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Before making an offer on a property, the following steps should be taken:
1. Research the Market
Research recent sales prices for similar properties in the area to ensure the property you are interested in is fairly priced.
2. Pre-Approval for Finance
Speak with a mortgage broker or lender to get pre-approval for a home loan so you know how much you can afford to borrow.
3. Inspect the Property
Arrange a thorough inspection of the property to check for any issues or defects that may affects its value or your decision to purchase.
4. Review the Contract of Sale
Engage a conveyancing professional to review the Contract of Sale prior to placing an offer. This document provides important information regarding the terms of the sale and the property such as title details, encumbrances and zoning.
5. Make Your Offer
Once you’re satisfied with the property and have all the necessary information, you can make your offer through the real estate agent. If a conveyancing professional has reviewed the Contract of Sale and changes are recommended, be sure to include these recommendations in your offer.
6. Negotiate
Be prepared to negotiate with the seller if they counter your offer or if there are multiple offers on the property.
7. Sign the Contract
If your offer is accepted, you will need to sign the Contract of Sale and pay the deposit as specified.
8. Finalise Finance and Settlement
Work with your lender to finalise your home loan and work with a conveyancing professional to prepare for settlement, where the property ownership will be transferred to you.
It’s important to take your time and make informed decisions throughout the process to ensure a smooth property purchase.
For your conveyancing questions and concerns, please don’t hesitate to give us call on 03 8456 6797 for more information.
