Page 44 - Real estate: a guide for buyers and sellers

Real estate: A guide for buyers and sellers

Buyer’s checklist

[[ Have you worked out your budget? For most buyers this means finding out
if you are eligible for a loan and the amount of the loan. If you buy at auction
you will need a pre-approved loan, as the property will not be offered subject
to finance.

[[ Have you selected your preferred suburb or location?
[[ What features are you looking for in a property

(for example, number and size of bedrooms)?
[[ Have you inspected similar properties in the area and found out how much

they sold for?
[[ Do you understand the differences between a private sale and an auction?
[[ Does the property require building and pest inspections?
[[ Will you need to make the purchase subject to these inspections?
[[ Has your legal practitioner or conveyancer checked over the section 32

(vendor’s statement) and the contract of sale?
[[ Have you developed a strategy for bidding at auction or for making an offer

for a private sale?
[[ Are you clear about your cooling-off rights (if any)?
[[ Do you need to check with the agent about any items that appear to be

fixtures of the property but could instead be items (personal chattels) that the
vendor may remove at settlement?
[[ Do you have your deposit organised to be paid when required by the agent?
[[ Have you checked that all items you believe come with the property are in
good working order and ensured they are in the contract of sale?
[[ Have you checked those items on final inspection?
[[ If you have decided to do your own conveyancing, have you purchased a kit?

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