Buying a Property?*
Make sure you have:
- worked out your budget
- if you plan to buy at auction, arranged a pre-approved
loan. You cannot make the contract of sale subject to
finance without the vendor's agreement if you buy at
auction - selected your preferred suburb/location
- worked out what features you want in a property (for
example, number and size of bedrooms). - inspected similar properties in the area and checked sale
results in newspapers and online to find out how much
they sold for - understood the differences between a private sale and an
auction - established if the property requires a building and/or
pest inspection. If buying at auction, make sure you get
the inspection report before the auction, as you cannot
put conditions on the contract of sale at an auction
without the vendor's agreement - your legal practitioner or conveyancer check the section
32 vendor’s statement and the contract of sale - developed a strategy for bidding at auction or for
making an offer for a private sale - knowledge about your cooling-off rights
- asked the agent about any items that appear to be
fixtures of the property but could instead be items
(personal chattels), which the seller may remove at
settlement - organised your deposit, so you can pay when required by
the agent - checked all items you believe come with the property are
in good working order and stated on the contract of sale - checked those items on final inspection
Selling a Property?*
Make sure you have:
- researched how much your property is worth
- have a licensed estate agent present you with a
marketing plan and appraise the likely selling
price of your property - asked prospective agents for sales records of
similar properties for comparison - chosen an independent legal representative to
prepare the Section 32 statement (vendor's
statement) - before selecting and signing with your
preferred agent, considered negotiating the rate
of commission and the cost of marketing and
advertising - carefully looked over the sales authority and
other documentation the agent has provided
for you to sign - given written instructions to your agent clearly
stating which items in the property are not to
be included in the sale - agreed with your agent on the price the
property is to be advertised at - in the sales authority, specified the service the
agent is to perform for you - given your agent instructions about the offers
you are willing to consider - discussed and settled the terms of your
proposed contract, including the time for
settlement with your agent, conveyancer or
legal practitioner - before accepting an offer on your property,
discussed the details with your agent - having accepted the offer, confirmed with your
agent that the full deposit stated on the
contract of sale has been paid by the buyer