Do you know the best home buying tips when buying a property?
Here are some home buying tips. A friend was looking for an investment property recently, so I started looking online and choosing a few properties that would suit her criteria. I asked her if she knew what questions to ask when buying a property? She had never bought an investment property before, so I went over the sales process with her and what questions she should be asking the listing Agents. First, we need to establish if the property is being sold by Auction or Private Treaty.
When we buy a property in NSW by law we have a five day cool off period, we can pay quarter of 1% to secure the property while we get our checks done. If at the end of the 5 day cool off period if we do not go ahead with the purchase for whatever reason we forfeit the quarter of 1% of the proposed purchase price. On the other hand when we buy at Auction we have no such cooling off period. The property is sold to the highest bidder and must pay 10% of the purchase price. If you wish to make an offer on a property that is going to Auction it is up to the owner if they will forgo the Auction to accept an offer, the offer would have to be enough for the ownerer to take the properyy off the market and generally you would have to buy under Auction conditions, this just means you would go to your solicitor/conveyancer and sign a 66W this waives your right of a 5 day cool off period after all if you bid for the property at Auction you do not have the 5 day cool off period, hence the phrase to buy under Auction Conditions.
Click here to read about more Home Buying Tips-https://www.realestate.com.au/advice/buying/first-home/
Contact Carolyne for more Home Buying Tips or call 0424 990885
Post By Carolyne Hawkes Northern Beaches Estate Agents