If you’re looking to buy a house, understanding the process from start to finish before you begin your search is key to smooth sailing.
So you’ve looked everywhere to find the right place, found a potential property that suits your needs, and you are looking to put an offer to the seller.
“What’s next?” you might be thinking and “How can I get prepared?”. Here’s a brief rundown of what to expect from the process of buying a property.
Before signing the contract you should obtain advice from a solicitor, as well as any other expert you require (ie. a financial adviser). This is because pre-contract is the best time for you and your solicitor to review the purchase, including:
If you have found the perfect property, are satisfied with your investigations, have obtained expert advice, and have negotiated a deal with conditions that you are happy with, then you can go ahead and sign the contract documents.
If the contract is subject to any conditions, you should attend to having them satisfied by the dates due for each condition. This can include ensuring your finance is approved and in order by any finance date in the contract. It can also include work to be done by the seller (ie. a condition for the seller to undertake work to the property by a set date).
In the period leading up to settlement you and your solicitor should be preparing everything for the big day. This includes:
If everything has progressed well, hopefully this will be as uneventful as possible.
After settlement the property is yours to enjoy. Your solicitor or your bank will attend to registration of the transfer into your name shortly after settlement. Also they will attend to finalising any outstanding matters (ie. paying any rates to the local council, informing authorities that you are now the owner).
The information within this article is provided for your general interest and should not be relied upon as a substitute for legal advice.
CLICK HERE for more information