Considerations After the Purchase
OK, so you have made a successful offer or bid and signed the relevant contracts.
Homeowners insurance is vital
As soon as you’ve successfully bid at auction or had your offer accepted on a property, it is vital to organise insurance to protect your investment. Understanding the details of your homeowner’s insurance policy is critical in knowing the extent to which your new purchase is protected.
- Organise homeowner’s insurance immediately after an accepted bid or offer
- Research the different policies available prior to the auction or negotiation process
- Take the time to fully understand the details on your policy
This is an extremely important part of the home buying process and you should take the time to conduct research and compare policies prior to the auction or negotiation process.
If you’d like to speak to one of our experts about the home buying process, please contact your local Better Homes and Gardens® Real Estate branch today.
What about paperwork and the home buying timeline?
After the Contract of Sale has been signed and exchanged, it will usually take between four to eight weeks before the final settlement takes place. In between the contract exchange and final settlement, there are a number of documents that are prepared or obtained and certain enquiries that are made. These include:
- Transfer document
- Mortgage document
- Survey report
- Land enquiries are made to local authorities
- Requisitions on title are completed
- Settlement statement
Important points to consider on settlement day:
- Obtain a final title search on settlement day from your relevant state government department to ensure there are no legalities that could jeopardise your ownership
- Conduct a physical inspection of the property to ensure everything is as it should be
- Settlement will likely take place at the seller’s lender with key parties in the sale attending
- All purchase money will be paid on settlement day
- A signed transfer and title deed will be given to the buyer’s solicitor or conveyancer
- The transfer and mortgage on title will be registered with relevant state department
- You will pay any duties and necessary rates.
Congratulations! You’ve just completed the sale of your new property.
If you’d like to speak to an experienced real estate agent at Better Homes and Gardens Real Estate about the settlement day or home buying process, please contact your local Better Homes and Gardens Real Estate branch today.
Plan ahead for the moving home process
Six to eight weeks prior to moving, you should look into:
- Purchasing or renting moving supplies such as boxes, tape, stationary, moving pads etc.
- Having a garage sale or donating your unwanted items to charity
- Two weeks prior to moving, you should look into:
- Hiring a reputable moving company or a vehicle to make the move yourself
- Your local Better Homes and Gardens Real Estate office can suggest reputable removal companies in your area
- Contact your utilities provider to set a date to discontinue your services
- Contact the utility companies in your new area to arrange service start dates
- Notify your healthcare professionals to transfer your records if moving a large distance away
- Advise the post office, subscription providers and other parties about a change in address
- Make appropriate arrangements regarding your insurance coverage
On moving, you should:
- Have tools available for dissembling furniture
- Move valuables yourself so as not to leave them with the removal company
- Make sure you have an accurate inventory of all your possessions
- Give every room a once over as well as the backyard, attic, garage and wardrobes
For expert advice on the home buyer process, contact your local Better Homes and Gardens Real Estate branch today.