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Buying &
Selling Guide


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Buying & Selling Guide


Buying Guide

Introduction Inspecting Properties Offer and Acceptance Deposits and Settlement
Introduction

In choosing the right home there are several factors you need to consider including:

  • Finance: your financial status
  • Location: preferred suburbs and access to schools, work, amenities
  • Style and size of home: unit, duplex and family needs

It is obviously important to plan carefully, as buying a home is probably the most important transaction you will ever enter into.

Finance is a key issue, and your capacity to meet home loan repayments will determine the price range in which you can consider buying.

Establish your borrowing capacity with your lending institution before you commence inspection of properties to enable the agent to find a home to suit your lifestyle and budget.

When determining the style and size of your home consider your basic needs and discuss these with the agent. Don't forget to mention the simple things such as:

  • Garage or parking requirements
  • Extensive gardens or easy care surroundings
  • Family living areas: games room, bedrooms
  • Inside and outdoor entertainments needs
  • Capacity to extend

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Inspecting Properties

Write down the advantages and disadvantages of each property as you inspect it. These lists will be invaluable after you have finished the inspection and are evaluating that property. It is a simple action that many people just don't do.

  • Be flexible.

Have a realistic expectation that one home will not meet every one of your wish list items. Try to avoid preconceived ideas that may make you miss the better ideas highlighted in the home. Take notice of homes which have the most advantages and disadvantages.

Don't rush inspections or do too many on one day - it is easy to miss important facts about the home. Once you have found an acceptable home have a close look around the neighbourhood.

Check the condition of the properties, cars etc to make sure you are happy with the appearance of the neighbourhood. It is an often made mistake to only check one or two streets from the home. Make sure you thoroughly scan the neighbourhood.

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The Offer and Acceptance.

Listing Agent

  • The agent who listed the property on behalf of the vendor.

Conjoining Agent

  • The agent who conjoins on behalf of the purchaser conjoins with the listing agent. The listing agent then negotiates in an attempt to reach a price acceptable to both parties.

Offers

  • The agent is under no obligation to advise you if another buyer offers a higher price and must simply present your offer with the others received. It is in your best interest to make your best offer if you are genuinely keen on the property you have selected.

The Contract

  • The details of your offer are expressed in the Contract for Sale of Land by Offer and Acceptance form ( O & A ) by the Real Estate Agent, then signed by you and forwarded to the seller. If the terms are acceptable the seller signs it. A copy of the O & A and the Joint Form of General Conditions for the Sales of Land is then given to each party to the agreement, which is binding on all parties, subject to any conditions.
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Deposits and Settlement.

Deposits

  • Normally, a deposit for the purchase of of a home is paid to the agent. If you are dealing with a conjoining agent and not the listing agent, your deposit will be forwarded to the listing agent to be held in a Trust Account on your behalf until settlement.

Settlement

  • During the settlement period, often 30 days, your settlement agent or solicitor will ensure all is in order with the legal title of the property. You may also need to finalise financial matters with your lending institution during this time. A meeting is arranged for both parties, and their settlement agents or solicitors, to finalise the sale of the property. At settlement the balance of the purchase price is paid to the seller, any outstanding mortgages and / or other adjustments to the contracts are attended to, and the purchaser becomes the legal owner of the property.

Possesion

  • If you are the owner/occupier of the property, you are entitled to remain in occupation until 12 noon on the day following settlement. However, if you are not residing in the property, e.g. investment property, then you are obliged to hand over possession (the keys) at settlement.
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Selling Guide

Market Appraisal Listing Agreement Promoting Your Property For Sale
Market Appraisal

The first stage in selling your property is to ascertain the market price. The following factors should be determined. Dimensions of the property

  • Construction details, including condition
  • Internal and external special features
  • Redevelopment potential

The appraisal will also include a competitive market appraisal of similar properties for sale or sold in the area, details of the title search, lot number, zoning information, copies of the latest rates and tax notices from the local government. General Information on the community, for example location of schools, shopping centres, transport, freeway access and recreation activities, is usually included.

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Listing Agreement

To sell your property your real estate agent must hold written instructions in the form of an Authority to Sell. The listing may be specified as an Open, Sole, Exclusive, Multi-List or an Auction Agreement. The agreement will list details on the following areas:

  • Property details
  • Conditions of sale
  • Terms of sale
  • Promotion
  • Agent's selling fee

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Promoting Your Property For Sale

Once the agency has the authority to act on your behalf they will develop a promotional plan. The plan will include details of the advertising program, sign boards, and Home Opens. Ideally, the selling agent will have a buyers register - of known interested parties.

Direct marketing, letter box flyers, e-mail and internet publicity may also be used. Your agent will keep you informed of the progress being made with the sale of your property. Home Open report sheets and telephone contact will facilitate this information flow.

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