Purchasing real estate can take you on an emotional rollercoaster. It starts off as an exciting process, but it’s not uncommon to feel confused and ready to give up in the end. We understand that buying property is often a once-in-a-lifetime experience, and we want to ensure it’s a journey you look back on without any regrets or lingering questions
Our Aim
At Hill & Viteri Property, our aim is to provide you with the most satisfactory service. We want to make buying property a little bit easier and transform the entire process into a smooth and memorable transaction. Here, we will guide you through the buying process should you choose to purchase a property through Hill & Viteri Property.
To help us understand your requirements, we will ask you a few questions, including:
- The actual price you wish to purchase the property
- The settlement period you would require
- The name of your Solicitor/Conveyancer
- The name of your bank or lending institution
- Any special conditions or requests you may have
- The method by which you choose to pay your deposit
- The inclusions being left by the owner on settlement
Once we have this information, we will be ready to put forward your offer to the property owner.
Frequently Asked Questions
The cooling-off period is a protective measure in property transactions. By signing a five-day cooling-off period, you gain full protection against:
- The Vendor pulling out of the sale
- Another purchaser paying more for the property (gazumping)
- Any government body wishing to purchase the property
During this cooling-off period, the purchaser has complete control and time to ensure that everything meets their expectations. However, please note that if the purchaser decides to pull out of the contract during the cooling-off period, they will forfeit the 0.25% deposit paid when signing the contracts.
The cooling-off period allows the purchaser to organise inspections and reports, review the contract and finalise written finance approvals.
How do we exchange contracts?
The only way to buy a house or property in Sutherland Shire is by exchanging contracts. There are two methods to consider:
Unconditional exchange
This method involves your solicitor signing a 66W certificate, which waives any cooling-off periods and establishes an instant, legally binding relationship between both parties. In this case, a 10% deposit must be paid unless another amount has been agreed upon.
Once the contracts are exchanged, there is no turning back, and failure to proceed will result in the loss of the full 10% deposit. This option also applies when bidding at an auction, as there is no cooling-off period.
Exchange with a cooling-off
As explained above, the cooling-off period lasts for five business days, allowing the purchaser the right to rescind the contract for any reason (forfeiting the 0.25% deposit). This period begins upon exchange and ends on the fifth working day at 5 pm. The Vendor may extend this period by a clause in the contract or by notice in writing given before the end of the period.
General Tips
Making an Offer
If you want to make an offer, be certain that you can follow through by having the following items confirmed.
- A pre-approval of finance from your bank or lending institution
- Your own property sold, or at least had its value assessed for a possible sale
- You have a solicitor or Conveyancer selected
- Determine how you will be paying the deposits
Pest and Building Reports
Before buying a property, it is important to obtain a pest and building report from a qualified inspector.
Here at Hill & Viteri Property, we understand that it is an extra cost to you. For most of our auction properties, where possible, we will provide a copy of the pest and building report for you to have a look at. However, if you decide to proceed with the property to buy, we recommend you purchase a copy of the report.
Bank Valuations
If your bank or lending institution requests a valuation by a registered property valuer, there’s no need to be alarmed. This is a normal practice and serves as confirmation of the sale price. It’s not unusual for the bank valuation to be less than the sale price of the property to buy since bank valuations are typically conservative to protect against market fluctuations.
Buying At Auction
If you intend to buy at auction or through a 66W certificate, make sure all the above requirements are in place. Auction day is final, and if you are the highest bidder above the reserve price, you will be required to sign an unconditional contract, pay the 10% deposit and proceed with the buying of the property. Negotiations through solicitors can modify conditions to the contract, such as a 5% deposit and adjusted settlement terms.
What it all means…
The key to a successful property purchase is being prepared. Understand your rights and have everything ready. By following the advice in this guide, as well as consulting with your solicitor and our Hill & Viteri Property agent, you’ll be well on your way to purchasing your new home.
If you’re considering buying a property with another company and need some advice, feel free to reach out to the Hill & Viteri Property team. We’re here to answer any questions you may have.
Ready to start your property buying journey? Remember, at Hill & Viteri Property, we’re committed to making a meaningful difference in your life by helping you find the perfect property to buy in the Sutherland Shire.