Fri, 2008-04-04 16:18
Once the vendor has verbally accepted your offer to purchase contact your solicitor, conveyancer or leagal representative immeadiatley. Contact your finance broker again to check the loan previously preapproved is still available and competetive. Your legal advisor should normally have seen the contract of sale by now and explained any items of concern to you and is the only person to consult regarding paying over any deposits or signing anything. Various inspections need to be arranged depending on the property type and location. If your legal representative has indicated you should or could proceed with the purchase of this property immeadiatley send the front page of the contract of sale to your finance broker. Ensure that the correct contact person who will provide acces to the property for the valuer is noted on the contract of sale or indicated seperately together with the persons contact information. Providing a copy of the contract fo sale front page to the lender will trigger the lenders property valuation to be performed. In some cases there is a requirement for the loan applicants to pay for the valuation up front. Once the valuation has been carried out and is acceptable to the lender you will be advised that the lender has accepted the valuation and informed if there are any outstanding conditions which are preventing the loan application from becoming unconditionally approved. If there are any outstanding conditions it is highly advisable to meet them as soon as possible. When your finance broker has confirmed the home loan is unconditionally approved, consult with your solicitor or conveyancer on how to proceed. Usually the property conveyancer will arrange a time to meet an go through the contract of sale and any reports such as building and pest reports or strata reports with the purchasers at this stage. Many first home buyers complete the first home buyers grant forms during this meeting with their solicitor. The conveyancer will usually indicate to the purchasers following this that if they find everything acceptable they may proceed to sign and exchange the contracts.