GuideBuyersignature.harcourts.com.au Signature
Set your budget Setting a budget is an important first step in the home buying process. Your property budget will be dependent on your regular income, your savings history, your outgoing debt, and your ongoing living expenses. A good place to start is with an online borrowing power and mortgage repayment calculator. Along with working out how much you’ll need to save for your initial deposit (generally 20% of the purchase price) and what your ongoing mortgage commitments will be, it’s important to consider additional upfront costs such as conveyancing or solicitors fees, govern ment stamp duty and building inspections.
Outline your non-negotiables
Once you have a budget in mind it’s time to define your non-negotiables. Do you need a secure backyard for your pet? Is it important for you to be within driving distance to medical care? Do you require an additional bedroom for your growing family? Making a list of what you’re not willing to compromise on will assist you to sort through all the options that are available to you.
big decision and there’s a lot to consider. This guide outlines the home buying process from start to finish and provides practical tips to help you along the way.
TipUnsure where to start with your finances? Why not seek professional advice from a mortgage broker or financial advisor who can help assess your situation.
Defining your goalsBuyingahomeisa
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Buyer Guide 2022
Do you have a consistent savings history? Is there anything on your credit file that may be an issue when seeking a bank loan? Addressing any potential hiccups and getting your finances in order now will streamline the buying process later on. When you finally do want to make an offer, you want to be confident that you have done your due diligence to make it a successful one.
Arm yourself with knowledge
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If you don’t have an existing relationship with a mortgage broker, we can recommend some great choices, so speak to us today.
Doing your research and arming yourself with knowledge will allow you to act quickly when the right property pops up. Keep an eye on the market and the capital growth in suburbs you are inter ested in long before you are ready to buy. Talk to your Harcourts Signature representative and sign up to their database to be kept in the loop about upcoming developments and news. Have a chat to friends and family about why they love living where they do. Think about your future and anticipate what your needs will be in terms of location and proximity to services like shops, transport and
of how much properties are being sold for in comparison to asking price. This will give you a good indication of how the market is performing and how much you should offer to be competitive. Seek professional advice Make an appointment with a mortgage broker to discuss your financial situation and what you need to get in order before making a purchase.
Going to an open home
Checklist
Location and outlook Bedroom PotentialStructuralEvidenceProximityProximityNeighbouringStoragePotentialPrivacyAmountBackyardParkingBathroomcountcount-off-street/on-streetsecurityofnaturallightexposuretoweatherpropertiestotransport/servicestoschools/parksofmould/condensationconditiontorenovate Inspection
What to expect An open home is your chance to walk through the property and surrounds to get a feel for what it would be like to live there. It’s a chance to check out the neighbourhood and also size up any other potential buyers! While touring the property, have a good look at the building’s structure. Some things to make a note of are any large cracks in the foundation, windows or doors that jar, condensation or mould on the walls. If you want to make an offer, you can engage the services of a professional building inspector to give you peace of mind with any concerns that you may have.
Buyer Guide 2022 Making an
• Subject to building inspection However, not everyone’s circumstances are the same and sometimes additional clauses are required. Your agent or solicitor/conveyancer is the best person to assist with this.
Check the documents Your contract should contain a copy of the title for the property. It is advisable to check the property identifier number noted on the contract against the attached copy of title to ensure all details are correct before proceeding.
Tip
Purchasing is slightly different in each state so when purchasing in Tasmania here are some things to keep in mind:
success when purchasing a property is to make a formal offer in writing. Your offer may be subject to the completion of certain conditions. The most common conditions included in a standard contract are:
• Subject to finance
Who is acting for you? You will need to advise of the solicitor or conveyancer who will be acting on your behalf. You do not need to know this prior to signing your contract.
Chattels If purchasing a home, your contract should include a list of chattels. Chattels are the items that will be staying with the property at the time of settlement.
Once your offer has been accepted and the contract signed and dated you will be asked to pay a deposit. The amount of deposit is normally 10% of the purchase price. Your deposit will be held in trust and your agent will provide you with bank details for payment of your deposit. If the condi tions stipulated in the contract are not satisfied, this deposit will be refunded to you once the solicitors have provided formal notification.
If there are additional items you would like to be included, please note them in this section.
Completion
Availability Availability of the property will depend on if the property is tenanted. If the property is tenanted, you will have the right to receive rents and profits after settlement. A copy of the lease should be attached a part of the contract. Please ensure that you take the time to read the lease and understand the terms associated with the document. Be prepared to act quickly! Offers are usually presented to the vendor soon after the initial open homes, so don’t delay in filling out your contract and sending it back to your agent.
• Subject to sale or completion of another property
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The completion date is the proposed settlement time – this can either be a particular date or may be a time frame (30 days) after the satisfaction of the clauses contained in the contract.
• Termite inspections are not required in Tasmania If you do need to complete your contract without the assistance of your agent there are a few things to remember: Date Your contract will only be dated once all the negotiations are completed and everyone has signed. Please do not date the contract unless advised by your agent or legal representative to do so. Name You must include your full name (e.g John James Smith) you must also include the names of anyone who is party to the contract.
• Council searches and reports are done as part of the conveyancing process and are not provided upfront. There are products that can be purchased, such as title insurance. Your solicitor/conveyancer can assist you with this.
Deposit
Subject to sale or completion Subject to sale or completion clauses are required if you are selling your home or have sold and are just waiting for the property to settle. If you do need to sell your property, we would certainly be able to assist you.
Time to sign
Insurance Finally, don’t forget to organise home and contents insurance for your property. It’s important to protect your biggest asset.
Warranty
Once you have completed filling in your contract you will need to read the Standard Conditions and sign this document prior to signing your contract.
If you are not the first offer to be received, your agent will ask you to complete a multiple offer form. If you are in competition with other purchas ers for the property, please be mindful to make sure that the offer you are putting forward is your best offer. There may not be a further opportunity to change either the amount or the conditions. If you are unsure please speak to your agent.
Making an offer
Shorter period The shorter period clause will apply when there are special conditions. Please speak to your agent about what this means.
The vendor may elect to warrant the property as having no outstanding completion or occupancy certificates, statutory ordered or permit conditions on the property. Some vendors may complete a vendor disclosure statement as part of the sale process. Cooling off The cooling off period allows you to have three business days to withdraw your offer. You can choose if you wish to include this clause in the contract. Finance You will be asked to fill in the amount, lender, and the time frame you will need to obtain your approval. It is important to include an amount so that the vendor can make an informed decision about your offer. Time frames for approval can vary and it is best to speak to your lender to find out what time frame they would suggest. Always allow extra time if purchasing a property around a major holiday time like Easter or Christmas as this could slow your approval time down.
TipIfyouneed clarification in regards to any information contained in the contract, or assistance filling it out, don’t hesitate to contact your Harcourts Signature representative.
Please ensure that you initial each page as well as any accompanying documents, lease, copy of title. You contract must be witnessed by someone over the age of 18 who is not party to the contract.
Multiple offers
Building inspection Many purchasers choose to have a building inspec tion undertaken on a property. It is always a good idea to check on a building inspectors’ availabil ity prior to deciding on how many days you will require. The defect limit can either be a % of the purchase price or a nominated $ amount.
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Moving time! Once the purchase is complete, it’s now time to prepare to settle into your new home! Through our range of Harcourts Complete services we can organise the connection of all of your utilities and pay TV, and the disconnection of these services from your old home, taking the hassle out of Wemoving.recommend putting a plan in place before your big move date, don’t leave everything until settlement day! Start moving or storing what you can ahead of time. Taking unwanted items to charity or selling furniture that won’t suit your new space may make things easier when your removalists Congratulations!arrive.Time to pop that bubbly and celebrate your fabulous new home!
Buyer Guide 2022
can be tempting, we recommend not moving in on settlement date. With so many different parties involved, it can sometimes be difficult to organise the exact time you will receive your keys.
whatSettlement,next?
Completing the purchase On settlement your solicitor or conveyancer will exchange monies, transfer documentation and exchange keys to the property with the vendor’s
Withinsolicitor.a few days of settlement your solicitor or conveyancer will register the necessary documentation and mortgage transfer with the Land Titles Registry. Possession of the property usually takes place on the settlement day, although the seller and buyer can agree for these dates to be different. Before settlement takes place, you will have the opportu nity to conduct a pre-settlement inspection to ensure the property is in the condition you expect it to be. If issues arise at this inspection, you should immediately contact your solicitor or conveyancer to postpone settlement until your concerns are addressed.
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