the process of buying

Discussion in 'The Buying & Selling Process' started by HannibalK1ng, 17th Feb, 2016.

Join Australia's most dynamic and respected property investment community
  1. HannibalK1ng

    HannibalK1ng Member

    4th Feb, 2016
    Hi guys,

    First house was off the plan and buying my first investment soon.

    The agent has basically accepted our offer.

    I will be going down later this week for another inspection and then will sign the papers subject to finance and building inspection.

    what are the next steps regarding buying this, ie pay 10% deposit, wait the 60 days pay the rest ect?
    just not sure on the steps ect.

  2. JacM

    JacM VIC Buyer's Agent - Melbourne, Geelong, Ballarat Business Member

    12th Jul, 2015
    Melbourne, Australia
    Hi @HannibalK1ng

    Which state is the property in?

    A couple of comments:
    • You do not have to put down a 10% deposit. The size of deposit and when you pay it is a negotiable matter.
    • You should get a conveyancer or solicitor on board right now and ask them to guide you as to what next. They should also review the contract before you sign it as there may be unfavourable terms in it that they advise you to cross our or amend.
    • Ensure you speak to your mortgage broker to understand how long you need for finance as you'll have to specify a timeframe on the contract.
    • Allow a minimum of 7 days for building and pest but 14 is better. The building and pest people, like everyone else, are busy and may not be able to fit your job in straight away.
    Catalyst likes this.
  3. D.T.

    D.T. Specialist Property Manager Business Member

    13th Jun, 2015
    Adelaide, SA
    Different in every state :)