Workplace RelationsHelpful hints when buying a house
- Contact lending institutions to establish your eligibility for finance and the amount you can borrow. Compare loans, interest rates and fees for the deal that best suits you.
- Seek out and study as much information as you can regarding property buying from organisations such as the Office of Fair Trading, IBC, REIQ etc.
- Phone a number of Solicitors and compare their fees and services and then select one to handle the property conveyancing of your proposed purchase.
- When a seller accepts your offer to buy their property you will be asked by the real estate sales person to sign a contract. Show the contract to your Solicitor before you sign so he can amend it if necessary and explain to you any special conditions and important aspects like the cooling off period, buyer's inspection date and finance and settlement dates. Ensure the contract allows fourteen (14) days in which to conduct the building and pest inspections. Always remember the real estate sales person is working for the seller, not you.
- Once the seller signs the contract you need to arrange building and pest inspections as soon as possible. It is very important to choose building and pest consultants who will do a thorough job. Ask family and friends who have purchased property for referrals or contact the IBC for consultants in your area. Do not use consultants recommended by real estate agents.
- Discuss any defects discovered during the building and pest inspection with the consultant. Should significant problems be found and you wish to cancel the contract or renegotiate the purchase price, contact your Solicitor immediately for his advice and direction.