Introduction
Introduction
1. What type of unit are you looking for? and what are the prerequisites?
It may be a unit on the lower floors or possibly higher with views. How many
bedrooms do you need? Are you prepared to renovate or make personal changes?
2. What is your budget? Knowing how much you can borrow or how much you are
comfortable spending is essential. Everybody should be working to a budget. If
you will be obtaining finance it helps to speak with your financier sooner
rather than later.
You should also be aware of the body corporate fees which are ongoing
costs for living in the Q1 tower and can affect your budget. A simple phone
call to your bank, lending institution or mortgage broker will get the ball
rolling. Having finance approval in place can expedite the whole process.
3. What Section of Q1 are you looking in? Narrowing your search down to a
specific section will help you immensely. It will allow you to focus your
attention on that particular section of the tower which suits your budget.
4. Do your homework. Prices will vary from level to level and obviously the
unit size. Before you commit to buying a property you should be familiar with
prices in your chosen section. This awareness will allow you to make an
informed decision and one you are comfortable with.
Buying your
new Property
Guide to Buying
Being Prepared
Buying your new Property
The
search for a new Luxury Unit can be both
exciting and stressful. It is not unusual to meet people who have been 'Property
hunting' for several months. It can be an all consuming task, occupying your
weekends and constantly being at the forefront of your mind. There are also
those people who only look at a few Apartments before finding and buying their
new Property.
There are a few issues to be aware of when buying property as well as a couple
of tips to make the process a little easier and perhaps more productive.
Being Prepared
Before you start your search there are a few questions you should have answers
to:
Okay, the search may be over, you have found a suitable property. What do you
do next?
Assuming the property is 'For Sale' at a price, as opposed to a property going
to 'Auction' you should make an offer.
It is common practice for an 'offer' to be formally presented in contract form.
This contract is a legally binding contract. Understanding the process is
important. In Queensland the real estate agent not only negotiates the price
but also does up the 'Contract of Sale'. This contract should be a standard
format put together by the QLD law society and the REIQ. Once the terms have
been agreed upon by the seller and the buyer it is signed and forwarded on to
the respective solicitors.
Within the 'contract of sale' there are provisions to make the contract subject
to and conditional upon a satisfactory Building and Pest inspection as well as
a finance clause. If you are unable to obtain finance within a specified time
frame, on terms satisfactory to yourself, the contract can be terminated
without penalty. It is advised you read the conditions and understand the terms
of the contract. Speak with your solicitor for further clarification.
There is also a mandatory 'Cooling off' period of five (5) business days. The
buyer has the right to terminate the contract within this period if they so
choose. There is a termination penalty of .25% of the purchase price. This
equates to $250 for every $100,000.00
If you purchase a unit under 'Auction' conditions it is usually an
unconditional contract. That is, you do not have a 'cooling off ' period, nor
is the contract subject to Finance or Building and Pest inspections. You own it,
so make sure you read the Terms and Conditions before bidding.
The standard settlement period for residential property is 30 days. This is
negotiable.
Buying a property, whether it is your first of your fifth can be a stressful
process. At Q1Realty we understand and appreciate what you are going through.
We aim to make the process a little easier and a lot more enjoyable. If you
have any questions or concerns we are always available to help. The most
effective way to contact us if a suitable property is listed is give us a call
or alternatively email us on sales@q1realty.com.au
