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Buying a Property

Buying

Buying A Property...

Your purchase of a home will probably be the largest single investment of your life.

To protect that investment, it is important that you work with knowledgeable professionals at each stage of the buying process. As you shop for your property, it is important for you to liaise with all of the professionals who will have a role in the transaction - not just us as your agents, but your lender, solicitor and valuer if necessary. We can direct you to the very best in these areas, so you can have confidence in making the right decisions. 

Are you tired of looking for your dream home? 

Let us help and do the hard work for you. 

What we will do for you: 

  • Listen to you to ascertain your real estate needs. 
  • Help you ascertain a comfortable level of borrowing and give you access to lending organisations.
  • Provide you with a comprehensive list of suitable properties.
  • Arrange inspections of suitable properties.
  • Provide guidance on property values, trends, investment potential and legal requirements.
  • Provide access to specialists for the arrangement of finance, legal requirements, registered valuations and insurance. 
  • Use our experience to take much of the stress out of the buying process. 

Meeting Your Needs

Harcourts has been helping people to buy and sell property for over a century. We are committed to helping you turn your property dreams into reality. When you come to Harcourts in search of your perfect property, your personal real estate consultant looks to establish your goals and set about achieving them for you. It is their job to listen to what you want and to work for you with care and consideration at all times. Your real estate consultant will guide you through the process of buying a house, providing advice on property values, investment potential, finance options and legal requirements. It is all part of the extra-effort service. And best of all, it’s all entirely free of charge. 

Your Wish List

Knowing your requirements early really helps us help you. Sometimes however, your circumstances and priorities can change. Often, we will check with you to ensure we remain on track. Facts that help us in finding you the right property include: 

  • Suburb/s
  • Price range 
  • Number of bedrooms 
  • Style of home 
  • Proximity to childcare/primary and secondary schools 
  • Garden size 
  • Drive on access and or garaging 
  • Special requirements e.g. no stairs

It is important that we know the absolute most important features you want in a property and will not compromise on. They may include:

  • A separate office / study
  • Sun aspect
  • Security
  • Garaging or mooring for a boat
  • Low maintenance grounds

These requirements are unique to each buyer. Also give some thought to features you most definitely do not want in a property.

Going to Contract

When you are ready to write up a contract, the next step is to decide on the price you wish to offer the seller and under what conditions you wish to make the offer. Common conditions of sale are: subject to finance, a builder's report, sale of another property, solicitor’s approval of the contract or specialist inspection or approval. You will be provided with details of relevant sales in the area and advised of any price guidelines that are available for the property. The offer will be prepared on a standard REINZ Sale and Purchase agreement which is approved by the NZ Law Society. Your sales consultant will fill in your requirements and then ask you to sign the required number of copies.  

The seller can accept your offer, reject it or counter sign it.  Counter signing usually occurs when the seller is not satisfied with the price offered and/or conditions included and subsequently alters them.  The contract will be brought back to you for your consideration.  If you accept, you initial the sellers alteration and the property is then under offer to you subject to any conditions that the contract may contain.  Alternatively you also have the right to countersign, your sales consultant will continue negotiations between  you and the seller until you are both in agreement.  

The Dangers of Offering Too Low: 

Once they find the property they wish to purchase many buyers are tempted to “start low” with their offer. We understand, but would not be giving you complete service if we did not warn you of what can happen. 

  1. The seller could feel insulted, and become difficult to negotiate with from then on. 
  2. The seller may think you are a bargain hunter “having a go” without serious intention to buy and dismiss your offer altogether.

If you are serious about purchasing the property it is wise to make a genuine offer that reflects your serious intentions and appreciation of the true value of the seller’s home. 

Multiple Offers

A multiple offer situation is when more than one party is interested in making an offer on a property. Harcourts has formulated a system to handle multiple offers that is fair to all parties concerned. The seller is notified and a time is set so that all offers can be presented to the seller at the same time. These offers are usually presented to the seller by the Harcourts office manager. If you are a buyer and your agent has informed you that you are in a multiple offer situation you are advised to put forward your best price and as few conditions of sale as possible as the seller will accept or enter into negotiations with the most favorable offer. The seller has the following options: 

  • Accept any one offer 
  • Negotiate with any one offer 
  • Reject all offers
.

Paying The Deposit

Once all parties have signed the Sale and Purchase Agreement you will be asked to pay a deposit. This usually equates to 10% of the purchase price. We can refer you to Mortgage Express who can assist you with this. Once paid, this deposit is held in a Trust Account until the contract is confirmed i.e. becomes unconditional in all respects. It is then paid to the seller. If the contract does not become unconditional the deposit will be repaid to you. 

Website: www.mortgage-express.co.nz/ 

Phone: 0800 226 226 

Completing The Purchase

Before settlement your solicitor will undertake the necessary searches with respect to the property and your financier will prepare the mortgage documentation. On settlement your solicitor will exchange with the seller's solicitor: 

  • Monies 
  • Transfer documentation 
  • Keys to the property 

Within a few days of settlement your solicitor or financier will register the necessary documentation and mortgage transfer with the Land Titles Registry. Possession of the property usually takes place on the settlement day although the seller and buyer can agree for these dates to be different. 

Make your wish list and give Jacqui a call on 027 593 9764/06 328 9778 or email jacqui.campion@harcourts.co.nz

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Jacqui Campion

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