Typically there are two ways to buy a property that is listed for sale. One is a private treaty and one is an auction.
Regardless of the way you choose to buy your property a conveyancer is here to help you every step of the way.
Private Treaty
The most common way to buy in NSW is by private treaty. A house or unit is advertised for sale, with or without a price and then prospective buyers can negotiate the sale price. This negotiation is usually via the selling agent but it can also be done directly with the seller.
Once a price is agreed upon the contract of sale can be activated via the exchange of contracts. At this time as a buyer, you will have to pay a 10% deposit. A standard contract of sale has a ‘cooling-off period’ in which you can change your mind. Often though the seller will require that you waive this option so they know the sale is locked in.
Your conveyancer will explain the implications of waiving this option or not agreeing to this option. For example not agreeing to this means that the property can be sold to someone else.
Auction
An auction can seem to be a worrying experience, if you are the highest bidder and above the reserve, you will own the property. There is no cooling-off period and you are bound to go through with the purchase then and there.
It is therefore vital that you have your conveyancer view the contract of sale prior to the auction. So long as you stick to your budget and don’t get caught up in the moment an auction is no riskier than a private treaty.
By having your conveyancer view the contract you will be able to identify any terms you are not happy with and have them altered prior to the auction. A conveyancer also ensures that you are buying exactly what you intend to and that it is in the condition that you expect it to be in.
If you do happen to be the winning bid you are able to do so with peace of mind.
Conclusion
Buying property is going to be the single largest purchase that you make. Having the right conveyancer can make it far easier and less stressful.
Contact Nicola at Select Conveyancing for your property purchase.