Buying with Clark Real EstateThis guide contains all the information you need to know when it comes to buying real estate. All procedures such as how to best look for a home, how contracts work, and what you need to know to settle quickly are discussed as well as helpful advice worth noting.
Looking to buyWhat property should you buy?
Do your research
What to look for
Buying your homeMaking an offer
Building and pest
Looking to Buy
What property should you buy?It is important to think the reasons you are in the property market. Are you an investor looking to make a solid return over a certain time period? Are you looking to buy your first home? Or are you wanting to purchase a house that will be your family home for years to come? Whatever you're looking for, we can help. Contact one of our team members to provide a brief of what you are looking for, and we'll find it without any cost to you.
Do your researchOnce you have decided what type of house would be suit you, you should start doing some research. Prepare a shortlist of particular suburbs that suit your lifestyle and facilities that you require. Find out general housing prices in the area and match that with your own financial circumstance. Find out how much time it will take for you to commute to work.
FinanceIt is important to calculate budgets in order to find out what house you can afford. Loan pre-approval is of great importance. This will save time and give you confidence in negotiations. You should also consider how your mortgage will be structured. What long do you want the term of your mortgage?
Do you want fixed or variable interest rates? How will repayments have an impact on your budget?
Contact one of our Partners to help you with your needs.
InspectionsOur properties are always open for inspection. Call us to arrange a time that suits you. This personal approach allows you to fully assess if the property is right for you. Instead of being herded around an open inspection with a crowd, this one-on-one approach allows your salesperson to gain a better understanding of your requirements and fully answer all your questions. If this particular property isn't right for you, they may know of another one that is.
What to look forWhile at an inspection it is important to cast an objective eye over the property in its entirety while still recognising that the property may not necessarily be in an absolutely perfect condition. After all, small concerns may be easily remedied with a bit of work.
You should check to see if this property suits most of your needs.
And remember to ask questions and take notes about what you do like and don't like about the property. The most important question to ask after an inspection is "Can I see myself living here?".
How to buy at auction If you decide to buy at auction, there are certain ways of protecting yourself and getting a great bargain.
Buying Your Home
Making an OfferIt is important to put your best foot forward when making an offer. Make a firm offer to avoid confusion. If an agent says that there are other offers on the property, there typically is. This doesn't mean you shouldn't make an offer yourself - in fact, the property remains on the market until the vendor considers all offers.
The ContractOnce you have inspected a property and have decided that you want to purchase it, Clark Real Estate will prepare a contract for you to sign. This contract will include information about the terms and conditions of the loan, the deposit required, any items to remain on the property such as air conditioner units or antique light fittings.
DepositOnce the contract has been signed, you will have a set time period to pay the deposit. The contract will also stipulate the amount of the deposit to be paid. This amount can be as much as 10 percent, but will vary depending on the contract. The vendor should never be paid directly, or have access to the deposit until the house has been sold.
Building and Pest InspectionsIt is important to have these inspections carried out to provide peace of mind that when your new property is settled, there won't be any surprises. The building component will determine the structural soundness of the building, any significant defects to both interior and exterior, and condition of any improvements. The pest inspection covers all areas of the property including the roof void and subfloor.
InsuranceAs soon as the contract has been signed, the risk associated with the house is your responsibility. In fact, the contract will state that "the property is at the Buyer's risk from 5pm on the first Business Day after the Contract date." So it is important that you have insurance for your property at this point to cover any potential damage.
Finance ConditionAs part of the conditions of the contract, the sale can be subject to a finance clause. The buyer can specify the time period (typically 14 days) required to obtain approval on a loan for the required finance amount and notify the vendor or their solicitor. Loan pre-approval can make this a smoother process. It's important to remember that there can be delays and this is part of the process.
Special ConditionsSpecial conditions clauses can also be added to the contract by either you or the seller. These conditions can be anything about the property. It could be as simple as the contract being subject to you obtaining finance, or conditional to a tenancy.
Pre-Settlement InspectionYou are entitled to conduct a final inspection before your take possession of the property. This allows you to check that nothing has been changed or damaged in the property, other than the normal wear and tear.
SettlementSettlement is the date when you pay the remaining balance of the purchase price and take possession of the property. The keys and the deeds are handed over. Your solicitor or conveyancer will arrange this process and also inform the lender that the property has settled. If cash has been paid, you will receive the deed, or the bank will hold the deed until fully paid if you have a loan.
Conveyancing Conveyancing is the legal process of transferring the property's title from the vendor to the buyer. This can be either done by a solicitor, or you can do it yourself. Clark Real Estate recommends that buyers use a solicitor as experience has shown that doing it yourself can lead to errors and/or mistakes. Using a conveyancer protects you from the potential of wasting time and money.
Contact Us Phone: (07) 3256 1600
Fax: (07) 3256 1788
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