Who do I need on my team when purchasing a property?
When purchasing any sort of property you will need to deal with more than just the agent that you are buying the property from. It is a good idea to have your team in place ready to go before you have decided on your property.
My team includes:
A Buyer’s Agent is a good idea to use for lots of different reasons.
- first home buyer
- not confident with the buying process
- out of town investor
- time poor
They should be independent from a Real Estate Agent. Make sure your Buyers Agent has experience and market knowledge. Ask them if they are investors themselves. I would be more inclined to trust a Buyer’s Agent if they have invested or purchased property themselves.
Solicitor or Conveyancer
The Solicitor or Conveyancer is hired to look at the Contract of Sale and make sure it is all correct and to complete the transactions of the purchase on your behalf with the Vendor’s Solicitor or Conveyancer.
I always give my Solicitor or Conveyancer a phone call or an email to alert them that I am currently looking at purchasing a property and that if we were interested in a property we will have a Contract of Sale sent to their office.
Building and Pest Inspector
A Building Inspection is aimed at giving you a report stating any structural issues or damage to the property.
The Pest Inspection is aimed at giving you a report to help you discover if there are any pests that have caused or are causing any damage to the property.
Remember, that a Building and Pest Report is supposed to bring up all the flaws in the property. That is what it is meant to do. In some cases those flaws or problems maybe too great to tackle and it may be best to walk away from the purchase. However in other cases the flaws or problems are consistent with the age of the building etc and are easily fixed. For example, the timber fence is old and needs replacing. This is a flaw and a problem. Can it be fixed? Yes. Will it be an issue to fix? In most cases not.
Also remember that the Building and Pest Inspector has to be as detailed as they can be to make sure there are no repercussions from an inadequate report.
My Mortgage Broker is always aware of any offer I am about to make on a property. Is he sick of me ringing each time I make an offer and I’m not successful? Maybe, but it is better than not communicating with him and making an incorrect offer on a property. His job is to make sure that my pre-approval is current and he is ready to go once my offer had been accepted.
Some property purchases may need more people to be on your team. Always go with your gut feeling when choosing your team. Make sure you feel comfortable with them. Make sure they are the type of people who have time for you and will explain things properly to you.
It is a big step to purchase a property and you want it to be as smooth as possible.
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