Get to know the location you are looking at buying in.
Make a list of your criteria – what you're looking for in a property.
Do your homework on recent sold prices and comparable sales.
Get your home loan pre-approved.
Contracts will detail the property address, selling price, deposit, terms and conditions, party names, special inclusions and date of settlement.
Neither you nor the vendor is legally bound to a purchase until the written and signed contracts have been exchanged.
When both you and the vendors have signed the contracts they are exchanged and the purchaser also needs to pay a deposit at this time.
Legal representation is essential to ensure a smooth transaction when buying and selling property. While this contract is usually prepared by the seller's solicitor, your legal representative should check the details and make sure zoning, heritage or title restrictions don't clash with your intended use of the property. They should also help you arrange the inspections you should do before you exchange contracts and check that all property taxes are paid, and that the seller is actually entitled to sell the property.
This time period is usually six weeks, however this can be modified if both parties agree to extend or reduce the time frame.
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