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Frequently Asked Questions
how much deposit do I need?
Generally a fair deposit is between 5 – 10% of the purchase price. This can be negotiated between the buyer and seller.
Why should I carry out a final inspection on the property I a buying?
No matter how excited you are about purchasing your new property, it is prudent to undertake a final inspection to ensure that the property is still in the same condition it was when you negotiated the deal.
Normally a final inspection is carried out a day or two before the day of settlement.
How do I make an offer to purchase a property?
All offers to purchase are generally made in writing to a Dawn Properties . When an offer is made in writing it shows genuine interest in the property to the property seller. Some Vendors are happy with verbal offers followed by a written offer. Download an Offer to Purchase document here.
What factors determine the price of a property?
- Recent sales which usually means sales in the past 6 -12 months
- The property location can influence what someone is willing to pay. For example is the property near bitumen roads, transport, desirable school zones, shops, parks and recreation areas.
- The condition of the house, sheds and property will of course influence price.
- What attributes the property has – dams, bores, fencing, cleared, yards etc..
- Seller motivation – the reason the current owner is selling the property might also play a major role in determining the final cost. If a quick sale is required, vendors have little choice but to accept the best offer at the time without the luxury of waiting for a better deal.
- Economic factors such as interest rates and affordability of real estate property, unemployment rate.
- Confidence of market – Market confidence can be global, national or local and is determined by governments, recessions, and any global financial crisis, droughts, fires and floods.
- Market Competition: if there are a lot of properties and not many buyers, generally buyers have the upper hand. If there are only a few properties and many buyers, then the seller has the upper hand.
What is a Cooling off period?
A cooling off period is usually where one party – usually the buyer – is given a short amount of time after signing and exchanging the contracts to decide if they definitely want to proceed.
The seller is generally bound to the contract and prohibited to sell the property to anyone else during the cooling off period.
A cooling off period is never available at a property auction as auctions are an unconditional exchange of contracts.
What is a building inspection and when is it best to do one?
The Building Inspection Report is a visual assessment of the condition, for major defects only, of the reasonably accessible and visible selected structural elements and fabric of the building at the time of the inspection.
It is best to request a Building Inspection when your offer to purchase has been accepted by the seller of a sale via private treaty, as this will save you the expense if your offer to purchase is not accepted. However, at an Auction it is best to organise a Building Inspection Report prior to the day of the Auction.
Do First home buyers qualify for assistance?
First home buyers may qualify for a reduction or exemption from some government fees, such as stamp duty. Conditions usually apply to this type of exemption and these can vary from state to state. As governments win and lose elections these exemptions and incentives can change, they also regular change when budgets are delivered.
Your state revenue office will be able to provide more information about the different types of government charges and exemptions you may be eligible for as a first home buyer.
What government fees are involved in a property transaction?
While government fees can vary from state to state, you are likely to find that four different kinds of fees may apply to your property transaction.
These may include:
- Stamp duty on the purchase price of your property
- Stamp duty on the loan amount (also known as mortgage duty)
- Mortgage registration fee – which is applicable to property purchases as well as refinances
- Property title transfer fees charged on purchases only
For more information about the types of fees that may apply in your situation, you should contact your state revenue office or your conveyance team.
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