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BUYER READINESS CHECKLIST

Five tips to help you get 'buyer ready'

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Have your finance ready

 

If you need finance to fund your purchase, meet with your chosen finance provider early in your property journey. A lender/mortage broker will work with you to: 

  • determine how much money you can borrow and
  • achieve a loan pre-approval (sometimes called approval-in-principle). 

With a pre-approval you'll have the confidence to submit an offer once you've found 'the one'. Your lender will be able to give you final loan approval for your purchase providing you meet all of the necessary criteria.
If it has been some time since your initial pre-approval, it is a good idea to chat regularly with your finance provider to understand if any lending changes will impact you.

 

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Engage a conveyancer or lawyer

Transferring ownership from the seller to the purchaser of  property is called conveyancing. This is part of the legal process in buying your home. This transfer of ownership is often done with the help of a legal practitioner or a conveyancer.
One Agency Westside recommends that you decide before entering into contract negotiations, your preferred legal practitioner/lawyer or conveyancer.
Consumer Affairs Victoria, who regulate the sale of land in Victoria, recommend:

  • choose a lawyer or conveyancer that you feel comfortable with - who meets your needs
  • check references; enquire about their service standards
  • get written quotes from the businesses that you prefer, the quote should outline all disbursements (the administrative costs of transferring the ownership of the property)

 

 

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Check the title of your chosen property

Freestanding houses generally have a freehold title (known as Torrens Title). Other property types come with their differing title types which come with their own legalities.
Apartments, townhouses and villas are strata titled, which is a system for handling the legal ownership of a portion/s of a building and common property. This type of home is managed by an Owners Corporation, and will incur strata fees.
Less frequently you will come across a Company Titled apartment, a system which effectively means you purchase shares in a building rather than a designated space. Restricted Company Title means that you may not be able to lease out the property.   

 

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Carry out the necessary inspections.

The building and pest inspection process is an important part of the legal checklist for buying property. This inspection involves ensuring the electrics and plumbing have been installed to meet requirements, that any renovations have been approved by council, that the boundaries are in the correct position and that any pest issues are identified. We can put you in touch with reputable building and pest inspectors.

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Have your deposit ready.

When buying at auction you will need to pay a 10% deposit on the day to secure your purchase. This can be done in the form of a personal or bank cheque or a deposit bond, which is effectively a guarantee for the bond which your lender can arrange for you. If you are buying a property via private treaty, you will need to pay the deposit upon exchange of contracts. Make sure you have the deposit organised several days in advance if possible to avoid any complications.