Buying a house need not be difficult. For a smooth sailing process, it only requires 3 P’s: A good Plan, enough Preparation, and Patience.
Especially if you are a first time home buyer, it is essential that from the very start, even as early as the moment you decided you want to buy a house, you should already have an idea regarding the whole process involved in purchasing a house.
What’s the starting point? What’s the first thing you need to do? How do you do it? Is there somebody who can help you?
Here’s a step by step guide to help home buyers have a little idea about the process of buying a house.
Be ready with the deposit.
When you are buying a house, lenders will expect you to have money for deposit (unless you are applying for a No Deposit Home Loan). The amount of the deposit is usually around 20% of the purchase price of the property.
The Contract
Now you have the deposit ready, and assuming you have found the house you want to buy, the contract of sale follows. The contract will outline all the details of the sale; details about zoning; sewerage; and the title of the property. Upon receipt of the Contract of Sale, you and the seller will be required to affix your signatures in your copies, and then exchange the contracts.
Work on the Property Insurance and Inspections.
The next step is to arrange for the insurance of the property and the inspections. Note that at this stage of the process, you are still free to withdraw out of the sale, but if you do, you have to pay a fee.
Cooling off period.
Once the contracts are signed, the next phase is the “cooling off” period. This period is designed to afford the buyer (you) to reflect on the purchase, and give you enough time to decide whether you really want to proceed with the sale.
Cooling off details differ from state to state, and do not apply to properties sold at auctions.
Conveyancing.
Immediately after the cooling off period, and once the buyer has declared his intent to pursue with the process, a conveyancer will be invited to have a look at all the specifics. The conveyancer’s main role is to facilitate the transfer of the title of the property. Moreover, the conveyancer will also look at the details of the contact and make sure that all is in order. The conveyancing may be conducted by a conveyancer, a solicitor, or yourself.
A Conveyancer’s duty includes the following:
- Ensure that the rates and taxes on the property have been paid and you, the buyer, will not have to pay them;
- Ensure that property has no money owing on it and that the seller is legally entitled to sell the property.
Your Role (as the Buyer)
When you get a conveyancer, you will have to put in order the building certificates, the surveyor’s reports, and the zoning details.
The Settlement. The moment everything is done with – you can begin to settle the sale and obtain the keys to your new home.
To recap, when you are buying a home, you need to prepare a deposit, get a conveyancer, sign the contact, and settle the sale of the property. Then the house is finally yours.
This is a guest post by Siena Lombardi who is a writer for Phoenix kiosk, a kiosk manufacturer firm in Tempe, AZ. Phoenix Kiosk offers custom kiosks and medical kiosks for organizations.
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