Buying a Home – FAQ’s

Buying a home is the biggest investment you’ll ever make. And you don’t do it often! That means there’s often a heap of questions…What do you have to think about? How can I prepare? That’s where we can help!

Property is our jam, our passion. So, we’ve prepared a list of common questions and some facts to help you on your journey.

I need to get finance. What happens if I don’t get finance on time?

The biggest thing when applying for finance is to be organised. Have all your info handy – pay slips, ID, assets, expenses. All the things.

Even the best laid plans can go astray for several reasons. So, if things don’t go to plan you can request and negotiate an extension of time to satisfy the finance condition in the worst case. This is then formally agreed with a variation to contract.

If an agreement can’t be made, the contract continues in full force & effect until either the Seller issues a notice of termination, or you receive approval.

Can I withdraw my offer?

You can withdraw your offer until the seller signs on the dotted line and you’ve been told about it.

Can a seller deal with multiple offers?

Yes, they can. And in this market, it’s not uncommon.

The seller doesn’t have to consider offers in a set order, basically they will review all offers and select which offer they want to deal with.

The Agent will notify you that you are in a multiple offer situation, either when the additional offers are received or at the time of signing. In that situation, you’re encouraged to present your best offer.

You might not get the opportunity to negotiate, or receive a counteroffer, so if you’re in this situation it’s always best to put your best foot forward.

How long after Settlement do I get given keys to my new home?

If the property you’ve bought is owner occupied (i.e the seller lives in it), under Condition 6.3a) of the Joint Form they’ve got until 12 noon the next day to hand over keys. Many will strive to have keys ready to handover at or just after settlement.

If the property you’ve purchased is an investment property and vacant possession is required under the contract, keys must be handed over at settlement (once confirmation of settlement is received by all parties).

Where you buy an investment property with a lease in place, that lease continues after settlement until the end of the agreement. Any keys will be handed to you or your nominated property manager once settlement has gone through.

What’s the Joint Form?

The Joint Form of General Conditions for the Sale of Land are conditions are already written into your contract to purchase. The Real Estate Institute of WA (REIWA) summarises them perfectly here

Who pays for the building & pest inspection?

If you choose to get these done, you’ve got to incorporate it as part of your contract. These inspections are completed at your expense as the Buyer.

The reports give you peace of mind that the home is structurally sound, and that there have been no termite attacks, so we think they’re worth the cost most of the time.

Do I need a settlement agent?

In short – no. You can represent yourself in a property settlement. However, much like a real estate agent, a settlement agent takes care of all of the hard work and stress for you – so why wouldn’t you want to use one? There’s a lot of legal paperwork and processes to follow and they make it all a breeze!

Do I need to know my settlement agent details when I sign the contract?

No – but you need to pick one smartly if you don’t. Your contract to purchase a property must be lodged for Stamp Duty assessment within 60 days from the contract date (the latest date on the contract). So, it’s important you pick one at the earliest opportunity, so you don’t delay this lodgement. It might cost you more for a late lodgement and no body’s got time for that!

Not sure what a settlement agent is? Check out our blog here for more detail.

Still have questions?

That’s what we’re here for! Let us help you make your next move. Get in touch with our team today on 9755 8234 so we can help you on your journey.