embark

You are ready to purchase your first or next property so these are your first steps:

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• Organise pre-approval of your finance.

• Make sure you have your deposit ready (a rough guide is 10% of the purchase price).

• Start researching Settlement agents (they are very important for you as a buyer).

• Dedicate time to your property search by attending home opens and browsing websites.

• If you particularly like a property don’t wait for the home open - ask for a private viewing.

• Register with several local agents for new listing alerts.

• Start reading the Joint Form of General Conditions for the Sale of Land which forms part of every property purchase in WA (a long but important document).

• Read REIWA’s Structural and Termite Annexures so you understand what they cover (every property purchase should include both).

 

Next, it’s time for a deep dive into the properties you find most interesting with these next few steps. These steps are about gathering as much information as you can on any of your shortlisted properties. You may want to do some of these prior to your first inspection but certainly before the second viewing. This way, you only need to decide ‘Yes’.

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• Ask for a copy of all the title documents (you’re looking for caveats, easements, bylaws etc).

• Ask for a copy of all Strata documents including the Precontractural Strata Disclosure Statement, most recent AGM Minutes, financial statement and any Bylaw changes.

• Ask the agent if there are any material facts they should disclose.

• Ask for a list of recent comparable sales and current listings to ascertain value.

• Ask if there is a Seller's Disclosure Statement available.

• Walk past the property at different times of the day and take the chance to speak to neighbours.

• Give the address to your finance provider and settlement agent for their advice (sometimes they have online valuation tools that can be helpful).

• Contact the local council regarding anything happening in the area such as zoning changes or restrictions (eg ‘Local Planning Scheme 7’ in the City of South Perth).

• Have a look at Google maps to get a bird’s eye view of what is around the property (In the excitement, you might overlook what is behind the property).

• When you’re happy with everything, you can be confident to make your offer (Feel free to use our Draft Offer & Acceptance document with any agency).

 

If there is anything in here that you are unsure of or would like to have a chat about, please feel free to reach out - I would be more than happy to explain in more detail.