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The Buying Process

How do I go about buying a property?

To start the ball rolling visit a bank or lending institution and ask to be pre-approved for a mortgage. You do this by making an appointment with a loan officer and providing them accurate information on your income and expenses so that they can work out how much they will lend you.

Call a realtor like me to discuss what you are looking for, where you would like to live as well as what your needs and your wants are. I will be able to give you information on properties that will likely suit you and help you to save time by filtering out the properties that look & sound right but don't really fit the description of what you are looking for.

Once you select a property that you like and decide that you wish to purchase it is time to make a written offer on the property. I advise to do this in writing because it gives you a record of what is offered and agreed and stops confusion later on. It also clarifies the terms and conditions (not just the amount) under which you intend to purchase the property.

Your realtor will be able to provide you with an idea of what the closing costs on your offer will be. These will be calculated on the amount of your offer and this should fall within your pre-approved mortgage amount.

Once your offer is accepted draft contracts for the purchase of the property will be drawn up and will be sent to the lawyer that you choose for review. At this point you will want to have ensure that your have a 10% deposit available for when you sign the contract.

Your lawyer will review the contract details with you and if you are in agreement you will make an appointment to sign the agreement and lodge your deposit.

Once both parties have signed the Sale & Purchase Agreement and the purchaser has lodged the deposit you are said to be in contract. Neither party can withdraw unless certain specified conditions are not met.
It takes about 30 days for a planning search and to complete the sale (provided all the conditions are met).

At completion the mortgage proceeds are generally sent to from the bank to your lawyer who passes them to the vendor’s lawyer insuring any outstanding debts on the property (such as Land Tax) are paid). The conveyance document is signed by the vendor & returned to your lawyer completing the sale & you become the new owner of the property.

Sharon Cranfield

+1 (441) 305-8074 - Cell

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