Who is involved in a property purchase?
Buying a property is more complex than most other purchases you’ll ever make. Here are the different parties who may be involved in your home-buying process and how you can leverage their valuable experience and knowledge.
Brokers act as a liaison between you and the lender and at Sattouts we have a team of brokers who can help you. They will find out about your finances and your property goals, and search for and negotiate a loan product that matches your needs. Not only will they do the legwork and ensure your loan is processed as smoothly as possible, but they are there to guide you throughout the entire process.
Real estate agent
Unless you’re working with a private vendor, meeting a real estate agent is inevitable when it comes to purchasing a property.
Hired by the vendor, or seller, the real estate agent’s role is to advise the vendor on preparing the property for sale, market and communicate about the property, and negotiate with potential buyers.
A property purchase is a high-value purchase and long-term financial commitment making risk management vital. Insurance, including mortgage protection and property insurance, will help you avoid being hit with a major financial burden should anything not go according to plan. Many finance brokers can deal with insurance as well or will recommend an insurance broker who can.
The legal aspect of a property purchase is taken care of by a licensed and qualified conveyancer. If they are a solicitor, they can also provide legal advice.
Their role is to prepare the documents to ensure that transfer of ownership of the property has met the legal requirements in your state or territory.
Knowing the value of a property is essential in a loan application, so a valuer can play a huge role in the property buying process. A lender will often engage an impartial valuer to ensure that the buyer and the lender will know what loan amount may be warranted. The value is based on the property and location, as well as the current market.
Pest and building inspectors
Without the services of pest and building inspectors, a homebuyer’s worst nightmare – finding out the property they have bought requires costly renovations or pest treatment – may come true. Organising a pre-purchase inspection is essential.
If the property requires structural, wiring or repair work, these inspections can stop you from making a costly mistake or, if the property is still your dream home but just needs a little work, can provide a valuable bargaining chip.
A buyers agent is a registered real estate who can act on your behalf when you are purchasing a property. Many buyers agents offer a range of services - from auction attendance to a full search and due diligence process. Our team work a range of Buyers Agent and are happy to make a recommendation based on your individual needs.
When you are purchasing property it is important to have a discussion with your tax agent. If you are purchasing an investment property, or may plan to convert the property to investment later, it is worthwhile to understand the tax implications as early as possible. Matthew or Sam would be happy to help!
Get in touch today to find out more about how The Sattout Group can help you purchase a property.