05 Oct Property-Buying Basics
Most properties in Sydney are offered for sale through real estate agents.
Buyers should be aware that these selling agents are contractually obliged to represent their vendors’ best interests at all times and to get the highest possible price for their properties. They work for the seller, not the buyer.
Buyers agents like Finders Keepers only ever represent you, the buyer.
You’ll be in a much better position to negotiate or bid with confidence if you have pre-arranged finance for your property purchase. Unlike in some states and countries, Contracts of Sale are usually exchanged unconditionally (and, in Sydney at least, often without any ‘cooling-off’ period), and you’ll then be obliged to complete the purchase.
Legals and conveyancing
You must get a copy of the Contract of Sale for a property and have it reviewed by a solicitor or licensed conveyancer. Your Finders Keepers buyers agent will arrange this for you.
We strongly recommend a professional building and pest inspection for houses or a strata search for apartments. Again, your property consultants will arrange these for you.
Setting the purchase terms
Negotiations often start at the same time, or even before, we complete the due diligence above. If there are any special conditions for the purchase, they should be addressed early. This is particularly true when buying at property auctions.
The NSW Office of Fair Trading has an excellent description of things you need to know about buying property and the key items to be considered.
Of course, when you get Finders Keepers real estate buyers agents to manage your property search and purchase, we’ll advise you on all these issues and make all the necessary arrangements for you.