21 Kearns Crescent, Applecross www.majesticcentral.com.au Ian Barnes P 0423 123 533 E ian@majesticcentral.com.au I hope the above has been helpful and useful. I look forward to helping you get sold in the minimum possible reasonable timeframe with the best possible outcome. Thank you. What you need to know when purchasing a residential property in Western Australia. Tips 1) Get Organised If you want to make an offer, be certain that you can follow through by having the following items confirmed. P A pre-approval of finance from your bank or lending institution. P Your property sold or at least assessed for value and possible sale time. P You have a Settlement Agent selected. P Determine how you will be paying the deposit and associated costs. P An idea of settlement times required before you take possession. P Understanding the Stamp Duty due and when it is payable. 2) Building & Pest Reports As part of any process to purchase a residential property in Western Australia, it is important that you make the offer subject to a building inspection where a written report on the condition of the building is prepared for the buyer and a copy is given to the seller and agent. There are standard annexures for this purpose. Expect this to cost anywhere from $750 to $1,000 (or more depending on what you ask them, to do) and this is paid for by the buyer directly to the qualified contractor of their choosing. There are usually two components to this report. i. Is the property structurally defective? ii. Routine maintenance issues Sellers do not have to rectify every item on the report, unless it is structural. These reports are not an automatic “out” for the buyer. Their purpose is to protect you that you have not bought a lemon. Even homes that are structurally sound will have regular, routine maintenance items consistent with the age of the home. We have never heard of a home, even a brand new one, that doesn’t have some maintenance required. This is quite normal. 3) Bank Valuations Don’t be alarmed if your bank or lending institution requests a valuation by a licensed property valuer. This is normal practice by lending institutions and serves as a confirmation of the agreed sale price. Most offers above $1 Million or where there is 20% or less in equity will usually automatically be “subject to valuation” by the bank. 4) Buying at Auction If you are intending to buy at auction, all the above-mentioned must be in place. The Auction is final. If you turn up to bid and you are the highest bidder past the reserve price, the on-the-market price, you are the instant owner awaiting settlement of that property. Congratulations to you. Summary Preparation is the key. Understand your rights and obligations and have everything in place. If you follow the tips in this document, along with that of your Settlement Agent and your Majestic Central Agent, you will be on your way to securing the right home for you. If you are genuinely looking to purchase a property, the following actions can assist you in the process, and all services we can help you with. 1. An updated appraisal of the likely selling price of your property 2. Preparing your home for sale advice or tips 3. Buyer match or registration service. Let us know what you are after so we can advise of new or “Coming Soon” listings we may have available. Whether you are considering purchasing a property shortly or are currently buying a home through another company and need advice, please feel free to call me with any questions you may have. I will be happy to assist you. Thank you.
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