In the last blog post we talked about determining where to look for real estate property and explored using real estate auctions to find you dream home. In this installment we are going to be talking about a couple other ways to find real estate in Australia.

Check Out The Local Listings

One of the first places to check for real estate that is for sale in the area that you wish to buy in is the local paper. This will give you a good idea of what is out there for properties and how much they cost. If you are looking at real estate in more than one area you can purchase multiple newspapers to get a good feeling for what the properties are going for In those different areas. This may help you narrow down your search according to price and desirability.

Once you determine to purchase a piece of real estate property it may also be a good idea to get the assistance of a real estate agent to aid you in your search for property. Look for a Real Estate agent who is registered with the Real Estate Institute of the Australian State where you are looking for your real estate property.

Buying Real Estate The Conventional Way

In addition to using the local paper and hitting up the auctions you can also choose to buy your real estate property in the conventional way. This is probably the most popular way that real estate is bought and sold. The steps to using conventional methods of purchasing real estate are very simple:

• Find a property that you would like to purchase

• Make an offer of what you would be willing to pay for that property

• If your offer is accepted, a deposit can be paid to hold the property until a Contract of Sale is drawn up.

• If, for any reason, you decide not to go ahead with the purchase of the home the deposit is refundable.

• The Contract of Sale will outlive all the terms, conditions and restrictions of the sale. When you sign the Contract of Sale a 10% non refundable deposit is usually paid.

• The contract will undergo the usual round of inspections and searches and once all of those formalities are completed the sale is basically completed.

You can expect to pay an additional 5% of the purchase price of your real estate property in legal fees, mortgage arrangement fees and taxes. Prices will vary from State to State and your real estate agent should be able to give you more approximate figures of what to expect. Whenever you are in doubt be sure to ask any questions you need to until you are completely satisfied and happy with your real estate decision.

Sean Rasmussen
Property Options Australia
Property Options Blog © 2006 - 2008

Social Bookmarks:

In this series we are going to take an in depth look at the role of real estate agents, what they can and can not do, and what their responsibilities are. We are also going to look at how the real estate agent works for the client.

What Is An Agent Or An Agency?

An agent is someone who acts on the behalf of another person. However it goes deeper than that when you are talking about a real estate agent and deserves a more in depth explanation. The High Court of Australia has stated that an agency is

“…a word used in law to connote an authority or capacity in one person to create legal relations between a person occupying the position of principal third parties.”

So in English what that means is that an agent is someone who is given authority by a person, who is known as the principal, to work with other people, or third parties, on their behalf. The principal is legally responsible for what the agent does, so it is very important to choose your agent with care. There are many ways in which a person can hire, or assign, an agent. Typically a written contract is drawn up and signed.

What Is An Estate Agent?

An estate agent is basically an introduction agent whose job is to “introduce” purchasers to vendor properties. The term “introduced” is used by commission estate agents and determines when the vendor is required to pay the commission. Once the parties have been “introduced” the estate agents job is done and both parties will then need to find lawyers to represent them for the final sale negotiations. A contract can only be negotiated by qualified lawyers and Lawyer Estate Agents.

What Is A Lawyer Estate Agent?

A Lawyer Estate Agent is a true agent for the seller of the property. This person is also referred to as the vendor. The Lawyer Real Estate Agent represents the vendor and has their best interests in mind. Since this relationship is regarded by the law as the same as that of a traditional lawyer, clients of Lawyer Estate Agents have the same benefits as clients of traditional lawyers.

Sean Rasmussen
Property Options Australia
Property Options Blog © 2006 - 2008

Social Bookmarks: