the cooling off period which is .25% of the purchase price. As a show of ‘good faith’ offer at least that amount at the time of signing the contract with a balance of 5% upon becoming unconditional. This will show your seller you are serious, and if for any reason the contract is unsuccessful your deposit will be refunded.
 
What if I change my mind?

A buyer can withdraw for a contract within 5 working days of having received their signed copy of the contract without giving any reason. This is called exercising the cooling off period. Cancelling a contract under these terms attracts a penalty of .25% of the purchase price. If your contract is unsuccessful because of an unsatisfactory building and pest inspection a failed finance application or failure to meet any other special condition your deposit will be refunded in full.
 
Can I come to the building and pest inspection?

Yes you can, in fact we recommend it. Your will be able to appoint an independent inspector of your choice, they will be able to point out any matters around the property to pay attention to while doing routine maintenance or which may need future attention. It’s always better to see those items with your own eye so you can take the best care of your property well into the future.

 

What is a pre-settlement inspection?

It is generally suggested you inspect the property you have purchased the day before settlement. This is your opportunity to make sure any items listed as chattels, fixtures or inclusions as contained in the contract, have been left in good order and the house is pretty much as it was on the day you went to contract and nothing has been damaged.

 
What is considered a fixture?

In principal anything which has been installed or attached to the property e.g. blinds are screwed to the window frame and are a fixture. Stoves, ovens and dishwashers and wall mounted air conditioners are fixtures. The only time this doesn’t apply is where it has been specifically excluded as part of the contract. A good example of this would be a bed head or a bracket for a wall mounted television which has been screwed to a wall. If you have concerns about a specific item speak to your solicitor about drafting a purpose written clause to add to the contract.

 
Pool cleaning equipment.

Items such as the pool pump and filter are considered a fixture for in ground pools but be specific about whether the cleaning equipment and special items such as a Creepy Crawly are to be included.

 
Other Inclusions.

Items such as garden ornaments, statues, large potted plants, cubby houses and garden sheds can be a matter of interpretation, rather than risk confusion be very clear about what is staying or going and make sure it’s noted in the contract.

 

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