What Buyers Should Take Prior to Purchasing a Property

Caleb Pikoulas, property executive is back with another set of tips. This time, he touches on the topic about property purchase.

Is the vendor accepting offers?

Check to see if the vendor is even in a position to accept offers. Some agents won’t take any offers until a contract is available. Some properties are only permitted to be sold at auction. Find this information out early so that you know where you stand.

Get your finances in order 

Be certain that you have pre-approval in place. Have a satisfactory deposit on hand. If financing is neglected you may end up losing a deposit or being sued for losses.

Sort out the contract

Hire a legal representative to read the contract and ensure that you understand what you are signing. Legal representatives will look into things such as zoning, strata fees, owners corporation issues, covenants, caveats, and other tricky issues.

Find the settlement timeframe 

Get confirmation on your proposed deposit terms and settlement timeframe with the agent before making an offer. Some vendors have specific terms, seek approval to varied terms by just asking prior to making an offer. 

Check the condition of the dwelling pre-sale

Arranging a building and pest inspection can provide you as the buyer with peace of mind. Arrange such inspections prior to making an offer.

Related: 4 Things to Look for When Checking the Condition of a Home

Is your offer realistic?

Make an offer that is realistic enough to be taken seriously. Keeping an eye on similar properties in the area will give you a good understanding of the price range for what to offer. Don’t low-ball agents as they will most likely consider you as a time waster and may refrain from helping you.

In this blog, we gave out a few tips on how to make an offer on a property.

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Posted in Blogs on 2nd March, 2021