The Home Buying Process
Author: Eva Judge

There's a lot involved in buying a new home. While you
might prefer to simply let others handle things for you, it
really is important to have a basic grasp of what the
process entails. Otherwise, major mistakes could occur
without you even realising it.

Making an Offer - Upon finding your next perfect home, the
Real Estate agent will ask you to sign a contract for the
property as an 'offer'. This contract may equate to the
properties sale price, alternatively you may wish to
negotiate with the seller by making an offer below the
asking price. At this point, the seller may either accept
the offer by signing the contract; alternatively the seller
may return the contract with a counter offer.

Deposit - During the Making an Offer stage, the Real Estate
agent will ask you for a holding deposit. Most agents will
ask for a deposit equal to 10% of the purchase price
however, you should know that this deposit may be
negotiable. Your minimum deposit may simply be based on
just how hard you negotiate with the agent.

Engaging a Solicitor - it is wised to engage a professional
conveyancing solicitor during the course of any property
transaction in order to avoid any nasty surprises. A
conveyancing solicitor will be able to assist you the
process of drafting contract conditions, the preparation
and handling of documentation, making land enquiries, title
enquiries and all other associated searches.

Cooling Off Period - Have you ever experienced buyer's
remorse? Luckily in Queensland buyers are entitled to a
five day cooling off period. This cooling off period allows
you to exit out of the contract in the event you realise
that the property deal is not suitable. Please note: this
type of contract cancellation generally incurs a penalty of
0.25% of the purchase price.

Special Conditions - Building and Pest Inspections can
reveal a great amount of previously unnoticed information
about a home. A professional Building and Pest Inspection
company should be able to identify potential structural
defects and pest related issues. As such, buyers are highly
encouraged to protect their future investment and ensure
that a subject to Building and Pest Inspection is included
in the Special Conditions area of the contract. Likewise, a
subject to finance inclusion should also be made.

Arranging Finance - The process of arranging finance
may take some time. For this reason it is important to
engage a lending institution early on in the game.

Settlement - Four to eight weeks after exchanging
contracts, it will be settlement time. At this point all
interactions between the seller and yourself have been
finalised and you officially have become the owner of your
new home. A final search of the title will be conducted,
and the balance of the purchase price will be made to the
seller. Your conveyancing solicitor will be of invaluable
assistance at this time, ensuring that everything is in
order and that it is safe to commence with the settlement.
It is imperative that you have insurance that kicks in upon
settlement, so that your property is safe. Congratulations
- you are a homeowner!


About the Author:

Charter Conveyancing (http://www.charterconveyancing.com )
understand that purchasing a property can be a confusing
exercise. Hiring an experienced conveyancing Queensland or
conveyancing Brisbane firm to help you can certainly assist
you in the process however, it is still smart to have the
best possible understanding of the home buying process as
you can in order to minimise mistakes and keep an eye on
what's happening.