Buying a property is a significant step in your life, so no doubt it can be daunting. Being such a huge investment, the process can be terrifying if you’re a first-time homeowner.
Here’s how to prepare for making an offer for a property.
Do your research
Before making a reasonable offer, be sure you’ve done your research on the price range in the area. Price comparisons are a good starting point when considering making an offer. You can also talk with the local council about developments in the area and how those will affect the value of the property in the future.
Get legal advice
Getting a conveyancer in Cairns to review the Contract of Sale ensures that your best interests are protected during the process. The conveyancer will go through the details of the document. They will ensure that the title is free of any caveats, restrictions or outstanding monies owed against the property that can affect you once the settlement has been finalised.
Inspect the property
Inspecting the property is a critical step that helps you check the structural integrity of the property. You can also check for hidden repair issues that may cost you a lot of money down the line. Flagging such issues, as long as they’re reasonable, helps to negotiate a discounted offer too.
Getting pre-approval confirms your lending capacity and determines your financial limits when negotiating the final price you’re prepared to offer. You will need assistance from your bank for a full assessment of your financial situation.
Draft and make your offer
Draft an offer in the form of a contract or a purchase and sale agreement. Your conveyancer can arrange this for you so all you’ll have to do is sign. If the seller accepts and signs, the contract becomes legally binding and it is then a key part of the transaction paperwork.
It’s common for the process to take a few turnarounds for negotiations, with the buyer and the seller providing offers and counteroffers. Negotiations cover not only the price but also other details such as repairs, contingencies and closing timeline.
Finding a dependable lawyer in Cairns
For enquiries, feel free to call (07) 4081 6700.