LOOKING FOR A HOME OR INVESTMENT PROPERTY
What's the right property for you?
Are you looking for a new home or investment property? Before deciding which property to buy, you need to think about your lifestyle, your current and anticipated housing needs, and your budget. It's a good idea to create a list of features you want in your new home in order of priority - you'll soon discover that finding the right property involves striking a balance between your "must-haves" and your "nice-to-haves".
If you are looking to purchase a new home to live in, a good place to start is to consider your lifestyle. For example, if you love to cook, you will want a well-equipped kitchen. If you enjoy gardening, you will want a backyard. If you work from home, you may want an extra room to have as a study or work space. If you have several cars, you may require a larger garage. A list of such requirements will form your search guide.
It is also important to think about what you might need in the future. As you consider your housing needs, it's important to think about how long you may live in your home. If you're newly married, you might not be concerned with living close to schools right now, but you could be in a few years' time. If you have older parents or relatives, you may want to look at homes that offer living arrangements for them as well.
It is important to think about a property's location just as carefully as you do its features. Location is a big consideration in any move. In addition to thinking about the distance from your place of work, you need to evaluate the availability of shopping, police and fire protection, medical facilities, school and child-care, traffic and parking, waste collection services and recreational facilities.
Another key decision is the type of property you want. Do you want an apartment or a house? A townhouse or a semi-detached property? What type of construction materials are you after? Would you prefer a brand new property or is age not necessarily a large consideration?
Stand-alone homes offer the opportunity to have a garden, provide more privacy and are generally quieter. However, they are usually more expensive than apartments and generally require more maintenance. Alternatively, apartments are typically less expensive than comparable stand-alone houses and may not require any backyard or exterior maintenance. However, they may offer less privacy, could be noisier, have common walls, floors and/or ceilings, and usually require additional expenses such as body corporate fees and strata levies. Alternatively, if you are looking to purchase an investment property these considerations are important along with others including the ability of a property to be rented out, and the types of tenants you wish to attract.
Be sure to talk to your real estate agent about where you want to live and the property features that are important to you. While many buyers are using the Internet to search for properties for sale, it is still a good idea to talk to a real estate agent.
The agent can guide you through the entire home buying process; he or she can provide and analyse data, answer questions, share professional expertise, and handle much of the real estate transaction. CENTURY 21 Australia real estate professionals have the know-how to help clients narrow down their purchase choices by sharing market trends and local information and offering accessible, clear and expert advice.
How much can you afford?
Now that you have a better idea about what you're looking for, the next step is to determine how much you can afford to spend when buying a property. A review of your income, savings, monthly expenses and debt will be necessary to set an appropriate budget.
An early step in the process is to gain pre-approval for a home loan. In sitting down with a mortgage professional you will also be able to get a better idea as to how much you can afford to spend on a property. Gaining pre-approval will enable you to move swiftly when you find the right home, especially when there are other interested buyers. Having mortgage pre-approval also indicates to the seller that you are serious and can afford to buy the property.
Pre-approval for a mortgage is granted by a lender and tells you the amount you will be able to finance through a loan and what your monthly repayments will be. When you find a property to buy, this pre-approval reassures the seller that you have the financial means to purchase the home.
Understanding how much you can afford is the first rule of home buying, and the amount depends on how much income and how much debt you have. It pays to visit several lenders before you start searching for a property to purchase. Alternatively, you can sit down with a mortgage broker, who should have access to a variety of different mortgage packages from many different lenders that will be appropriate for your circumstances.
The price you can afford to pay for a property will depend on several factors, such as:
Are you looking for a new home or investment property? Before deciding which property to buy, you need to think about your lifestyle, your current and anticipated housing needs, and your budget. It's a good idea to create a list of features you want in your new home in order of priority - you'll soon discover that finding the right property involves striking a balance between your "must-haves" and your "nice-to-haves".
If you are looking to purchase a new home to live in, a good place to start is to consider your lifestyle. For example, if you love to cook, you will want a well-equipped kitchen. If you enjoy gardening, you will want a backyard. If you work from home, you may want an extra room to have as a study or work space. If you have several cars, you may require a larger garage. A list of such requirements will form your search guide.
It is also important to think about what you might need in the future. As you consider your housing needs, it's important to think about how long you may live in your home. If you're newly married, you might not be concerned with living close to schools right now, but you could be in a few years' time. If you have older parents or relatives, you may want to look at homes that offer living arrangements for them as well.
It is important to think about a property's location just as carefully as you do its features. Location is a big consideration in any move. In addition to thinking about the distance from your place of work, you need to evaluate the availability of shopping, police and fire protection, medical facilities, school and child-care, traffic and parking, waste collection services and recreational facilities.
Another key decision is the type of property you want. Do you want an apartment or a house? A townhouse or a semi-detached property? What type of construction materials are you after? Would you prefer a brand new property or is age not necessarily a large consideration?
Stand-alone homes offer the opportunity to have a garden, provide more privacy and are generally quieter. However, they are usually more expensive than apartments and generally require more maintenance. Alternatively, apartments are typically less expensive than comparable stand-alone houses and may not require any backyard or exterior maintenance. However, they may offer less privacy, could be noisier, have common walls, floors and/or ceilings, and usually require additional expenses such as body corporate fees and strata levies. Alternatively, if you are looking to purchase an investment property these considerations are important along with others including the ability of a property to be rented out, and the types of tenants you wish to attract.
Be sure to talk to your real estate agent about where you want to live and the property features that are important to you. While many buyers are using the Internet to search for properties for sale, it is still a good idea to talk to a real estate agent.
The agent can guide you through the entire home buying process; he or she can provide and analyse data, answer questions, share professional expertise, and handle much of the real estate transaction. CENTURY 21 Australia real estate professionals have the know-how to help clients narrow down their purchase choices by sharing market trends and local information and offering accessible, clear and expert advice.
How much can you afford?
Now that you have a better idea about what you're looking for, the next step is to determine how much you can afford to spend when buying a property. A review of your income, savings, monthly expenses and debt will be necessary to set an appropriate budget.
An early step in the process is to gain pre-approval for a home loan. In sitting down with a mortgage professional you will also be able to get a better idea as to how much you can afford to spend on a property. Gaining pre-approval will enable you to move swiftly when you find the right home, especially when there are other interested buyers. Having mortgage pre-approval also indicates to the seller that you are serious and can afford to buy the property.
Pre-approval for a mortgage is granted by a lender and tells you the amount you will be able to finance through a loan and what your monthly repayments will be. When you find a property to buy, this pre-approval reassures the seller that you have the financial means to purchase the home.
Understanding how much you can afford is the first rule of home buying, and the amount depends on how much income and how much debt you have. It pays to visit several lenders before you start searching for a property to purchase. Alternatively, you can sit down with a mortgage broker, who should have access to a variety of different mortgage packages from many different lenders that will be appropriate for your circumstances.
The price you can afford to pay for a property will depend on several factors, such as:
- Monthly income
- Savings available for a deposit
- Debt levels
- Credit history
- The type of mortgage package you select
- Current interest rates
Every buyer is unique and a mortgage professional can help you to
determine just how much you can afford. Your income and debts will
typically play the biggest role in determining the appropriate price
range.
Make use of calculators that show what your repayments would be per month on a certain loan figure. Shop around for the loan that suits your lifestyle but always factor in the possibility of interest rate increases - could you still afford to make your repayments at a higher interest rate?
Know your neighbourhood
When you buy a property, you're also investing in a community. You will likely spend a significant amount of time and money supporting the schools, community organisations and businesses in the surrounding areas. Before you make your final decision, make sure you have a good look at the location to ensure that it suits your needs.
Make use of calculators that show what your repayments would be per month on a certain loan figure. Shop around for the loan that suits your lifestyle but always factor in the possibility of interest rate increases - could you still afford to make your repayments at a higher interest rate?
Know your neighbourhood
When you buy a property, you're also investing in a community. You will likely spend a significant amount of time and money supporting the schools, community organisations and businesses in the surrounding areas. Before you make your final decision, make sure you have a good look at the location to ensure that it suits your needs.
- Evaluate the property's proximity to other important locations that you visit on a regular basis. How long will your commute to work be? Is there a hospital or doctor located nearby? Are you close to schools, child-care, shopping facilities, and family and friends?
- Consider all of your transportation options. Are you close to appropriate modes of public transport? It can be useful to take the time to drive from your potential new home to destinations to which you must commute to understand the time required and the impact the commute will have on your lifestyle.
- Visit and understand the schools in the area you will be moving to. Even if you don't have children now, you may some day. It is also possible that your proximity to schools could have an impact on the price of your future home should you decide to sell at a later date.
- Make sure you feel comfortable in the area. Drive/walk around the neighbourhood at different times of the day or night on both weekdays and weekends to observe activity and noise levels. Discovering noisy traffic conditions may have an impact on your decision to purchase a property.
CENTURY 21 Australia
real estate professionals are experts in the areas in which they
operate. Ask your real estate agent for a list of schools, shopping
centres, parks and other important amenities. Buying a new home or
investment property is about more than just the physical property itself
- it is about lifestyle as well.
Should you buy or sell first?
Buying a new home and selling an existing property at the same time can have its own set of challenges. But with planning you can ensure everything goes smoothly.
Before putting your current home on the market or committing to buying a new one, you should consider the prices of properties in the areas in which you will be both buying and selling. You will need a realistic idea of sales prices for comparable properties so that you can assess both your buying and selling position.
What happens if you are unable to perfectly time the sale of one property with the purchase of another? You may find yourself in a temporary situation of not owning a property at all for a period of time, in which case you will need to find a temporary place to live. In this situation you will need to consider short-term housing possibilities, which could include staying with family and friends, or in a rental property. You may also need to look at how to store furniture and other wares.
Alternatively, you may find yourself owning two properties at once, whereby you may need to look at financing options that allow you to pay a deposit on your new purchase before you have access to the funds required to pay for the property in full, which will become available once your previous property has successfully sold.
Buying a second home or property
Purchasing a second home (in addition to owning your first property) is not too different from buying your first property. Your ability to afford it usually depends on your ability to gain mortgage approval. The benefits of purchasing a second property include having a holiday getaway, a future retirement home, receiving rental payments which can be put towards paying off a mortgage, or adding to your investment portfolio.
Many people see buying a second property as an investment opportunity. In order to make the purchase successfully you will need to identify funding sources for a deposit, as you won't be selling your current home and using the proceeds, and you will also be required to pay a large monthly amount to cover the mortgage repayments of both homes and other necessary expenses.
Searching for your new home or investment property
Once you have a good idea about the features you require from a property you will be in a good position to start investigating potential purchase options. Such options can be found by visiting a real estate agency in the area in which you are interested, or by conducting a search online or in a newspaper.
Once you have identified some properties of interest, you can contact the relevant real estate agent to arrange an inspection, or alternatively visit the property at the advertised public inspection time. After touring each property, note what you liked and didn't like about it. It may be helpful to develop a rating system that will help you to compare properties. For example, pick the property you like most on day one and compare all subsequent properties to it. Once you find a superior property, use this new favourite as the standard.
Another way of approaching the research process is to appoint a buyer's agent to help you find a suitable property. This agent can represent your interests in a real estate transaction and can guide you through the process of identifying properties that meet your criteria. Before making a decision however, have a real estate agent explain the pros and cons of using a buyer's agent.
Working with a Real Estate Agent
Buying a property is one of the most important decisions you will ever make. For this reason it is in your best interests to choose an experienced real estate agent to work with who listens to and understands your needs, and has a thorough knowledge of the area in which you want to live or own property.
When you choose a CENTURY 21 real estate agent, you can trust you will be dealing with a professional who understands your concerns and will provide you with a level of personalised service that makes the buying process that bit easier.
With more than 121,000 agents, speaking 104 languages in 8,000 offices across 73 countries and territories worldwide, the CENTURY 21 real estate network will help you to navigate the life changes that real estate decisions can bring.
What should you expect from your first meeting with a real estate agent? A CENTURY 21 real estate professional will typically talk to you about the neighbourhood in which you want to live, dwelling values, schools, transportation, and the surrounding commercial and residential areas.
Advice for first home buyers
Purchasing your first home can be a daunting experience and is most likely the largest financial commitment you have made thus far. Although the initial outlay may seem like a lot, by paying off a mortgage each month you are actually building equity and essentially setting yourself up for the rest of your life.
The first step to buying your first property is to save for the money for a deposit. Depending on your current spending patterns, this could be quite an easy or difficult task. There are countless tips on how to cut back on your expenditure, including creating a budget, using cash instead of credit and paying off your credit card in full each month to avoid paying interest, however you will find that what is really needed is often an attitude change whereby your focus changes to simply saving as much as you can.
First home buyers should try to do as much research as possible regarding the various government tax incentives available. These may involve grants as the property is your first, or incentives for buying off the plan. Each state will have different information available.
When buying a property it is essential to be aware of all the costs involved beyond the property itself. There are usually legal fees, home loan application fees and stamp duty costs that must be paid and thus factored into your budget. Be aware that these costs may have an impact on the amount you can afford to spend on the actual property.
Although the process of buying your first home can sometimes prove to be a stressful time, try to enjoy it. You have worked hard and may have sacrificed much to save the money to get to this point and you should be very proud of your new purchase.
Purchasing an investment property
As like a home purchase, preparation is paramount when buying an investment property and a great deal of homework is required to ensure you capitalise on your purchase.
The rental market is a serious consideration when determining where to purchase an investment property. By speaking to local real estate agents in locations where you are interested in purchasing you should be able to get a better idea of local factors that may influence your decision, including vacancy rates and average rental prices.
When buying an investment property it is important to keep in mind factors that will be attractive to potential tenants. These can include closeness to transportation, shops, education facilities and common working locations (such as CBD areas).
As well as tenant appeal, location is also an important consideration for ensuring capital gain and return on investment. Investors could do well to research areas that remain relatively viable to buy into, yet are still experiencing growth in values.
Another prime consideration for investors often concerns whether to purchase a house or an apartment. The difference between the two dwelling types is usually financially significant. Often an apartment could be a better option than a house for investment purposes given that an apartment may require less maintenance. However, apartments could require investors to pay various strata levies and body corporate fees, and will generally achieve less capital growth than houses.
Should you buy or sell first?
Buying a new home and selling an existing property at the same time can have its own set of challenges. But with planning you can ensure everything goes smoothly.
Before putting your current home on the market or committing to buying a new one, you should consider the prices of properties in the areas in which you will be both buying and selling. You will need a realistic idea of sales prices for comparable properties so that you can assess both your buying and selling position.
What happens if you are unable to perfectly time the sale of one property with the purchase of another? You may find yourself in a temporary situation of not owning a property at all for a period of time, in which case you will need to find a temporary place to live. In this situation you will need to consider short-term housing possibilities, which could include staying with family and friends, or in a rental property. You may also need to look at how to store furniture and other wares.
Alternatively, you may find yourself owning two properties at once, whereby you may need to look at financing options that allow you to pay a deposit on your new purchase before you have access to the funds required to pay for the property in full, which will become available once your previous property has successfully sold.
Buying a second home or property
Purchasing a second home (in addition to owning your first property) is not too different from buying your first property. Your ability to afford it usually depends on your ability to gain mortgage approval. The benefits of purchasing a second property include having a holiday getaway, a future retirement home, receiving rental payments which can be put towards paying off a mortgage, or adding to your investment portfolio.
Many people see buying a second property as an investment opportunity. In order to make the purchase successfully you will need to identify funding sources for a deposit, as you won't be selling your current home and using the proceeds, and you will also be required to pay a large monthly amount to cover the mortgage repayments of both homes and other necessary expenses.
Searching for your new home or investment property
Once you have a good idea about the features you require from a property you will be in a good position to start investigating potential purchase options. Such options can be found by visiting a real estate agency in the area in which you are interested, or by conducting a search online or in a newspaper.
Once you have identified some properties of interest, you can contact the relevant real estate agent to arrange an inspection, or alternatively visit the property at the advertised public inspection time. After touring each property, note what you liked and didn't like about it. It may be helpful to develop a rating system that will help you to compare properties. For example, pick the property you like most on day one and compare all subsequent properties to it. Once you find a superior property, use this new favourite as the standard.
Another way of approaching the research process is to appoint a buyer's agent to help you find a suitable property. This agent can represent your interests in a real estate transaction and can guide you through the process of identifying properties that meet your criteria. Before making a decision however, have a real estate agent explain the pros and cons of using a buyer's agent.
Working with a Real Estate Agent
Buying a property is one of the most important decisions you will ever make. For this reason it is in your best interests to choose an experienced real estate agent to work with who listens to and understands your needs, and has a thorough knowledge of the area in which you want to live or own property.
When you choose a CENTURY 21 real estate agent, you can trust you will be dealing with a professional who understands your concerns and will provide you with a level of personalised service that makes the buying process that bit easier.
With more than 121,000 agents, speaking 104 languages in 8,000 offices across 73 countries and territories worldwide, the CENTURY 21 real estate network will help you to navigate the life changes that real estate decisions can bring.
What should you expect from your first meeting with a real estate agent? A CENTURY 21 real estate professional will typically talk to you about the neighbourhood in which you want to live, dwelling values, schools, transportation, and the surrounding commercial and residential areas.
Advice for first home buyers
Purchasing your first home can be a daunting experience and is most likely the largest financial commitment you have made thus far. Although the initial outlay may seem like a lot, by paying off a mortgage each month you are actually building equity and essentially setting yourself up for the rest of your life.
The first step to buying your first property is to save for the money for a deposit. Depending on your current spending patterns, this could be quite an easy or difficult task. There are countless tips on how to cut back on your expenditure, including creating a budget, using cash instead of credit and paying off your credit card in full each month to avoid paying interest, however you will find that what is really needed is often an attitude change whereby your focus changes to simply saving as much as you can.
First home buyers should try to do as much research as possible regarding the various government tax incentives available. These may involve grants as the property is your first, or incentives for buying off the plan. Each state will have different information available.
When buying a property it is essential to be aware of all the costs involved beyond the property itself. There are usually legal fees, home loan application fees and stamp duty costs that must be paid and thus factored into your budget. Be aware that these costs may have an impact on the amount you can afford to spend on the actual property.
Although the process of buying your first home can sometimes prove to be a stressful time, try to enjoy it. You have worked hard and may have sacrificed much to save the money to get to this point and you should be very proud of your new purchase.
Purchasing an investment property
As like a home purchase, preparation is paramount when buying an investment property and a great deal of homework is required to ensure you capitalise on your purchase.
The rental market is a serious consideration when determining where to purchase an investment property. By speaking to local real estate agents in locations where you are interested in purchasing you should be able to get a better idea of local factors that may influence your decision, including vacancy rates and average rental prices.
When buying an investment property it is important to keep in mind factors that will be attractive to potential tenants. These can include closeness to transportation, shops, education facilities and common working locations (such as CBD areas).
As well as tenant appeal, location is also an important consideration for ensuring capital gain and return on investment. Investors could do well to research areas that remain relatively viable to buy into, yet are still experiencing growth in values.
Another prime consideration for investors often concerns whether to purchase a house or an apartment. The difference between the two dwelling types is usually financially significant. Often an apartment could be a better option than a house for investment purposes given that an apartment may require less maintenance. However, apartments could require investors to pay various strata levies and body corporate fees, and will generally achieve less capital growth than houses.
BUYING YOUR HOME
Buying a property is a big step involving a substantial, long-term financial commitment. It thus requires a thorough assessment of the property itself and what you are able to afford.Seek legal advice
Before signing any contracts in the purchase of a property, ensure you have obtained the appropriate legal advice and understand exactly what the contract of sale contains. Remember - once you and the seller have signed the contract you will most likely be bound by the terms of such a contract. It is therefore extremely important to make sure you have a full understanding of the contract terms and conditions before signing it.
Conduct a professional building/pest inspection Professional building and pest inspections are important steps in the property buying process. By having a qualified professional evaluate a property under consideration you will likely find yourself in a better position to make an educated and informed decision about the value you feel comfortable assigning to a property and whether or not to go ahead with the purchase.
Once you have arranged for an inspection to take place, plan to accompany the inspector for the entire procedure. You have the right to be there and leading property inspection companies should encourage your presence. It will help you to better understand the findings in the report and may help to reduce any post-settlement hassles. Remember to take a list of questions and concerns that you may have along with you.
Some common items a professional inspection could uncover may include:
- Maintenance problems such as rotting decks, chipping paint, water damaged ceilings, etc
- Electrical problems
- Structural damage
- Drainage problems
- Roof leaks and defects from ageing
- Poor ventilation
- Failed window seals
- Environmental contamination
Making an offer
Once you have found your dream property and have sought the appropriate legal advice and professional building/pest inspections, it is time to initiate the financial and contractual side of the purchase. In many cases a property will not go to auction; instead, you will be required to put forward an offer to purchase it.
You may like to let a CENTURY 21 real estate professional assist you with this process. Purchase contracts can vary in terms according to location and you and your seller will have different goals. A CENTURY 21 real estate agent can help to guide proceedings and will know what questions need to be asked and answered in order to help you reach a favourable outcome.
It is not uncommon for sellers to receive multiple offers for a property. It is possible that in making an offer on a property you may only get one chance to put forward an offer that the seller will consider.
It is therefore important to think carefully about your strategy. If you have a buyer's agent or real estate professional acting on your behalf they may be better placed to successfully negotiate an appropriate offer. If you have any personal interaction with the seller, don't give out any information about your intentions, your current housing status, financial status or your feelings about the property - positive or negative. This could work against you in future negotiations.
Buying at auction
If a property of interest is set to go to auction, arm yourself with a plan of attack to ensure you are in the best position to secure your purchase. An effective means of preparation may be to attend a few auctions beforehand to get an understanding of how the process works so that you are confident on the day. Alternatively, if you are not comfortable bidding, arrange for a trusted friend or relative to bid for you and ensure the relevant documentation authorising them to act on your behalf is completed prior to the auction.
Once the auction comes it is important that you have a plan. Prior to the auction set a firm limit on what you are willing to spend and stick to it. Bid with confidence, and as you get close to your limit don't be afraid to increase your bid in smaller amounts - the auctioneer will usually accept these.
Try to stay calm when bidding and avoid entering personal bidding wars with other competing bidders. Remember not to get too emotional about a property; there will always be other places to choose from.
Be ready for action at the auction and make sure you remember to take your chequebook with you to the venue. If your auction bid is successful, once the property is "knocked down" to you as the buyer you will be required to sign the contract and pay a deposit, which is usually 10 per cent of the purchase price. This will be held in trust until settlement.
If you bid, but the property is passed in, the auctioneer may invite you to negotiate. The highest bidder is normally given the first right of negotiation.
Remember that access to the property is not a given right prior to settlement. Arrange this with the seller through the agent.
If a property is going to auction but you would rather not bid, you still have the ability to put in a pre-auction offer. Many properties are sold this way. Some vendors will still want to go to auction but many may be willing to negotiate.
How much?
Whether submitting an offer or bidding at an auction, it is important to determine about how much you are willing and able to pay for a property.
To this end, you need to find out the amount other comparable properties have sold for in the area and how much money you might have to put into repairs or renovations. These considerations should be factored in to how much you are comfortable spending.
Also, it helps to know the features that could help or hurt resale. For instance, in some areas a swimming pool may detract from a home's value and make it harder to sell. In neighbourhoods with two-car garages, a single car space may affect the home sale and future value.
In addition to sale prices for other properties, there are several ways you can determine a fair and reasonable amount to offer/bid for a property:
- The condition of the property. Is the home in liveable condition, in need of paint or other cosmetic improvements, or perhaps complete renovation?
- The market. If you are in a buyer's market - where there are more homes for sale than there are people to buy them - prices are probably stable or falling. If you are in a seller's market - where there are more buyers looking for properties than there are homes for sale - prices are probably moving upward.
- Your price ceiling. If you have obtained mortgage pre-approval you will know how much you can borrow for your property purchase. Of course, you may actually not be comfortable paying as much as you have been approved to borrow, so consider your financial situation carefully before bidding or making an offer.
SECURING YOUR PURCHASE AND BEYOND
Congratulations! You have made a successful offer or bid at auction, and signed the relevant contracts.Home owner's insurance
After a successful auction or offer it is important to immediately organise insurance cover to protect your interest in the property. To this end, conduct research and compare policies prior to the auction or negotiation process. The extent to which your property is protected depends on the details of the policy you choose.
Home buying process - timeline and paperwork
Once you have made a successful offer or bid on a property and signed and exchanged the Contract of Sale, it will usually take between four to eight weeks before final settlement takes place.
In between contract exchange and the date of settlement, a number of documents are prepared or obtained and enquiries made. These include:
- Transfer document
- Mortgage document
- Survey report
- Land enquiries are made to local authorities
- Requisitions on title are completed
- Settlement statement
It is also advised that you conduct a physical inspection of the property to determine that all is in order and as expected, no damage has occurred, and that all inclusions listed in the contract are still present.
On settlement day, the purchase of your new property will be complete. Settlement will likely occur at the seller's lender and representatives of both the vendor and buyer, and a representative of the lending bodies of the vendor and buyer will likely be present.
At the settlement meeting all purchase moneys are paid, a signed transfer and title deed is given to the buyer's solicitor or conveyancer, and the transfer and mortgage on title will be registered at the relevant body for your state.
Settlement day will also see you pay any duties, and necessary rates.
Once settlement is complete you will gain access to the keys of your new property.
Remember that from settlement, the responsibility to insure the property becomes yours, so it is important to schedule the appropriate cover prior to settlement date.
For more information specific to your state, CENTURY 21 recommends you visit the website of your relevant state government department.
Home Moving Checklist
Six to eight weeks prior to moving you should look to:
- Purchase or rent moving supplies such as: sticky tape, permanent markers, scissors, a Stanley knife, newspaper, blankets, plastic storage bins, moving pads, rope and boxes.
- Have a garage sale or donate to charity any unwanted items.
- Hire a reputable removalist company, or if applicable, hire a vehicle to conduct the move yourself. When hiring a professional company be sure to get referrals and estimates - your local CENTURY 21 real estate agent will be able to suggest reputable companies in your area.
- Two weeks before moving day contact your telephone and internet provider, electricity, cable television, waste removal services, cleaning, security and water companies to set up a specific date when services will be discontinued.
- Contact the above companies in your new area to arrange service start dates.
- If moving a substantial distance, notify healthcare professionals (such as doctors, dentists, veterinarians, etc) about your move and ask for the transfer of records and referrals.
- Advise the post office, subscription providers and other relevant parties of your move and change of address details.
- Make appropriate arrangements regarding insurance coverage.
- Have tools handy for dissembling furniture.
- Move valuables (such as jewellery, legal documents, family photos and collectables) yourself - don't send them with the moving company.
- Make sure you have a complete home inventory of all possessions.
- Give every room a once over. Don't forget to check the backyard, attic, garage and wardrobes.
