Who is involved in buying a property?

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Are you looking to buy a property? Did you know that there are more people involved than just you, the bank and the real estate agent?

So who are the people who you need on your side when buying a property? Your property dream team are important to get right as they can make or break your property purchase.

Finance: The Mortgage Broker or Bank

Getting the right advice and the right loan for your financial situation can save you thousands of dollars. A good broker will assess your situation and recommend the best loan product for you.

The key difference between a mortgage broker and a bank is that the mortgage broker will have access to a variety of loans from several lenders whilst a bank will only offer you a few types of loans. The mortgage broker will not charge you a fee but will receive a commission from the lending institution that you take your loan out with.

Legal: The Conveyancer or Lawyer

Buying a property is a legally binding transaction, so using a conveyancer or lawyer to handle the legal side of the process, including reviewing the contract of sale prior to purchase is recommended.

Both a conveyancer and lawyer can help with the process, however if there are more complex legal issues that arise then only a lawyer can assist. Both the conveyancer and lawyer will charge a fee for their service.

It’s important to have the right professionals assisting you through the property purchase process. Having the right advice will make the process easier and is the difference between making a costly mistake or long term financial success.

John Sekulic, Buyers Advocate at The Property Garden

The Property: The Buyers Advocate

It’s easy to choose a property to buy but choosing the right property to buy for your needs and goals is not as easy as you think. Buying the right type of property, in the right location, for the right price takes knowledge and experience and can set you up for long term financial success.

A Buyers advocate will assist through the whole process from understanding your needs, searching, assessing and negotiating the purchase of the property for you and will make sure you buy the right property at the right price.

The Building itself: The Building and Pest inspector

When you have found the building you wish to purchase it is wise to invest in a building and / or pest inspection. The property will be inspected by a qualified builder or architect who will look for signs such as water damage, subsidence and termites to name a few – all things which can be costly to repair.

The building inspection will give you an idea upfront of all the issues with the building and therefore potential costs.

Buying a property is a complex process and surrounding yourself with the right team and support can go a very long way.

The Property Garden are Buyers Advocates and Feng Shui consultants and have over 19 years’ experience in the real estate industry. We take a holistic approach to assisting our buyers buy property in Melbourne, Australia.