Tips & Advice
Guide to Buying your New Home
A quick rundown on the steps involved in buying a new home.
What’s involved in buying a new home?
On 21 Feb 2020
Step One – Reserving a house
- When attending a viewing with the intent of reserving a house, there are a few details you will need to have at hand:
- copy of mortgage approval from your lending institution / proof of funds
- your solicitor’s contact details
- booking deposit – this can sometimes be paid by bank transfer so check with our selling agent in advance if this is the case. Note this deposit is refundable until you sign your contracts.
- Once you have selected the house that you like, our selling agent will take note of the above details and will then reserve the property for you.
Step Two – Issuing of Contracts
- Once our selling agent has received your booking deposit, a Sales Advice Notice will be issued to our solicitors who in turn, will issue contracts to your solicitor.
Step Three – Exchange of Contracts
- Your solicitor will check over the contracts and will then ask you to sign them – you will have 21 days in which to do this and return the contracts to our solicitors. The contracts will then be exchanged and this now secures the house for you. The balance of the contract deposit (10% of the purchaser price) is due at this stage.
Step Four – Inspections
- As the house nears completion, our selling agent will contact you to arrange for you and/or your surveyor to snag the property. Once done, you will be asked to submit your snag list.
- Site will attend to the relevant items on your snag list and once completed, you will then be asked to carry out a further and final inspection.
Step Five – Completion
- When the house is ready and all certification documents have been received, our solicitor will issue a “Snag Notice” to your solicitor. He/she will then have 14 days to complete the paperwork and transfer funds to our solicitor.
- Our solicitor will confirm when funds have been received and site will be notified.
Step Six – Handover
- You will meet our site foreman at your new home and he will give you your keys and go through some of the features in the house with you. He will also take closing meter readings for utilities in your presence and they will be used to close the accounts in our name. It is your responsibility to then open utility accounts in your name.
- You will also be given a Home Buyer’s Guide in the form of a USB key and this will give you the tips on how to care for your new home, appliance manuals and copies of some relevant certifications.