Entering the real estate can be a thrilling yet daunting journey, especially when you are purchasing a property. We have devised a simplified yet comprehensive checklist to guide you seamlessly through this important venture. Remember, while step-by-step guide is detailed, each home buying journey is unique, and there may be additional steps based on your circumstances.
1. Preparation and Research
Set a budget and explore financing options
Research neighbourhoods and pinpoint home features
Calculate what you can afford and determine your borrowing capacity
2. House Hunting
Browse properties online, attend open houses and schedule showings
Compare properties and prioritise favourites
3. Solicitor enters the process
4. Reviewing Contract and Making an Offer
Your solicitor reviews the contract with you, negotiate the contract terms with the seller's solicitor to ensure you are happy with the terms
Arrange building and pest reports, then review these reports
You are happy with the sales contract and the building and pest reports? Yes, go ahead; otherwise, look for another home
4. Contract exchange
During the cooling-off period (10 business days for off-the-plan property and 5, for established ones), you can withdraw from the purchase with a forfeit of 0.25% of the deposit.
If no cooling off period applies, you are now locked in to buy the property.
Order a home appraisal
Finalise financing
5. Pre-Settlement
Your solicitor performs further searches and prepare settlement adjustment sheet
Your solicitor attends to stamping of your purchase
Your solicitor explains what you need to pay and how to make secure payments on completion
Your solicitor reminds you to book a final inspection with the seller's agent
Your solicitor works with your bank and the seller's solicitor in order to make sure everything is in order
6. Settlement
Your solicitor reviews the final closing steps
Your solicitor signs documents on your behalf
Funds are transferred and your solicitor will send Order on the Agent to the seller's solicitor
Your solicitor will request the seller's agent to release keys to you
Congratulations! You can collect the keys from the real estate agent, the property is now yours
7. Post-Purchase
Your solicitor provides you a set of transfer documents and financial settlement statement
Set up utilities and services
Change locks and update security (if necessary)
Move in and start making it your home
Please note, this is a guide only and there could be additional steps or variations depending on your unique situation (such as FRIB application) and your location. Engaging professionals to assist you through the process is always recommended.
Disclaimer: This article is for informational purposes only and does not constitute legal advice. Always consult with a qualified legal professional before making any major property-related decisions.