Step 1. Speak with your financier or your home loan consultant to arrange the best loan to suit your needs.
Step 2. Know what you want, prepare a short list of preferred areas that suit your lifestyle. Always consider affordability and accommodation requirements when creating your shortlist.
Step 3. Research sales in those preferred areas using Sydney Morning Herald Price Guide & Tracy Yap Realty's recent sales. Inspect every property in your preferred area so you have a feel for the price. Attend all auctions in the area and Know exactly what your money can buy.
Step 4. Build a rapport with a Tracy Yap Realty agent that specialising in your preferred area. The agent will be able to offer additional advice and also alert you to new listings before they reach the media.
Step 5. When you find a property that suits your requirements, ask your agent to send a copy of the sale contract to your solicitor or conveyancer.
Step 6. Arrange for thorough inspections by building and pest inspectors.
Step 7. Following your legal advice on the sale contract and taking into consideration the building and pest reports, if everything is to your satisfaction, make an offer on the property through your agent.
Step 8. Signed and Sealed. When negotiations have reached their final stage, you will be required to sign the sale contract and arrange payment of the 10% percent deposit. Your deposit will undoubtably be placed in the account until final settlement. The vendor will sign their sale contract and the solicitor or conveyancer/agent will exchange the contracts. If you are bidding at an auction, we recommend you read the Office of Fair Trading's "Bidder's Guide" before you attend the auction. You can find a copy of the Bidder's Guide at www.fairtrading.nsw.gov.au/pdfs/secondarymenus/publications/ftr31.pdf
Step 9. Use your time productively. The period between exchange of contracts and settlement is usually six to eight weeks. Make the most of the wait, and if it is agreeable, arrange for your architect, builder or interior designer to make their assessments. While the vendor is under no obligation to allow access, apart from a pre-settlement inspection, your agent should be able to arrange reasonable additional access.
Step 10. On settlement day, your solicitor or conveyancer may request that you have a pre-settlement inspection before settlement takes place. This is to ensure that the property is in the same condition as when you last inspected it and that all the inclusions are as per the contract you signed.
