1. Speak with your mortgage broker or bank to arrange the best loan to suit your needs.
2. Prepare a short list of preferred suburbs that suit your lifestyle, bearing in mind affordability and accommodation requirements.
3. Research sales in those preferred suburbs. Inspect every property in your preferred suburb so you have a feel for the prices. Attend all open homes in the area.
4. Develop a relationship with one of our professional team who specialise in your preferred area. Your First Meridien Realty Sales Consultant will be able to advise you of any additional information you may need and also inform you how you can register on our database to automatically receive a weekly schedule of all the upcoming open homes.
5. When you find a property that suits your requirements, make an offer to your First Meridien Sales Consultant.
6. Once a price has been negotiated make arrangements with your Consultant to sign a Contact For Sale and pay a deposit equivalent to 0.25% of the agreed sale price. The vendor will also sign a duplicate contract and they will be forwarded to your chosen solicitor/conveyancer and the vendors legal representative. This means that contracts have now been exchanged conditionally.
7.You have now entered into what is know as the 'cooling-off' period. The standard length is 5 days, but if you feel you might require longer to get your paperwork in order a 10 day cooling-off can be requested and will be granted at the discretion of the vendor.
8. During this cooling off period your solicitor/conveyancer can arrange building and/or pest inspections to be carried out on the property make sure you are aware of any possible major defects. Your bank or financial institution may wish to carry out a property valuation at this time.
9. Following your solicitors or conveyancer's advice on the sale contract and taking into consideration the building reports, you are now able to make an informed decision to proceed with the purchase of the property.
10. At the end of the cooling-off period the balance of the 10% deposit will fall due. Once the cooling-off expires and you have paid your deposit the contract to purchase have now become unconditional. Your deposit will be held in a trust account until settlement.
12. On settlement day, or the day prior it is advisable that you do a final inspection before settlement takes place. This is to ensure that the property is in the same condition as when you last inspected it, and that all inclusions are as per the contract you signed.