The property slump went almost as soon as it came. Whilst it may be a good time to consider buying property in NSW, it certainly is not a process to rush. Lawpoint’s new 10 steps to buying property in NSW is essential reading for first home buyers or property novices. It breaks down the steps required to make a smart purchase and protect what is likely to be your largest investment. We made this home buyer’s checklist NSW specific as some steps may differ in other States.
Buying is a big step, but not the only one.
There are four steps that come before you buy a property and five that follow and of course appointing a lawyer is one of them. Step two, to be precise. If you don’t already have one, finding a lawyer that is right for you can take time. For many people, the first property purchase is also the first time they’ve ever needed a lawyer, so it’s important to take the time to find best one for you.
What are the steps to buying a property in NSW?
- Get loan pre-approval from a bank and remember it’s no guarantee
- Appoint a lawyer
- Due diligence (This is where lawyers play a crucial role)
- Pest/building and strata reports
- Negotiate price and terms
- Cooling off period
- Stamp duty
- The stage between exchange and settlement
- Preparing for settlement
When step ten goes well, it’s certainly cause for celebration. Not only are you now a property owner, you’re also officially in a long-term relationship with your partner, the bank!
Download 10 steps to buying property now for the full guide.