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buyer information booklet

Helping You Move


Purchasing with First National & getting our Help! First National Coastwide are passionate about helping people right the right home and proudly list and sell residential real estate in the Northern suburbs of the Central Coast. We love what the Central Coast has to offer property & lifestyle wise, enjoying everything that’s good about the area. We are here to help you move!

About Peter Spanidis I am an energetic and enthusiastic agent who thrives on real estate’s excitement and daily challenges, I bring a refreshing and dynamic approach to property sales. Delivering outstanding service in every instance, I have the dedication, direction & drive along with my knowledge and negotiation skills to create a powerful vehicle that produces results well above my client’s expectations. I am surrounded by people who specialise in customer service and database management. This allows me to dedicate my time to the critical areas of buyer management, negotiation and marketing strategies for your property. I really enjoy matching people to their ideal properties and making the process as easy and stress free as possible for them. My focus is on providing the best service and experience for my clients with the sole aim of becoming your real estate partner

Purchasing residential real estate can be a very exciting process; however it can also be a confusing time for prospective buyers. As you may already be aware, different agencies usually have different sets of rules and standards. First National Coastwide raised the standard to excellent by adding a purchasing document that will explain the process in great detail and make it clear for you to understand the steps to securing your home! What Peter hopes to achieve for you is to find you the right


Peter will be in contact on a weekly basis with new listings in the area in the price range & property type you will be looking for. When searching for homes, Peter will provide you with in-depth information about the property and the area including, the last property sold in the street, capital growth in the area, & all valid information about the suburb. Once the property you have bought has gone Under Contract Peter will be attending the Building & Pest and Finance Inspections with you to make sure everything goes smoothly until settlement.

How First National Can Help You secure your next home • • • • • •

Access to properties prior to any marketing or advertising (via SMS, Email or phone). In-depth area knowledge of the area Destination CMA – ALL PAST PROPERTIES SOLD THAT MATCH BUYING REQUIREMENTS Change over Cost meeting – Selling into Purchasing Proven negotiation skills and strategies. First-class services

First National can put YOU in touch with trusted professionals to help you navigate your way through the purchase. We will liaise with your chosen professionals to see your property purchase through to handing over the keys! • • • • • • • •

Mortgage . Broker Insurance Broker Accountant Building & Pest Inspector Lawyer/Conveyance Clerk Removalist Renovation & Trades specialists Utility Reconnecting Services


Should you decide to secure or make an offer on one of our listed properties, we will ask you to confirm the following details, enabling us to help you in the best possible way. 1. The actual purchase price you will be paying for the property. 2. The method by which you choose to pay the 10% deposit. e.g.cheque/ bond /other. 3. The settlement period that you require. 4. The name of your chosen Solicitor or Conveyancer. 5. The name of your bank or financial lending institution. 6. Any special conditions or requests that you may have so that we can inform the vendor (property owner).

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Property owners receive all types of interest – some genuine, some not. Some people submit offers to test the possibility of sale, but do not actually stay true with their offer. This can lead to frustration and concern for the owners as they try to assess who is actually a genuine buyer. The best way to present a strong offer on any property is to utilise your purchasing option of the 5-day Cooling Off Period available in all NSW property Contracts Of Sale. The cooling-off period is only available to the purchaser and allows for an offer to be submitted to the owner in writing, on the Contract Of Sale. This clearly demonstrates to the vendor that you are serious about your offer. Once an agreement on price, settlement, conditions, etc has been reached with the vendor, the sale can proceed. An exchange of contracts is the only way to actually buy or sell a property. The exchange of contracts occurs when the purchaser and vendor each sign an identical copy of the proposed contract for the sale of land that land having a title. (The property on the land, being houses, townhouses etc., are known as improvements to the subject land.) The exchange of contracts can be made according to terms under either one of the following options on the next page.


Option One Unconditional Exchange Unconditional exchange This means the purchaser’s solicitor has signed a 66W certificate. This certificate will waive any cooling-off period and makes both parties committed to an instant, legally binding relationship. There is no turning back. This option also applies when a purchaser is the successful bidder at auction (where contracts are unconditionally exchanged).

Option Two Exchange of Contracts Exchange of Contracts (subject to a 5 day cooling-off period) As sales agents, we can only exchange contracts with a cooling-off period. The period for withdrawal lasts for 5 working days and allows the purchaser the right to rescind the Contract of Sale for any reason. This period commences upon exchange and terminates in New South Wales on the fifth working day at 5pm E.S.T. Remember that Saturday and Sunday, along with public and bank holidays, are not business days. The vendor may extend this period by a clause in the contract or by notice in writing given before the end of the period. The cooling-off period is created to allow the purchaser time to organise inspections and reports, and to allow their legal representative to check the contract. If you are wishing to seal a deal, it is important that you understand the commitment level required by both the purchaser and vendor.

Cooling Off Facts and Benefits The signing of a five day cooling-off period is a great way to purchase. This method provides full protection against: • the vendor pulling out of the sale • another purchaser paying more for the property • any government body wishing to purchase the property. With this contract exchanged, the purchaser has total control and time to ensure that everything is to their liking. However, this protective method requires commitment by the purchaser. For example, if a rescission takes place, a financial penalty is incurred. The purchaser on rescission forfeits 0.25% of the purchase price ($250 in $100,000, $500 in $200,000; note that no minimum amount is specified). This money is payable directly to the vendor. If not, the vendor has the right for recovery of the 0.25% purchase price as a debt, where either no deposit has been paid or the amount of the deposit was insufficient. Neither party has any further claim against the other, except where the purchaser may have obtained possession (that is take ownership of the property). In some cases, a purchaser does not wish to sign anything without their solicitor’s approval. If this is the decision, First National Coastwide Real Estate will issue the potential buyer with what is known as a Sales Advice. This contains all the relevant details of the sale. Your solicitor will then make contact with the vendors solicitor and proceed with reports and reading of contracts with no determined time-frame for exchange. However, it is important to note that whilst this is taking place, the property will remain on the market, and anybody wishing to make an offer can do so. Note: It is a legal requirement that every offer put forward must be presented to the vendor. Although you may be a day or two ahead with your solicitor, any other interested party is able to sign the Contract of Sale under a cooling-off period as specified above in option (2). The property is then secured, leaving you no option to purchase. Your solicitor is powerless to act, as contracts are exchanged and in the case of a cool-off, this can be carried out by either the agent or the vendor's solicitor. The fact is, although some solicitor's may not want you to purchase using a cool-off period, it is the only way to actually secure a property (other than option (1)), allowing for time to conduct necessary research.


1. General Tips If you want to make an offer, be certain that you can follow through by having the following items confirmed. • A pre-approval of finance from your bank or lending institution. • Your own property sold, or at least assessed for value and possible sale time. • You have a solicitor or conveyancer selected. • Determine how you will be paying the 10% deposit and associated costs. • An idea of settlement times required before you take possession.

2. Building & Pest Reports Before you purchase any property – in particular a new home – it is important that you receive a copy of a Pest and Building Report from a qualified inspector. Please note that this report is a complete list of defects of the home, and is very different from the feature brochure that you receive from First National Coastwide Real Estate. Most people are shocked with the report they receive on the home, and most times misinterpret the report, e.g. the home is 24 years old and …is in need of new roof tiles. Roof tiles last approximately 25 years and need replacing on every home of that age. The point to remember here is that all homes at one time or another require maintenance, and that this is known as a capital improvement on the property.

3. Bank Valuations Don't be alarmed if your bank or lending institution request a valuation by a registered property valuer. This is normal practice of lending institutions, and serves as confirmation of the agreed sale price.

4. Buying at auction If you are intending to buy at auction, all the above-mentioned must be in place. Auction day is final. If you turn up to bid and you are the highest bidder past the received price (on-the-market price) you are the instant owner awaiting settlement of that property.

Summary Preparation is the key. Understand your rights and have everything in place. If you follow the advice in this document, along with that of your solicitor and your First National Coastwide Real Estate agent, you will be on your way to securing the right home for you. Whether you are considering purchasing property in the near future, or are currently in the process of buying a home through another company and in need of advice, please feel free to call any of the First National Coastwide Real Estate sales team with any questions that you may have. We will be happy to assist you.


buying or selling

first?

Buying and selling at the same time can bring added stress to your move. Deciding whether to buy or sell first can be a difficult decision. On one hand, you’d like to know what you will get for your home before committing to another and on the other hand, you want to know what you can buy before committing to sell. People can sometimes get so confused about which way to go that they end up doing nothing. As part of my dedication to buyers, I am here to help you through this process and make it easier for you. I can also help in finding and securing your next home. All you need to do is provide me with a list of your requirements and I will do the searching for you. I will email you a short-list of properties each week for your consideration. If you like, I can also arrange inspections on those properties and assist in the offer process. As one of my VIP Clients, you would also find out about new listings before they come onto the market as part of our Coming Soon Campaign. The most requested service from my clients is a Destination CMA. This is a Current Market Analysis of the suburb they are looking to buy in. It details the market trends, general suburb information, recent sales and properties currently on the market. The Destination CMA is a very useful tool in making your next property purchase. I am also happy to meet with you to discuss your change-over costs of buying and selling. If you have any questions, I am here to help.

Peter Spanidis Property Consultant

“Keep up the excellent work— we were extremely happy with your professionalism”

D & K Hughes


Buying or Selling First? Buying First – The Upside You have secured a property and know where you will be moving to when your home is sold.

The Downside Depending on your current financial situation, you may have to accept a lower than expected offer on your home to avoid the situation of a Bridging Loan. You will be under pressure to get your home sold quickly. The focus will be on time, rather than getting the best price. Often people have sold for less just to keep the property they have purchased. You are emotionally invested in and attached to a new home that may not end up being yours. This can cause stress. If you are fortunate enough however, to be in a strong financial position to buy first and still hold out for that premium price on your home then this isn’t an issue


Buying or Selling First? Selling First – Strategies to Avoid a Costly Mistake The Upside You know exactly how much you got for your home and therefore how much you can spend. You are not under any pressure to sell your home quickly and can focus on getting the best price. You are not under any pressure to take an offer. You can negotiate a long settlement to give you more time to find the right home for you. You are in the best position to negotiate a great price on the purchase of your new home.

The Downside If you have not found a property before the settlement date, you may have to look at one of the short term options.

“Coming Soon Campaign” What’s great about a “Coming Soon Campaign”? The home isn’t “actively” marketed until you are ready so if we do secure a buyer we are getting them through prior to the property going live to the market. This can allow us to negotiate a stronger outcome for you because the buyer will not want to miss out to other buyers once advertising commences. You don’t have to accept an offer if you haven’t found your next home. You also don’t need to fear your property has been overexposed. Meanwhile when your property does go live on the market you can now actively look to secure the property of your dreams. Give Peter & First National Coastwide the opportunity to generate you the best possible outcome and help you and you your family navigate the market place for the optimum result.


Things to prepare. Book an appointment with First National. Arrange Peter to come to you home to perform an appraisal, this will ensure that your price expectation is in line with the market and also give you a clear understanding of you selling circumstances. Speak to a financial advisor or mortgage broker. Discuss a deposit for your next property as well as the ins and outs of re-location finance for short term options that may be required. Consult with Peter. Discuss options, ideas and thoughts regarding preparing your property for sale to ensure you maximise your home’s value through presentation. Obtain a “Destination CMA” from Peter. This document will detail the last 3 months of sales and market trends on the area which you are looking to move to. This will ensure you are well informed for when a property that you are interested in comes up assisting you in making the best purchase.

Go forward plan. Step 1 Obtain a neutral opinion of market value from Peter on your property. Step 2 Call Peter to arrange a Change Over Cost Meeting. Step 3 Obtain a Destination CMA on your desired location and type of property you wish to purchase. Step 4 Ensuring you have all the information you need such as: Your own property’s value The type & value of property you wish to purchase The timeframes you have to work with The overall goal you wish to achieve with your next move Decide on the best course of action


“To say that selling my house was a pleasant experience would be understating the process I was exposed to when dealing with First National Real Estate, Kanwal. From the first meeting with Peter Spanidis, my family and I were made to feel comfortable and secure in the knowledge that all would be taken care of in a professional and friendly manner. This attitude was evident throughout the entire team at First National Kanwal. At no time was there a problem, nor was any request denied or considered not important. Peter regularly made himself available to help and answer my queries at any time, whether rostered on, off and even when not well. This to me was exemplary customer service above and beyond the call of duty. I have no hesitation in recommending the team of First National Real Estate at Kanwal for any Real Estate needs be it residential, commercial, buying, selling or leasing.”

Paula Shearman

“I would like to thank Peter Spanidis and the team at First National Coastwide for the sale of my home in Kanwal. You provided such high standards of communication & professionalism from day one through to putting up the sold sign. I couldn't have asked for a better real estate. With great appreciation of a fantastic job”

Sue Andrews.

I would like to thank Peter and the team at First National Coastwide for the sale of my home in Kanwal. Your team was fantastic to work with, the communication, feedback, marketing and most importantly the negotiation was first class. We are over the moon with the price we received and even though you did charge more than your competitors, it was certainly worthwhile the investment of going with you .”

R & J Sinclair


P: 4393 3444 M: 0425 859 461 F: 4393 3400 E: peter@fncoastwide.com.au W: www.fncoastwide.com.au

thank you Having bought our own properties in the past, we understand that buying a property is an exciting yet stressful experience . With this in mind, we would like to assure you that we are here to help you secure your dream property. Whether this is your first home purchase or you have bought many properties in the past, we are here to provide all the information necessary for you to make the best decision. We are committed to providing the highest level of service and knowledge for you and we wish you all the best for your next purchase.


A Guide to Buying and Selling Property