The process of buying real estate in Australia

When buying real estate in Australia, what is the overall process from the preliminary understanding, to going to various intermediary companies to contact various types of real estate, to confirming the purchase of real estate? Come with me to take a look at the process of buying property in Australia.

1. Australian real estate buyers purchase relevant Australian real estate projects, sign a purchase agreement with an Australian real estate agency, and pay a deposit of 10,000 to 20,000 yuan. (Remember to collect the receipt)

2. Generally within 10 days, a buyer, that is, your Australian real estate law firm, will explain the Australian real estate purchase contract to Australian real estate buyers. The contract is in English. The real estate lawyer will draft a Chinese simplified version of the contract to explain it, provide professional advice, and fully protect the interests of the buyer before signing the contract. When signing the contract, a lawyer's agency agreement will be signed and 50% of the lawyer's agency fee (Australian dollars) will be paid, which is generally about 700 Australian dollars.

3. 5-7, Australian real estate buyers must remit 10% of the down payment from the bank to the Australian real estate buyer’s attorney. After the buyer’s attorney confirms that it is correct, the buyer’s attorney will then deposit it to the seller’s attorney. In Australia's "government-supervised bank trust account, after the lawyer receives the down payment, the deposit of 10,000 to 20,000 yuan will be returned to the Australian real estate buyer with the receipt.

4. The lawyer hands the contract to the developer

5. Australian real estate delivery time: If it is an existing house, it will be handed over within 3 months. If it is an off-plan house, it will wait until the Australian real estate developer actually delivers the house.

6. After the house is completed: the developer holds 3 legal documents: a. Licensed surveyor issues certificate of conformity (P.C.C) (Practical Completion Certificate) b. Government acceptance inspection certificate (C.C) (Code of Compliance) c. House Certificate of Title (T.C). The seller's lawyer sends a formal notification letter to the buyer's lawyer, notifying the buyer that the building has been completed (Settlement). After the buyer's lawyer receives the notice, the buyer's lawyer applies for the title certificate and transfers the house payment. Development merchant. The developer receives all the house payment and the house purchase procedure is completed.

7. Payment method: 90% of the final payment (80% of which can be the loan contract plus 10% in cash, or 50%). The loan contract plus 40% in cash (depending on the buyer’s cash flow) plus 50% of the attorney’s agency fee will be paid to the attorney’s trust bank account, and the corresponding property stamp tax will be paid.

Whether it is possible to buy second-hand houses when buying Australian real estate:

Australian law stipulates that people who do not hold Australian PR (right of residence) or CITIZEN (citizenship) status are overseas people and can only buy first-hand properties. . If you need to buy a second-hand property, you need to apply for an approval before you can buy it. Generally, people with a 163 visa can only buy one property per family, and this property cannot be rented out and can only be used for self-occupation. When it expires, the second-hand house must be sold, otherwise you will be fined by the government, or even criminally liable, and you will be taken to court.

Detailed steps for buying a second-hand house in Australia:

If you immigrate and get PR, you can buy it. If you just go to study, it is a pity. The first step to buy a house in Australia is to have a job. If you have a job, then Australian banks can give you a home purchase loan. And you need to pay interest, and it usually takes 30 years to pay it off.

Immigrants who have just arrived in Australia cannot afford a house, but the government has a housing plan called HOMESWEST. These people can rent a house first and wait until later. If they have a job and money, they can buy the house they rent. In addition, if this is a house you buy, the government will give you up to 3,000 Australian dollars to buy a house.

1. Find housing information: There are many ways to obtain information about the real estate market

The Internet, newspapers, real estate magazines, real estate agents, friends and neighbors. Find a Real Estate Agent Ask a real estate agent to come work for you. Let your real estate agent know what kind of home you want to buy, provide them with details and even a listing of your ideal home. The more information you provide your real estate agent with about your ideal home, the greater the chance that the real estate agent will make your dream a reality. Another benefit of this is that the real estate agent will have you first before the property is on the market.

2. House viewing:

1. Remember to take notes. Because you have to look at many houses, taking notes can help you compare the characteristics of each house more easily.

2. Check the vendor’s statement and the sales contract. Legally, the vendor must provide a statement, which in Victoria is called “Vendor’s Statement (or Section 32)”. It's called a "Contract of Sale." You can read this statement from the buyer's real estate agent. It includes: a copy of the "title" - original information used to show the land area, location, lending institution, names of previous sellers, etc.

Planning information - This tells whether the land can be used or developed for residential or commercial use. Does the property still have loan expenses such as municipal taxes, water bills, etc. Building restrictions, building permits – refer to any new construction or renovation projects in the past seven years. It is included in the "Housing Guarantee Fund". Other Agreements – Agreements with other people surrounding the property, such as fencing, erecting outbuildings, etc.

Regarding this statement, sellers and real estate agents should provide correct and detailed data.

3. Do a home inspection yourself. For the property you are inclined to buy, you should do a home inspection in advance. To avoid buying it only to find out there are a lot of areas that need repairing. Here are some things to consider during a home inspection:

Inside the house:

- Check that all floors, floors and skirtings are level. Is there any gap between them?

- Jump gently on the wooden floor to test its stability.

- Look for signs of dampness, including rotten floors, mold on the walls or roof, and a musty smell in the house.

- Check whether walls and roofs are skewed or have cracks. Behind the fresh paint or wallpaper, there may be a problem.

- Check whether the door or window is at right angles. If the door frame or window frame is tilted, it indicates that the foundation is sinking.

- Make sure all light switches are working properly. Use a power tester (available at hardware and electrical stores) to check whether the power switch is working properly.

- Open several faucets at the same time to check the water pressure in the cold and hot water pipes.

- Especially fill sinks and baths with water to observe drainage. Slow water flow indicates a problem with the drainage system.

Exterior of the house:

- Check the stability and durability of fences and gates.

- Are there big trees near the house? If the tree is too close to the house, it can affect the foundation.

- When it rains, does the rainwater flow out of the yard or towards the roots of the house? For example, rainwater enters the garage.

- Check all exterior walls to see if they are straight or have cracks.

- Check the joints between bricks.

- Is the underground ventilation of the house good?

- Check the condition of eaves and gutters.

- See if there are any broken tiles on the roof?

- Check whether the foundation is sinking, rotting, or infested with termites.

Professionals will check every part of the house, including the building structure, roof and gutters for leaks, electrical wiring and water pipes, etc. This will take about two to four hours. Professionals are not responsible for inspecting a home for superficial deficiencies, such as poorly painted paint. The professional will provide you with a written inspection report. It will tell you what problems there are with the property and how much it will cost to repair them. With this information, you will have an idea of ??whether you should buy this house or not. If you decide to buy, there are also good reasons to negotiate with a real estate agent.

3. Negotiation passed

When your offer is accepted, you need to: pay a small deposit, initial the house purchase contract memorandum, and start the transfer procedures. The skill of negotiation should be to find the seller Bits that are willing to sell. The key to negotiating is to look like you are not interested in the house. If you really love a house, it's hard to pretend you don't care. This is why negotiations are sometimes so difficult. Being quiet during negotiations will allow you to negotiate prices with the agent on a more secure footing. This is more likely to result in a good price than if you show impatience during negotiations. A calm attitude can also minimize disappointment when you can't buy a house.

Most people always have a mentality of cutting off a little bit when negotiating prices. For this reason, buyers usually come up with a price that is about 10% lower than what the seller is offering. The agent will tell the homeowner your offer and let you know whether to accept it or not. You may need to re-evaluate your offer several times before finally reaching an agreement.