When buying real estate in Australia, from a preliminary understanding, to contacting various intermediaries with various types of properties, to confirming the purchase of a property, what is the overall process? Now let me take a look at the process of buying a house in Australia.
1. After purchasing the relevant Australian real estate project, Australian house buyers sign a house purchase agreement with an Australian real estate agency and pay a deposit of RMB 10,000 to 20,000. (Remember to keep the receipt)
2. Generally within 10 days, there will be an Australian real estate lawyer who will explain the Australian real estate purchase contract to the Australian real estate buyer. The contract is in full English. , the Australian real estate lawyer will explain the drafted Chinese simplified version of the contract, provide professional advice, fully protect the interests of the home buyer after signing the contract, sign a lawyer agency agreement, and pay a lawyer agency fee of 50 (AUD), which is generally a lawyer agency fee. (AUD). The buyer needs to pay a lawyer's fee of 50 (AUD), which is generally around 700 AUD.
From May to July, the Australian real estate buyer must remit a down payment of RMB 10 from the bank to the Australian real estate buyer’s lawyer. After the buyer’s lawyer confirms that it is correct, it will be deposited into the “government supervision” account of the seller’s lawyer in Australia. Bank trust account", after the lawyer receives the down payment, he will return RMB 10,000 to RMB 20,000 to the Australian real estate buyer with the deposit received.
4. The lawyer hands the contract to the developer and signs it for approval.
5. Australian real estate handover time: If it is a bungalow, it will be handed over in 3 months. If it is an off-plan house, it cannot be transferred until the Australian real estate developer actually hands over the house.
6. After the house is completed: the developer holds three legal documents: a. Practical Completion Certificate (P.C.C) issued by a licensed surveyor b. Government Acceptance Certificate (C.C) ( Code of Compliance) c. Certificate of Title (T.C) issued by the seller’s lawyer. Certificate of Title) The seller's solicitor sends a formal letter of notification to the buyer's solicitor stating that the house has been completed. (Settlement). After receiving the notice, the buyer's lawyer applies for the property ownership certificate and transfers the house payment to the developer's account. After the developer receives the full payment, the house purchase procedure is completed.
7. Payment: Add 90 of the final payment (80 of which can be the loan contract plus 10 in cash, or 50 of the loan contract plus 40 in cash, depending on the buyer’s cash flow) plus attorney’s fees The remaining 50 is transferred to the lawyer's trust bank account and the corresponding real estate stamp tax is paid. The home purchase transaction is completed.
Can you buy a second-hand house in Australia:
According to Australian law, people who do not have PR (residency) or CITIZEN (citizenship) status in Australia are considered foreigners and can only Able to purchase first-hand real estate. If you need to purchase a second-hand house, you need to apply for authorization, and you can only purchase it after obtaining authorization. Normally, 163 visa holders can only purchase one property per family, and this property cannot be rented out and can only be used for self-occupation. After the 163 visa expires, this second-hand house must be sold, otherwise it will be fined by the government, and in serious cases, it will bear criminal liability and be taken to court.
Detailed steps to buy a second-hand house in Australia:
If you are an immigrant and get PR, you can buy it. If you just go to study abroad, it is a pity; buy a house in Australia The way, the steps are there to work. If you have a job, then Australian banks can give you a loan to buy a house, and you need to pay interest, which usually takes 30 years to pay off.
New immigrants to Australia cannot afford to buy a house, but the government has a housing program called Homeswest that allows these people to rent a house, and when they have a job and money, they can buy the house they rent. In addition, if you buy this house, the government will give you a home purchase subsidy of up to A$3,000.
Find housing information: There are many ways to get information about the housing market
The Internet, newspapers, real estate magazines, real estate agents, friends and neighbors. Find a real estate agent. Ask a real estate agent to work for you. Let the real estate agent know what kind of home you want to buy, provide them with details and even a list of your dream homes. The more information you give your agent about your ideal home, the more likely the agent will make your vision a reality. Another benefit of doing this is that the agent will have you in mind before the property hits the market.
Looking at houses:
1. Remember to take notes. Since you will be looking at many houses, taking notes will make it easier for you to compare the features of each house.
2. Review the seller’s statement and sales contract. Legally, the seller must provide a statement, known in Victoria as a "Seller's Statement (or Section 32)". In Victoria it is called a "Vendor's Statement (or Section 32)". It is called a "Sales Contract". You can read this statement from the buyer's real estate agent. It includes: Copy of "Title" -- original information showing lot size, location, lender and name of previous seller.
Planning information - this can state whether the land can be used for residential or commercial use or development. Whether there are still mortgage payments to be made on the property such as council tax, water bills etc. Building restrictions, building permits - this is any new construction or renovation project within the past seven years. It is included in the Housing Security Fund. OTHER AGREEMENTS--Agreements with others around the property, such as fencing, erecting outbuildings, etc.
Sellers and real estate agents should provide correct and detailed relevant data.
3. Carry out your own home inspection Carry out a home inspection on the property you are interested in purchasing. This will prevent you from purchasing the property only to find out later that there are a lot of repairs that need to be made. Here are some things you should consider during your home inspection:
Inside the house:
- Check that all floors are smooth and that there are no gaps between floors and cornices (wall studs).
- Jump lightly on the wooden floor to test the floor's stability.
- Look for signs of dampness, including rotting floors, mold on the walls or roof, and a musty smell inside the home.
- Check walls and roofs for skewing or cracks. There may be a problem behind a newly painted or wallpapered wall.
- Check that doors and windows are at right angles. Sloping door and window frames are a sign of foundation sinking.
- Make sure all light switches are working properly. Use a power tester (available at hardware stores) to check that the power switch is functioning properly
- Open several faucets at the same time and check the water pressure in the hot and cold water pipes.
- Especially fill sinks and bathtubs with water and check for drainage. Slow water flow indicates a problem with the drainage system.
Home Exterior:
- Check fences and gates for stability and durability.
- Are there big trees near the house? If trees are too close to a house, they can affect the foundation.
- When it rains, does the water flow out of the yard or toward the roots of the house? For example, rainwater flows into the garage.
- Inspect all exterior walls to see if they are straight or have cracks.
- Make sure to check the joints between bricks.
- Is the ground floor of the house well ventilated?
- Check the condition of eaves and gutters.
- Check if there are any broken tiles on the roof?
- Check the foundation for sinking, rot, or termites.
Professionals will inspect every part of the home, including the structure, roof and gutters for leaks, electrical wiring and pipes, and other parts of the home, which takes about two to four hours. The inspection takes approximately two to four hours to complete. Professionals will not be responsible for inspecting for cosmetic defects such as improperly applied paint. The professional will provide you with a written inspection report.
The report will tell you what problems there are with the property and how much it will cost to repair them. Armed with this information, you will be in a good position to make a good judgment call on whether you should buy the home. If you decide to buy, you have a good reason to haggle with the real estate agent.
Three: Negotiation
When your offer is accepted, you need to: pay a small deposit, initial the Memorandum of Understanding (MOU), and start the transfer procedures. The trick to negotiating is finding a seller willing to sell. The key to negotiating is to show that you are not interested in the house. If you really like a house, it's hard to act like you don't care. This is why negotiations can be so difficult at times. Acting without being too arrogant during the negotiation process can help you stand firm in front of the agent. This will give you a better chance of getting a good price than if you rush to negotiate. A calm attitude can also minimize disappointment if you don't buy the house.
Most people prefer to cut less when negotiating. Therefore, buyers typically want to bid about 10 less than sellers bid. The agent will submit your offer to the homeowner and tell you whether to accept it. You may need to re-evaluate your offer multiple times before the deal is finalized.