Property Condition

Category: Finance, Real Estate.

If you are going to purchase private real estate and not use a real. estate agent there are certain things you should consider before looking. at any private property.

The date the contract conditions are met, known as unconditional. contract. There are 3 stages to purchasing a property: Signing of the contract including conditions, known as conditional. contract. Settlement date( the day that the buyer gains possession) Before you purchase. Other conditions should. include a building and pest inspections and a finance clause where. finance is required. Purchasing property can be complex and you should consider including in. your purchase conditions a qualified valuation. Costs.

See the Planner on the No Agent property website to assist you to. thoroughly assess costs before you get started. The purchaser of any property in Australia pays stamp duty on the. purchase. Settlement. When settlement takes. place the balance of the contract price is paid to the vendor and the. purchaser receives the title documents to the property and, the keys, of course. The date for settlement is set by both parties. When a mortgage is involved the mortgagee( the lender) pays the money. (loaned) plus any additional accounts( such as rates, water etc. ) to the. seller and receives the title documents to the property. Inspecting.

The lender. retains the title and mortgage documents until the term of the mortgage is. complete. When you are dealing directly with the seller, arrange meeting times. that are suitable to you. Don t. feel pressured into making decisions. You will be establishing a relationship with. the seller so remember to be flexible at all times as they wish to sell. the property as much as you may wish to purchase the property. If you are genuinely interested in. the property, ask for a guided tour, then ask to spend some time just. browsing on your own. Consider proximity of schools, churches, transport, shopping centres or other places of importance to. you.

Take a look at the surrounding area. Calculate any differences in cost or convenience that you may expect. from different properties, as these factors can have a bearing on your. selection of a property. Negotiating a price. Private Sale| Private Real Estate| Homes for sale| Real Estate| Private Property. In most cases there is a negotiating system that will take place during. the contract process, initially the buyer will sign a contract offering. a specific price and in return the seller will either accept the offer. or counter offer with another price. At this. stage the seller will sign and date the contract which then makes both. parties bound by the contract.

This process will continue until. both parties agree on a price and any associated condition. The contract and the buyers deposit cheque. are then lodged with the seller s solicitor or conveyancer who will. retain the deposit in a trust account until settlement takes place. Make yourself aware of structural problems such as cracks in the walls, termite damage or evidence of subsidence. Property condition. Also take note of the. condition of the wiring, plumbing and electrical fittings. Inspectors as their property report may highlight any serious and. potentially costly problems.

It is highly. recommended that you engage the services of a qualified building and pest. Questions to ask the seller. ? How long have you lived here? ? Why are you selling? ? What improvements have been carried out to the property? ? Where is the nearest transport? ?

What are the rates? ? What are the neighbours like? ? How long has the property been on the market? ? Have there been any price reductions? ? Which direction does the property face? ? What fixtures and fittings are included or excluded in the sale? ? Which rooms get the Western sun in the afternoon? ?

Are there any current issues with the property that they are aware. of? ? DISCLAIMER. Where are the nearest schools? This information supplied is general in nature and is to be used and. applied as a guide only. No Agent Property. accepts no responsibility or liability for the use or application of the. information provided. Seek professional advice for detailed advice and. information regarding your specific circumstances.

Copyright Notice. Copyright� 2007 No Agent Property This article is free for reproduction but must be reproduced in its. entirety, including live links& this copyright statement must be. included.

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