THE BUYING PROCESS

Purchasing a Property

Purchasing residential real estate can be very exciting albeit sometimes a confusing time for the prospective buyer. As you may already be aware, various agencies usually have different operational techniques, so we would like to guide you through the buying process the Keyline Realty way.

Getting to know you

Firstly we need to chat - preferably to all the decision makers.  We need to find out what you are really looking for, your price range, and the time frame you have in mind to make your
purchase. We can then narrow down your search and assist you in the inspection of properties most suitable to your requirements.

About Keyline...

• Keyline Realty is open 7 days a week to help you find the right home.
• Your details are entered into our database so that if we don’t immediately have a property that suits you, we can get in touch with you as soon as new listings come in.
• We are happy to guide and assist you with all aspects of the buying process right through until Settlement.
• Our team is committed to assisting you find the right home and/or securing your investment.
• Keyline has been here over 30 years and…
• We count over 15,000 Buyers and Sellers as our friends.

Before you buy…

• Preparation and research is the key. Know what you want and set a limit.
• When researching the amount you intend borrowing, it is important to take into consideration potential factors such as interest rate changes, job security etc. Don’t just rely on your current circumstances. Keep risk to a minimum, that way if the worst case doesn’t happen, you have it covered.
• Always overestimate your buying costs. Remember to include the extras
   required such as stamp duty, loan application fees, conveyancing and moving  costs.
• Have your finance pre-approved if possible.

You have found the perfect property

You’ve made a decision to buy!  We will help you put your thoughts in writing in the form of a purchase agreement. 
 

We will need to know:

• The actual purchase price you will be paying for the property.
• The time frame you require to get finance approval and relevant Building and Pest inspections.
• The settlement period that you require.
• Your nominated Solicitor or Conveyancer.
• Any special conditions or requests you would like  included on the Contract, for example: Subject to the sale of  another property.
• How much deposit you are able to put down on the contract (usually
   $100 to $1,000 as an initial deposit and up to 10% on unconditional.)

The Next Step:

• The Purchase Agreement (Contract) is then presented to the Seller. If the Seller accepts your offer, the sale commences but it is not binding until all parties have signed the Contract.
• If the seller does not accept, the negotiations continue until agreement is reached, or…
                                           We start the search again!
• There are over 10,000 homes in our service area. If we haven’t got the right one, we will find it for you.

Multiple Offers

Approximately one third of the properties we sell attract more than one offer. This means two or more buyers want to buy the same property! We provide a “Multiple Offers Acknowledgement” document to each party and advise them to put their best offer forward.  All offers are submitted to the Seller, who then makes the
decision whether to accept one or reject them all and call for more offers.  We, as agents are forbidden by law to disclose what the other offers are. Our sales
consultant will help you through this process...But! There can only be one winner! We understand the disappointment and we will do our best to find another suitable property for the unsuccessful candidates.

Cooling Off Period
Queensland Residential Contracts have a five day cooling off period. This means that you as the buyer, can terminate the contract within the cooling off period if you decide not to proceed with the purchase. However, if the contract is terminated (within 5 business days) of the accepted offer, a penalty is incurred for the amount equal to 0.25% of the purchase price. This amount is forfeited to the Seller as
compensation. Where the amount of the deposit was insufficient, the seller has the right for recovery of this amount as a debt.

Building & Pest Inspections
Within the time frame specified on the Contract, it is important that you arrange a Building and Pest Inspection by a qualified inspector. Your Inspector will produce a comprehensive report designed to fully inform you of the condition of the property. Keep in mind that often issues uncovered in the Building and Pest Report have been taken into consideration in that the Seller may have already reduced the asking price to compensate for the defects.   

Bank Valuations
Often your bank or lending institution request a valuation by a registered Property
Valuer. This is standard practice amongst lending institutions, and serves as
confirmation that the sale price represents the market value.

First Home Owners Grant
Generally you will qualify if you or your partner have not previously owned and lived
in a residential property. You may still be eligible if you or your partner held or still hold an interest in residential property purchased after the 1st of July 2000 provided you or your partner have never lived in it. You will most likely be eligible if you have owned or still own Commercial property provided it does not have a residence
attached.

Previous ownership qualifications only apply to homes within Australia. For more
information visit www.osr.qld.gov.au or phone 1300 300 118.

Summary
We hope that this information has helped you. If you have further queries, please do not hesitate to phone any of our Keyline Sales Consultants who will be happy to guide you through the Buying Process.