Our experienced team is available to assist and guide you through every stage of the buying process, from start to finish!
“We understand that buying a property can be one of the most financially important and personally significant decisions that you will face, and our aim is to keep you fully informed and up-to-date each step of the way.”
We have prepared the following list to help you get started and to give an overview of the buying process, however please feel welcome to talk to us or ask for additional information at any time.
1. Be prepared
Speak with your financier or a NSW Lending specialist to determine your budget and arrange the best loan to suit your needs. Make sure that you’re ready to act when you find the right property!
2. Plan your purchase
Prepare a short list of preferred areas that suit your lifestyle or investment objectives, as well as a list of essential property features and desirable extras. Keep in mind that most buyers end up making some sort of compromise, so having a planned approach and focusing on what’s really important will help you to make the best decision.
3. Know the market
Inspect as many properties as possible in your preferred area to get a feel for market prices. You can increase your market knowledge by researching recent selling prices on real estate websites or using the Recent Sales section of our website.
4. Seek expert advice
Develop a relationship with an Alliance Real Estate Sales Agent. We welcome the opportunity to assist you with your search, as well as being able to offer additional advice and alerting you to new listings before they reach the media.
5. Understand your rights
Visit the NSW Fair Trading website to obtain a copy of their fact sheets on buying and selling property, to better understand your rights as a buyer. If you’re planning on bidding at auction, we recommend you read their ‘Bidder’s Guide’ fact sheet before you attend the auction.
6. Check the sales contract
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.
7. Arrange Building & Pest Inspections
We recommend that you arrange a building and pest inspection to make you aware of any major defects and pest concerns eg: structural defects or termite activity.
8. Submit your proposal to purchase
Following your solicitors or conveyancers advice on the sale contract, and taking into consideration the building and pest reports, you are now able to make an informed decision to proceed with a proposal to purchase the property through the agent.
9. Exchange Contracts
Once negotiations have been finalised and your offer has been accepted by the vendor, you will sign the sale contract and pay a deposit. The type of sale determines the deposit amount required when signing the contract. Your agent will explain the conditions of sale including cooling off rights or unconditional sales. The vendor signs their copy of the sale contract, and both contracts are sent to the solicitor/conveyancers for exchange.
The sale will be unconditional and proceed towards settlement when the full 10% deposit of the sale price has been paid, which is held in trust until settlement.
Note: It’s important to be aware that up until the ‘exchange’ has taken place, agents are legally obliged to submit all proposals from other buyers to the vendor, and there is a risk that the property could be sold to someone else.
Prior to 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.
Upon settlement, monies will be transferred to the vendor, and you will receive the keys to the property. Congratulations!