1) Organise your finance approval with your financier or home loan consultant, make sure you have adequate funds in your account to pay deposit;
2) Prepare a short list of preferred areas and selection criteria which suits your need and life style. Always consider affordability and accommodation requirements.
3) Organise your solicitor or conveyancer, get them ready as you may take out a contract on a property once you find the right one.
4) Do your research and know the market well. Inspect every property in your preferred areas so you have a rough idea for the price.
5) Ask your agent to send a copy of the sales contract to your solicitor or conveyancer if you find the property that suits your needs;
6) Arrange a building and pet inspection to make you aware of any major defects and pest concerns eg: white ant, termites;
7) Follow the instructions or legal advice of your solicitor or conveyancer, if everything is to your satisfaction, including the building and pest reports you have done, make an offer for the preferred property via your agent;
8) If you are bidding at an auction, we recommend you red the Department of Fair Trading’s “Bidder’s Guide” before you attend the auction, you can find a copy of the Bidder’s Guide at www.fairtrading.nsw.gov.au/pdfs/secondarymenus/publications/ftr31.pdf;
9) Once negotiations have reached their final stage, you will be required to sign the sale contract and arrange payment of the 10% deposit. Your deposit will be held in trust account until final settlement. The vendor will sign their sale contract and the solicitor or conveyancer/agent will exchange the contracts.
10) Make the final inspection of the property on the settlement day to ensure that the property is in the same condition as when you last inspected it and all those inclusions are as per the contract you signed.