Your offer has been accepted! Now what?
Firstly? You get a big congratulations from us, this is an enormously exciting step in your home purchasing journey.
You’ve received the call from the listing agent with the great news that the vendors have accepted your offer, and you might be thinking ‘great, what do I do now?’. We’ve put together this handy little guide to step you through the motions to hopefully get you from offer to settlement with ease, enjoyment and zero stress.
#1 Dial your broker
ASAP. Get in touch with your broker and let them know the particulars about the purchase.
With any luck you’ll have a pre-approval waiting in the wings, but if not your broker will begin the process to get your finance approved in full before you go unconditional and put that sold sticker in place.
It’s a great idea to have had these preliminary conversations with your broker before you make an offer to give you the greatest chance of a successful and smooth settlement.
#2 Book your building and pest inspection
A common clause in many contracts of sale, is that the sale is subject to the buyer undertaking a building and pest inspection. As a general rule this is a worthwhile step to take to ensure you know exactly what you’re getting yourself into.
Your Building and Pest Inspection will look at the key components of the building and things like asbestos and the structure of the building to identify any issues which could cause problems in the future, likely very costly problems.
If you don’t know a good inspector? Your broker is a wealth of information, and we have a black book of professionals we are happy to recommend.
#3 Engage a conveyancer
The contract of sale needs to be executed by a conveyancer (or solicitor). They’ll ensure you understand your obligations, timelines and importantly, the reasons you can abandon the purchase.
The conveyancer will ensure that the Title and Deed are transferred and handle all the legal particulars of the purchase.
The listing agent may have recommendations for conveyancers in your area, and your broker will again have some top notch conveyancers on speed dial.
#4 Pay the deposit
Once your offer is accepted you’ll be required to pay a deposit to the agent, this is usually around 5% of the purchase price.
This deposit is held in trust by the agent during the purchasing process.
In the event that you decide not to go through with the purchase; maybe you haven’t been successful in getting finance, or something of concern has come back in your building and pest report, the agent will release this deposit back to you if this is within the period before the contract moves to being unconditional. This is usually around 21 days but can vary.
Be aware that if you were to not proceed with the sale after this initial ‘conditional’ period of the contract has passed, the vendor may be entitled to keep your deposit. All the more reason to have a good chat with your broker to understand your position before you make an offer.
#5 Keep in touch with your broker
Throughout all of these steps, you’ll keep in regular contact with your broker. Your broker will be pulling together all the necessary documentation and liaising with the bank to make sure your finance is approved, and ready to settle on time.
The broker will act as the conduit between you and the bank providing you with a safe passage to home ownership with their expertise guiding you right through to settlement.
#6 Home sweet home
And the final step?
Settlement! The day will come where it’s time to pick up your keys, make the home your own and cheer for an exciting new chapter in your life. Hopefully the process has been one you can enjoy as much as the destination with your broker by your side.
But don’t fear. Our relationship doesn’t end here. We’ll be in touch with you along the way to check in with you and make sure your mortgage still fits, because just like jeans, sometimes we change and it’s time for something a little more comfortable.
Get in touch with us now via dean@lennygroup.com or by calling us at 0487 688 487.