Buying Advice

111009_amendolia_broadview_186.jpgPurchasing a property is one of the biggest decisions that we make in life. We undertake our research and invest an immense amount of time and energy in the process. When we identify the property that is right for us, it is important to be ready to proceed in a timely manner. There are two main methods of purchasing a property, Private Treaty and Auction.

Private Treaty

When considering the purchase of a property, a prospective purchaser should:

  • have their solicitor or conveyancer review the Contract for the Sale of Land,
  • have their solicitor or conveyancer request any amendments to the Contract for the Sale of Land with the vendor's solicitor or conveyancer. Any agreed amendments can then be incorporated into the contract upon exchange,
  • ensure that finance for their purchase, if required, has been approved,
  • ensure that sufficient funds are held in their bank account to enable payment of the deposit,
  • be satisfied with any building or strata report that has been undertaken; and
  • submit their offer in writing to the real estate agent.

Auction

Before auction day, a prospective purchaser should:

  • have their solicitor or conveyancer review the Contract for Sale of Land,
  • have their solicitor or conveyancer request any amendments to the Contract for the Sale of Land with the vendor's solicitor or conveyancer. Any agreed amendments can then be incorporated into the contract upon exchange if they are the successful bidder,
  • ensure that finance for their purchase, if required, has been approved,
  • ensure that sufficient funds are held in their bank account to enable payment of the deposit,
  • be satisfied with any building or strata report that has been undertaken,
  • advise the real estate agent of their intention or their nominee’s intention to bid at the auction; and
  • ensure that they provide the correct form of identification as outlined by NSW Fair Trading.

Please note that the above information is provided as a guide only. All prospective purchasers should rely on their own enquiries.