When purchasing a property, several industry professionals play crucial roles in guiding you through the process for a smooth transaction. Explore the four key experts who can assist you in your next property purchase.
Mortgage Broker
A mortgage broker serves as a finance representative to help you achieve your financial goals. It’s essential for your mortgage broker to understand your needs and objectives, enabling them to find the most suitable home loan options that align with your requirements.
The advantage of using a mortgage broker over seeking guidance from a bank is their access to a diverse range of loan options and rates from multiple lenders. This allows them to recommend the best-suited options for you, as opposed to a bank, which is limited to offering their own loans.
The process begins with an assessment of your current financial situation. Based on this, you can connect with a mortgage broker to determine if proceeding with a property purchase is possible and if any limitations need to be addressed. From the initial appointment to settlement, your mortgage broker will guide you and help you achieve finance milestones throughout the property purchase journey.
Click here to connect with a mortgage broker.
Real Estate Agents
There are two types of agents involved in a property purchase – the Seller’s Agent and the Buyer’s Agent – both working towards the same goal but with different objectives.
Seller’s Agent
The seller’s agent is the licensed representative responsible for selling the property you are interested in. While they act in the best interest of the seller, they are also fair to prospective buyers.
Once you submit an offer, the seller’s agent will facilitate communication between the buyer and seller, working towards a successful settlement. They also assist with the necessary contractual arrangements.
The main role of the seller’s agent is to secure the best price and sale terms for the seller efficiently. This saves the seller time on market research and negotiations with potential buyers.
Buyer’s Agent
As the name suggests, a buyer’s agent represents and supports the buyer throughout the property transaction. Their role is to help the buyer find a property that aligns with their goals and expectations.
Buyer’s agents possess valuable information about the property market, providing insightful guidance to buyers. This reduces the time spent on research and helps manage expectations regarding locations and property types.
Engaging a buyer’s agent can save you time and effort during the transaction. Their services include location and property search, filtering unsuitable properties, attending inspections, negotiating with seller’s agents and vendors, and liaising with conveyancers and lenders.
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Building & Pest Inspector
If your contract includes a Building & Pest clause, you’ll need to collaborate with a Building & Pest Inspector before the cut-off date. Organise a suitable inspection time that accommodates the schedules of agents, inspector, and yourself. It’s recommended for all buyers to attend the inspection to discuss findings and address any questions.
The role of a Building & Pest Inspector is to assess the condition of the property and produce a comprehensive report outlining any identified issues. This inspection covers observable building defects, structural damage, termite activity or damage, and evidence of defects or damage that may cause problems in the future.
The Building & Pest report provides insight into the property’s quality and helps you decide whether to proceed with the purchase if any defects are found.
Conveyancer
The primary role of a conveyancer is to prepare the necessary legal documentation required for the property transaction.
Your conveyancer will review the contract of sale before signing, liaise with the seller’s conveyancer to ensure all conditions are met by their due dates, and guide you through the legal process.
Most of the conveyancer’s involvement occurs after you receive formal finance approval and become unconditional. They will prepare for settlement and address any concerns that may arise, advising you on key milestones to comply with the contract requirements. These milestones may include deposit and cost payments before settlement, contract clauses (finance and building & pest), and the submission of all required documents.
By leveraging the expertise of these industry professionals, you can navigate the property purchase process with confidence and achieve your desired outcomes.