How to Buy - RRE Guide Step by Step

RRE Properties has formulated the following helpful tips to make buying your property a smooth and regulated process. Please call your RRE representative should you wish to learn more or need any advice whatsoever, we are more than happy to assist you.

Lets get started with same basic information that may help you purchase your dream home. Consider the following:

 

 

                                                      

 

• How much can you spend ?

Contact RRE Homeloans for a free consultation regarding your budget. This is a free service and we can calculate your borrowing capacity, offer you a variety of loans and provide you with free loan approvals subject to standard lending criteria. Your finance representative can advise you on your potential repayments, strategy and variety of different home loans on the market today. One equipped with a pre approval, you are ready to start searching with a clear idea of your budget and financial position

 

• What are you looking for?

Consider the location, number of bedrooms, land size or apartment size, parking option and general fundamental characteristics that are both important to you keeping in mind your budget. Do you want to renovate or would you prefer a property to move straight into? A clear vision is necessary. A plethora of options awaits you in searching property online through websites such as www.realestate.com.au, www.rre.com.au  and local papers for instance.

 

• Attending Open House Inspections and finding your home

Go to as many open home inspections you feel are necessary until you find your desired property. Never feel rushed, remember this may be a lifelong decision. Ask your agent questions no matter how silly they may seem to you. Your RRE representative is there to assist you. Research your desired suburb, go for a coffee and walk the streets, a general feel for the location may be very important. Past sales and history is easily obtained these days on the net or ask your RRE salesman for some recent suburb sales. Ask your RRE representative to register yourself for any further properties that are listed that suit your requirements. Once you are registered, you will be on priority alert before that property is listed.     

     Download our own Property Checklist Guide to help you at open home inspections.                          

 

                                                          

 

• Ok, you have found it, what about the legal stuff?

You have found a property you are interested in buying, next step request a contract to be sent to your solicitor or conveyancer. The legal representative will discuss the contract with you and any issues that may arise from it. Ask your legal representative any questions that you feel are important. At RRE properties we can refer you, if you wish,  to the team at JSM Lawyers, widely regarded for their excellence in the field of conveyancing.

 

• Arrange a building or pest inspection if required

For added peace of mind, your solicitor may suggest to you to obtain an independent building and pest report for the property. It is important that these reports are read in consideration to the homes age and generally whether the properties condition is satisfactory in accordance to the fundamental characteristics of that particular home.

 

• Make an offer (Private Treaty) or buying at Auction (Bidding)

Armed with your solicitor’s and the inspectors’ reports you can make a confident offer to the vendor’s agent. They will negotiate between you and the vendor until an agreed price is met, in which you then sign the contract of sale, subject to your solicitors approval. Remember to have you finances in order as an unconditional approval is necessary before you are bound by the contract. Attending an auction and bidding requires you to register, be the highest bidder subject to a reserve price and sign contracts upon the end of the Auction. Buying at Auction requires a "no cooling off" contract to be signed by you upon the end of the Auction. Be careful when bidding as you can't change your mind later!. Visit the Office of Fair Trading website for more detailed advice.

 

                                                         

 

• Paying a deposit

Once your offer is accepted, you will be required to pay a 10% deposit of the purchase price. This deposit must be made available either at the Auction day if you are the successful bidder, or upon signing the contract if it is a normal private treaty sale. Usually personal cheques are accepted in most circumstances. A vendor may also accept a 5% deposit in some circumstances, however this must be approved via the solicitor.

 

• Signing and exchanging contracts

The vendor will sign their sale contract and the solicitor/conveyancer or agent will exchange the contracts for private treaty sales. This will happen usually the day after the Auction as contracts from both parties sign immediately after the Auction. After the contracts are signed and the deposit is paid, there is a settlement period of usually around six weeks upon where ownership changes.

 

• Pre-Inspection / settlement / move in

Before settlement is finalized, your solicitor or conveyancer may suggest a pre-settlement inspection on the day settlement is due, to ensure that the property is in the same condition as when you agreed to buy it, and it and that all the inclusions meet the contract specifications. The property then settles, ownership changes hands and you are free to move in. Congratulations on purchasing your new home!

 

RRE Properties Difference - Complete Buying Solutions

 

Unlike most real estate agencies that just sell property, RRE Properties can assist you with all your needs under the one roof. Our firm offers comprehensive financial services through RRE Home Loans, a fully fledged finance company not just a referrer and JSM Lawyers for all your legal requirements. Ultimately the choice of services is up to you, however rest assured that at RRE we have completed literally thousands of purchases over 45 years and our experience in all facets of purchasing is second to none. A smooth reliable process that is streamlined to the benefit of you dealing with one team every time.

RRE Properties - Complete Real Estate, Financial and Legal Services to help buying a property a pleasure for you.