Advice
Typical Timeline of a Property Purchase
14/04/2015 15:41 | Source: yourmortgage.com.au
Buying a home is a huge financial decision. There are so many things to think about so it can be difficult to know where to start. We introduce you a brief timeline of a property purchase.

The process of buying a property usually takes from as little as six weeks to a few months. It depends on how quickly different stages of the buying process are completed. During that time, you will need to pay several different costs along the way.

Buying a home is one of the most stressful things you can do. But knowing what to do and when will make the ride much smoother.

Here are the key stages of buying a new home:

Stage 1 (Week 1)

Once you have found your dream home, you need to make an offer for it. The offer will usually be made through real estate agent and will be subject to a survey and contract. When your offer has been accepted by the seller, the process really begins.
If you are getting a mortgage, you need to speak to your broker or lender and ask them to sort out your mortgage application. You will then need to give them paperwork that clearly shows your income and any other outgoings you have. If you are a cash buyer, you will need to provide evidence of the money required in your accounts.

Stage 2 (Week 2)

You will need to complete all the legal procedures on the property. You can find a solicitor to help you or do it yourself. You need submit a number of searches to the local authorities in order to find out whether there are any planning problems or local issues that could affect the value of the property or not.

Your lender should arrange for a survey to be carried out on the property just to value the property. Then you will need to arrange your own surveyor to check the house out and see if there are any problems you need to know about.

Stage 3 (Weeks 4 - 6)

If there are no problems with the searches or the survey, then the next step would be to sign and exchange the contracts with the seller. At this point you will need to pay a 10% deposit on the house to show you are committed to the sale, if you pull out after this you won’t get the deposit back.

Stage 4 (Week 6 +)

The final stage of the purchase is called completion. This is when you complete the sale and are given the keys to your brand new home. The timing on this stage can depend on a number of things, such as whether you have notice to give on a rental property, are waiting for the person buying your current home to be ready, or waiting for the occupiers to move out of your new home.

Once you are in, there are a number of things you need to do, including sorting out your home insurance, unpacking boxes, changing the locks and most importantly, settling in to your lovely new home.

Completed!

Buying a house can often be a long and complicated process, so make sure you complete each stage of the timeline one step at a time and have all your finances sorted and a solicitor to help you along the way.