Property by Annabel

Buying Tips

Buying a property whether for investment or to live-in is not an easy task. After months of research and looking it's important you are ready to take the next step, regardless of buying at auction or by way of private treaty.

Buying at auction:

Before the day of the auction, you should have sought the following advice:

1. Have your solicitor/conveyance review the contract for sale of land.
2. Have your solicitor/conveyance request any required amendments to the contract with the vendor's solicitor/conveyance, to be included in the contract, should you be the successful bidder.
3. Have your home loan approved.
4. Have adequate funds in your cheque account to write the deposit cheque.
5. Be satisfied with any building and/or strata reports you have carried out.
6. Indicate to the selling agent, you are planning to bid at the auction and/or pre-register for the auction.
7. Arrange a market appraisal on your current property with the selling agent, so if you are the successful bidder, you are then ready to place your property on the market immediately - if you need to.
8. Attend the auction, with proof of identification, such as a driver's licence or passport.

Buying by way of private treaty:

Buying private treaty properties requires almost identical advice when buying at auction. Prior to submitting any offer you should:

1. Have your solicitor/convincing review the contract for sale of land.
2. Have your solicitor/conveyance request any required amendments to the contract with the vendor's solicitor/conveyance, so these can be incorporated into the contract on exchange.
3. Have your home loan approved.
4. Have adequate funds in your cheque account to write the deposit cheque.
5. Be satisfied with any building and/or strata reports you have carried out.
6. Arrange a market appraisal your current property with the selling agent, as if your offer is accepted to purchase the property you are interested in, you are then ready to place your property onto the market immediately - if need be.
7. Submit your offer in writing (by way of letter, email or on a contract) to the sales agent.

Note: The above mentioned is merely a guide and each person should rely on their own independent enquiries.