YOUR JOURNEY, STARTS HERE…
Searching for the perfect home is an exciting and fulfilling adventure. Whether you’re a first-time buyer or well versed in all things Real Estate, the following information will guide you through the process of finding your first home, next home, dream home, or investment property.
Let us help you embark on this remarkable journey towards finding the one.
Arranging finance approval can be a daunting task, particularly when you are new to the game. We recommend starting by making an appointment with your home lending manager, along with taking the time to chat with a finance broker who may be able to suggest other lending options for you to consider.
Obtaining pre-approval for a home loan is a helpful step in the home buying process; giving you a clear understanding of your borrowing capacity and helping you establish a realistic budget for your home search. A pre-approval can also help you gain a competitive edge as sellers view you as a serious and qualified buyer when submitting your offer. Additionally, your pre-approval can enable you to negotiate more effectively and navigate the homebuying journey with greater clarity, confidence, and a higher likelihood of securing your dream home.
Once you know your budget, you can take the next step!
Thorough research of potential locations is crucial; choosing the right area to call home is just as important as finding the perfect property. Affordability plays a major role in what you ultimately purchase, so work out your buying criteria and ensure that you have a realistic budget for the area and home you’re searching for; or if you need to consider compromising on some items on the wish list.
First up, register your details with Adcock Real Estate; being an Adcock Registered Buyer allows you access to exclusive off-market listings and ensures you are amongst the first to know of any new properties that match your preferences.
We also recommend following Adcock Real Estate on our socials! Stay connected and be the first to catch exclusive sneak peeks, discover new properties and unlock content on our exciting social media platforms.
Register your requirements on realestate.com.au; this will allow you to receive tailored alerts and notifications whenever a property matching your criteria becomes available, saving you time and effort in searching each day. Registering your requirements on realestate.com.au enhances your property search experience and increases your chances of finding your ideal home.
This is an exciting time; let’s discuss the next steps to purchase the property!
This process can be different for each property and managed differently by different Agents, so it is important to have a conversation with the Agent selling the property and advise them that you would like to submit an offer.
When making an offer you will need to consider the price that you are prepared to offer for the property along with any conditions required, settlement timeframes and a deposit amount.
When placing an offer, provide as much information as possible around your conditions to help the Agent present your offer in the best way to their Vendor. Details such as pre-approvals, timeframes required for finance, along with your finance brokers’ details can all assist in a Vendor feeling confident that your offer is strong.
The offer you have submitted will now start the negotiation process.
Should the Agent advise you that there are multiple offers on the property, they may ask you to submit your “Best and Final Offer”. In this scenario you will be required to offer the highest amount you are prepared to pay for the property. At this point, we would advise you to have a conversation with the Agent you are dealing with to obtain a full understanding of the sale process for this particular property.
Congratulations on having your offer accepted! It is now time to move forward with the next steps to ensure a smooth and successful transaction.
The Agent will confirm all the details with you and prepare the Contract. Once you have received the Contract you will be required to sign the document to secure the property.
Once both you and the Vendor have signed the Contract, the Form 1 will be served and the Cooling Off period will commence. You will now have 2 clear business days to complete your due diligence regarding the property. On the next business day, after the completion of the Cooling Off period, your deposit will be payable. We would also recommend arranging building insurance on the property.
If the Contract is subject to your finance approval you must provide a copy of the Contract to your broker straight away so that you can meet the timeframes within the Contract.
Once all the conditions are met, the Contract will be deemed unconditional, and you will need to provide your Conveyancers details to the Agent.
From this point your Conveyancer will guide you through until settlement. The Agent you are purchasing through will also be on hand to answer any questions and provide further information around their
settlement procedures e.g., collection of keys, arranging handover etc.
What is a Conveyancer & do I need one?
A Conveyancer is a licensed professional who specializes in property and contract law and assists with the legal aspects of buying and selling property. They are responsible for handling the transfer of property ownership from the seller to the buyer and you will be required to engage a Conveyancer to act on your behalf when buying or selling a property.
What is stamp duty?
Stamp duty is a state government tax imposed on certain transactions, including the purchase of a property in South Australia. When buying a house, you will be required to pay stamp duty as part of the overall cost of the property transaction.
To calculate the stamp duty payable for a residential property inSouth Australia, you can use the online stamp duty calculator provided by the State Revenue Office of South Australia.
What is the Cooling Off period?
The Cooling Off period is 2 clear business days (in South Australia) which commences when the Form 1 is served after the signing of the Contract. This is your opportunity to complete your due diligence around the property. Things such as taking the time to read through the Form 1 and any building/pest inspection reports to ensure the property still meets your criteria. This is your last chance for any change of mind without any potential legal or financial consequences.
What sort of deposit should I submit in my offer?
If purchasing under Auction conditions, it is an expectation that the deposit amount is 10% of the purchase price.
When purchasing by Private Treaty the deposit amount is negotiable and must be deposited into the Trust Account on the first business day after the Cooling Off period.
Do I need a building and pest inspection?
A building and pest inspection is not a legal requirement, however, keep in mind that the Agent is not a builder and will not be qualified to answer questions about the structural integrity of the building. We would always recommend obtaining a building and pest inspection.
What if I’m buying at Auction?
The standard Auction conditions are a 30-day settlement, no Cooling Off period, 10% deposit and no conditions attached to the Contract. This means any finance or building inspections required will need to be arranged prior to Auction Day. Should you require any adjustments to these standard Auction conditions; these will need to be arranged with the Agent prior to Auction Day.