The Queensland Govt has some great information on the whole purchasing process and stages on their website, including things to think about and practical tips. Click here for more information.
There are a few costs that come up when you are buying a house so it's a great idea to plan ahead and work these into your budget. Some of the common expenses when buying property are:
As a first home buyer you may be eligible for the first home owners grant but only if you are building or buying a brand new property. Click here for more information and eligibility criteria.
A buyer’s agent is a third party engaged to act exclusively on your behalf as the buyer. Their role is to help you identify properties suited to your needs. They organize inspections, negotiate the selling price and contract on your behalf. They'll also monitor the contract from sale to settlement.
You don't need to have a buyer's agent. It may be useful to appoint a buyer's agent if:
While you are permitted by law to do your own conveyancing, it is a specialized job best left to a professional conveyancer.
If you do decided to do it yourselve make sure you know what you are doing or you risk delaying the settlement. It's critical that you conduct all of the relevant searches, otherwise you may be in for some nasty surprises.
There are a number of different conditions you may want to include in your contract of sale. The standard ones are:
There are other conditions that you can add if they are important to you. Remember though, if you are in a multiple offer situation, the seller will pick the offer that has the most favourable conditions for them. Other conditions can include:
The short answer is no: you are not legally obliged to organise home and contents insurance before your final settlement date. However, you should definitely considering taking out a policy insurance. In most cases your lawyer or conveyancer will usually recommend that you take out a suitable policy that is effective from the date you purchased (or sold) the property. This means after signing the contract but before settlement.
Real estate auction sales are unconditional sales. That means you cannot cancel the contract if your loan application is rejected. Auctions are great for buyers who have cash ready to complete the purchase. If you are borrowing to finance the property purchase, it's best to get pre-approval and then speak with your lender about the property you are wanting to bid on. They may be able to give you some information that will assist in how high you can go at auction but also things you need to be aware of. For instance some lenders will not lend against properties in flood zones. It's best to get advice first, otherwise an auction can be a huge risk if the home loan is not approved.
Yes, there are two types of shared/co-ownership you can consider. Joint tenants is one, where you and the other individual (spouse or other) own equal shares of the property. Tenants in common is another form of co-ownership, where the two owners can hold equal or unequal shares of the property.
On settlement day, your conveyancing team will ensure that the money from your lender has been received by the seller's bank, the title is transfered into your name, and you get the keys to your new home!
Settlement is a date that you as the buyer can stipulate in the contract however it is usually 30 days.
The seller is liable to pay rates up to the settlement date and from that point forward they are your responsibility.