Finding the right property can take some time and effort. Depending on your circumstances, will determine how quickly you can act when the “right” property comes along.
Most legal advisors will insist that you arrange a independent “pest and building report” or “strata report” to assure that the property is in good condition for its age and era.
Additionally, you will be advised to assure that you have in writing “unconditional finance approval from your bank. This can take from 1 week to a month depending on your personal situation and is one of the main causes of buyers missing out on the property they prefer.
The process usually proceeds in the following manner.
- Search for properties that suit your needs.
- Forward your offer to the agent.
- Once price has been verbally agreed, request a copy of the contract for sale be forwarded to your legal advisor.
- Confirm with your financier that you are able to proceed with “exchange of contracts”
- Forward your pest and building report or strata report to your legal advisor.
Be aware that until you have an exchanged contracts, that all offers received from other interested parties must be passed onto the owner, who may or may not accept a higher offer.. In other words. Proceed with intent.