Part 1 – Buying A Strata Property

The Real Estate Agent

So you’ve been looking at buying a strata property for a while and you’ve found your dream home!

In NSW, your first point of contact will be the real estate agent selling the property.

How does the agent fit into the process of you buying a property?

The agent acts for the person selling the property, they do not act for you as the buyer. (You can engage an agent known as a ‘buyer’s agent’ to act for you but this is not necessary).

They market the property via print media, electronic media, social media, etc and you would’ve found the property through one or more of these sources.

You go and have a look at the property either by private inspection or open home inspections.

You love the property!

You’ll discuss the price and any other conditions you require with the agent.

The agent will then submit all your ‘wants’ to the vendor (person selling).

The vendor will either agree or not agree and further negotiations may take place.

Some of the things negotiated by the agent will be:
– price
– time frame for settlement (standard is 30 days in NSW)
– strata inspection report (that’s where we help you)
– pest report
– building report
– finance
– what inclusions come with the property
– deposit to be paid (usually 10% of the price but this can be negotiated to a lesser amount)

Nothing at this point will lock you into buying the property, at this stage you are only negotiating.

The next step is that the agent will notify the vendor’s conveyancer and your conveyancer of the terms negotiated.

In the meantime, it is recommended that you:
– contact your conveyancer and let them know you’ve bought your dream home
– contact your bank or mortgage broker and let them know as well
– don’t sign the contract in the agent’s office as this may lock you into a binding contract

Next you need to wait until your conveyancer contacts you to sign your contract. This contract will be prepared by the vendor’s conveyancer.

And voila you are on your way to buying your new strata property!

Click here for Part 2 – Your Banker or Mortgage Broker
Click here for Part 3 – Your Conveyancer or Solicitor