• Speak with your financier or your Finance Consultant to arrange the best loan to suit your needs.
  


• Prepare a short list of preferred suburbs that suit your lifestyle, bearing in mind affordability and accommodation requirements.
  


• Research sales in those preferred suburbs. Inspect every property in your preferred suburb so you have a feel for the prices. Attend all open homes in the area.
  


• Develop a relationship with one of our professional team who specialise in your preferred area. Your Beattie Moore Property Sales Consultant will be able to advise you of any additional information you may need and also inform you how you can register on our website to automatically receive notification of any new listings that hit the market.
  


• When you find a property that suits your requirements, ask your agent to send a copy of the sale contract to your solicitor or conveyancer.
  


• If you are considering making an offer, we recommend that you contact your Beattie Moore Property Sales Consultant promptly who can guide you if you are in any way unsure of the process.
  


• Your solicitor can arrange a building inspection to make sure you are aware of any possible major defects.
  


• Following your solicitors or conveyancer's advice on the sale contract and taking into consideration the building reports, you are now able to make an informed decision to proceed with the purchase of the property.
  


• Once negotiations have been finalised, you will be required to sign the sale contract and pay a 10% deposit. Your deposit will be held in a trust account until settlement. At settlement, contracts will then be unconditionally exchanged.
  


• On settlement day it is advisable that you do a final inspection before settlement takes place. This is to ensure that the property is in the same condition as when you last inspected it, and that all inclusions are as per the contract you signed.
  

Purchasing residential real estate can be a very exciting process, however it can also be a confusing time for a prospective buyer. We would like to outline the buying process for you should you decide to purchase a property through Beattie Moore Property.

Should you decide to make an offer on one of our listed properties we will ask you to confirm the following details, enabling us to help you in the best possible way.

Once we have all of this information we are in a position to meet with the vendor (owner).

Tips

Property owners receive all types of interest on their property some genuine and some not. Some just testing the market with offers and not staying true with their offer.

The best way to present an offer to a vendor is to utilise your purchasing option of the 5 day Cooling off Period available in all NSW Contracts for Sale.

The cooling off period is only available to the purchaser and allows for an offer to be submitted to the owner in writing on the Contract for Sale. This clearly demonstrates to the vendor that you are serious about your offer.

Signing a Contract for Sale

Once an agreement is reached on price, settlement terms and special conditions between the vendor and purchaser the sale can proceed.

An exchange of contracts is the only way to buy or sell a property. The exchange of contracts happens when the purchaser and vendor each signs an identical copy of the proposed contract for the sale of land where as that land has a title.    

Exchange of Contract Options

1: Exchange of Contracts – 5 Day Cooling Off Period

As sales agents licensed in NSW we can only exchange sales contracts with a cooling off period. Under a 5 day cooling off period the period for withdrawal of a signed contract lasts for 5 working days and allows the purchaser or purchasers the right to rescind the Contract for Sale for any reason.

This 5 day period commences upon exchange of contracts and terminates in NSW on the 5th working day at 5 pm EST. Saturdays, Sundays and public holidays are NOT business days. The vendor may extend this period by a clause in the contract or by written notice before the end of the period.

The cooling off period is created to allow purchasers time to organise inspections, reports and finance, and allow their legal representative to check over the Contract for Sale.      

Cooling Off Period – Commitment and Benefits

Benefits

The signing of a 5 day cooling off contract is a good way to purchase a property. This option provides full protection against-:

• The vendor pulling out of the sale
• Another purchaser offering or paying more for the property
• The vendor taking a higher offer

With this contract option the purchaser has total control and time to ensure that everything is checked out prior to committing to the purchase.

Commitment

However, this option requires commitment by the purchaser. When you enter into a 5 day cooling off contract the purchaser is required to pay a 0.25% deposit, based on the sale price on the contract. The purchaser on rescission of their contract will forfeit the 0.25% deposit. This money is then payable directly to the vendor. The vendor has every right to recover this money as a debt.

If the contract is NOT rescinded the purchaser must pay the remaining money to the amount of the 10% deposit no later than 5pm on the 5th working day.   

In some cases the purchaser may not wish to sign anything without solicitor approval. If this is your decision, your solicitor will make contact with the vendor’s solicitor and then proceed with reports and study of the contract on your behalf.

However, it is important to note that whilst this is taking place, the property will remain on the market and anybody wishing to make an offer can do so.  It is the agents’ legal requirement to continue to present all offers to the vendor. If another party is able to sign a contract under a 5 day cooling off option, the property is then secured by that party, leaving you no option to purchase. Your solicitor is powerless to act as the contract will be considered exchanged.

2: Unconditional Exchange of Contracts – NO cooling off period

This means the purchaser’s solicitor has informed the purchasers’ of their rights and has signed a 66W certificate. A 66W certificate will waive any cooling off period and makes both parties committed to an instant, legally binding contract. There is no turning back.

This option also applies when a purchaser is the successful bidder at an auction. A contract signed under auction conditions is ‘unconditionally exchanged’ and legally binding.      

Conclusion

We hope this information allows you to understand the process involved to purchase a property. Knowing and understanding your rights, plus having everything in place and you will be on your way to securing your dream home.

Disclaimer: - This information has been compiled from sources we consider reliable.  However, we cannot guarantee its accuracy and interested persons should rely on their own investigations or contact their legal representatives.