Buying a property is more complex than most other purchases you’ll ever make. Here are the different parties who may be involved in your home-buying process and how you can leverage their valuable experience and knowledge..
Brokers act as a liaison between you and the lender. They will find out about your finances and your property goals, and search for and negotiate a loan product that matches your needs. Not only will they do the legwork and ensure your loan is processed as smoothly as possible, but they are there to guide you throughout the entire process.
Unless you’re working with a private vendor, meeting a real estate agent is inevitable when it comes to purchasing a property.
Hired by the vendor, or seller, the real estate agent’s role is to advise the vendor on preparing the property for sale, market and communicate about the property, and negotiate with potential buyers.
A property purchase is a high-value purchase and long-term financial commitment making risk management vital. Insurance, including mortgage protection and property insurance, will help you avoid being hit with a major financial burden should anything not go according to plan. Many finance brokers can deal with insurance as well or will recommend an insurance broker who can.
The legal aspect of a property purchase is taken care of by a licensed and qualified conveyancer. If they are a solicitor, they can also provide legal advice.
Their role is to prepare the documents to ensure that transfer of ownership of the property has met the legal requirements in your state or territory.
Knowing the value of a property is essential in a loan application, so a valuer can play a huge role in the property buying process. A lender will often engage an impartial valuer to ensure that the buyer and the lender will know what loan amount may be warranted. The value is based on the property and location, as well as the current market.
Authorised credit representative (CRN 531495) of BLSSA Pty Ltd ACN 117 651 760 (Australian Credit Licence 391237)