Understanding the buying process
BIDDERS GUIDE
You will not be able to bid at an auction of residential and rural property in NSW unless you give the selling agent your name and address and show proof of your identity. Your details will be recorded by the agent in the Bidders Record and at the auction you will be given a bidder’s number. Registering for an auction does not mean you must bid. Registering simply gives you the right to bid.
For further information regarding “Bidders Guide” in NSW please click link below:
https://www.fairtrading.nsw.gov.au/housing-and-property/buying-and-selling-property/buying-a-property/bidders-guide
BUYING INTO A STRATA SCHEME
A strata scheme is a building or collection of buildings that has been divided into ‘lots’. Lots can be individual units/apartments, townhouses or houses. When a person buys a lot, they own the individual lot and also share the ownership of common property with other lot owners. Common property generally includes things like gardens, external walls, roofs, driveways and stairwells.
For further information regarding “Buying into a Strata Scheme” in NSW please click link below:
https://www.fairtrading.nsw.gov.au/housing-and-property/buying-and-selling-property/buying-a-property/buying-into-a-strata-scheme
BUYING OFF THE PLAN
Properties can be advertised for sale before the building has been constructed. Buying this type of property is known as ‘buying off the plan’. When you buy off the plan, you are paying for a property where the end product may not only differ from your expectations, but be worth less than you have paid by the time it is finished. If you want to buy off the plan, NSW Fair Trading will equip you with the tools to make a decision.
For further information regarding “Buying Off The Plan” in NSW please click link below:
https://www.fairtrading.nsw.gov.au/housing-and-property/buying-and-selling-property/buying-a-property/buying-off-the-plan
BUYING PROPERTY AT AUCTION
An auction is where potential buyers gather to publicly bid for a property. It is usually conducted by an estate agent, acting as an auctioneer and is governed by strict rules.
Buying property at auction is very different to other property purchases. The bidding process is public and if the hammer falls and you are the highest bidder, you have to sign the contract right there and then. This means you must be sure you are bidding on a property that you can buy.
For further information regarding “Buying Property at Auction” in NSW please click link below:
https://www.fairtrading.nsw.gov.au/housing-and-property/buying-and-selling-property/buying-a-property/buying-property-at-an-auction
CONVEYANCING
The legal work involved in preparing the sales contract, mortgage and other related documents, is called conveyancing. While you can do your own conveyancing, most people engage a licensed conveyancer or solicitor.
For further information regarding “Conveyancing” in NSW please click link below:
https://www.fairtrading.nsw.gov.au/housing-and-property/buying-and-selling-property/buying-a-property/conveyancing
GETTING FINANCE
Shop around for a home loan/mortgage provider as you would for any other product that you buy. Loan providers offer different interest rates and different features and services with their loans. Doing your homework could save you thousands of dollars in the long term. You can use a finance/mortgage broker or comparison services to compare home loans and choose a provider.
For further information regarding “Getting Finance” in NSW please click link below:
https://www.fairtrading.nsw.gov.au/housing-and-property/buying-and-selling-property/buying-a-property/getting-finance
MAKING AN OFFER
Buying a property is often the biggest financial decision that a person will make, and making an offer is a significant step in that process. You should be prepared before submitting an offer to the agent or seller.
For further information regarding “Making an Offer” in NSW please click link below:
https://www.fairtrading.nsw.gov.au/housing-and-property/buying-and-selling-property/buying-a-property/making-an-offer