A Common list we give first home buyers is
1) Get a Real Estate Institute of Queensland (REIQ) contract drawn up
2) Have a reputable solicitor read the contract and provide advice on the terms
3) Always include every particular unattached item you want included…never assume eg. Air conditioners, dishwashers, etc
4) Refer to below link you can copy into your browser which will go through a very thorough step by step process recommended by the REIQ when purchasing a house. htttp://institute.reiq.com/REIQ/Consumer_information/Buying/Steps_in_the_buying_process/REIQ/Consumer_information/Buying_steps.aspx
5) Remember to negotiate like you do not need the asset….you make your money when you buy!
6) Commonly a contract will be for 35 days and within the 35 days you will have key stages
7) The first 21 days (we strongly recommend you demand 21 days to arrange finance) your finance broker will be arranging the finance
8) The preferred wording for finance clause is …’21 days from the date of the contract’
9) Make sure the contract is dated as a lot of agents MISS this
10) Take out home insurance…never assume the other has the house insured. DID YOU know that possession is from the date of settlement but OWNERSHIP is backdated to the date of signing the contract!!
11) In this first 21 days your job is to
12) Arrange Pest inspection
13) Arrange Building Inspection
14) We strongly recommend you attend the inspections when they are done so you can ask questions of the experts
15) Ask the vendor to provide written authority for you to get a copy of the building plans
16) Go to council and get a copy of building plans and plumbing plans
17) Read all the reports and ask questions of appropriate professionals…never assume anything
18) You can arrange for your solicitor to do a council search at the moment to confirm all the improvements on the land are council approved BUT you may decide to rely on your own info from the above reports
19) After 21 days you should know if finance is ok and if the building is safe to occupy
20) Your solicitor is notified at this stage, by us and by you, that the finance is ok. You confirm with your solicitor that you are happy to proceed to UNCONDITIONAL status
21) Now it is the turn of your solicitor to arrange stuff like
22) Searches such as Main Road, Contaminated Lands, Ergon, Title, Rates, etc
23) They will co-ordinate the legal stuff and talk to the other parties solicitors
24) In the mean time the loan docs arrive in the mail and you sign these with your solicitor or your loan broker and return these to the bank asap
25) Two (2) days before settlement you should get a call from the solicitor to arrange for your balance of the deposit and your fees to be paid to them so they are ready for settlement day.
26) Settlement is arranged by the solicitor to meet the date on the contract
27) You are entitled to and should do a pre-settlement inspection…make sure the house is clean and all the inclusions are still there
28) The banks and solicitors for all parties attend settlement and you get the keys to the house