Spring has well and truly sprung! Not exactly.

But with lovely warm weather at the weekend, September is just around the corner, and we’re seeing activity in the property market.

If you are thinking of buying or selling this spring, here are some ‘must know’ things:

• Contact a lender before hitting the open house circuit. It is well documented that interest rates have been rising and this may have affected your ability to borrow even within the last month. Make sure you know what you can afford to borrow, how much of a deposit you’ll need, and how much additional interest you can comfortably afford before committing.

• If you have pre-approval and are ready to submit, don’t despair if your complaint is accepted when the agent asks you to sign a contract and pay a 0.25 percent deposit. This is a very common way for people to buy property in Western Sydney. If you pay your deposit and sign a contract, you get a five-day cooling-off period (usually extended to 10) where you can get out of the deal if you want. During foreclosure, you’ll do things like get advice from your attorney, run a pest and building report, and finalize your loan approval. If you spend during the cooling off period, you will lose 0.25 percent of your deposit. During the cooling-off period, the seller cannot withdraw from the agreement.

• If you’re a seller, start preparing your yards and gardens for spring. There’s no better way to get more people through your property than with lush green grass, a well-kept garden, and beautiful spring sunshine. Get that Shirley No. 17 on your lawn now and within a month your lawn will be better than ever.

• If you are a buyer, consider how you will pay your deposit. You usually need to pay a 10 percent deposit (usually at the end of the cooling-off period) when entering into a contract. Will you be paying with cash in the bank, or will you use the equity in your existing property and need a deposit to finance the purchase?

• If you are a vendor and own a pool, register and obtain a Compliance or Non-Compliance Certificate if you have not already done so. Even if your pool doesn’t tick all the boxes, you should typically include a certificate of compliance or non-compliance in your contract.

• Contact agents to view your property early. They may be able to give you some tips on how to afford your property before it goes on the market. Agents deal with buyers every day and know what makes them tick. If you would like to connect with a few of the trusted agents we work with, please get in touch and we will be happy to help.

• If you need to sell your property so you can buy, start thinking about selling now. It’s not a good idea to think, “Well, I haven’t found anything to buy yet, so why put my property on the market?” You have to be ready to go at a moment’s notice because most sellers (on the property they are buying) want a standard six week settlement and they don’t want to lock in a purchase until you sell your property unless you sell it. It arranged a kind of bridge financing. This means you need to be ready to press “go” on the sale of your property in an instant, so you need to organize your real estate agent and contact your solicitor to organize the sales contract.

• A property cannot legally be sold without a deed in NSW, so you will need to contact your solicitor to ensure this deed is in place before you go on the market.

Buying or selling property is as exciting as it is nerve-wracking.
Call us today to find out what to expect and talk to one of our legal advisors for free to go through the process.