ACT

Real Estate
M: 0412 607 293
T:

6156 0254
contact@actre.com.au
W: www.actre.com.au
E:

WHAT TO DO BEFORE LOOKING FOR A PROPERTY

There are four main things that you need to do prior to looking for a property.
1. Work out why you are buying a property (upsizing, downsizing, investment)
etc. Reason:_____________________________________________________

2. Talk to a mortgage broker. Your mortgage broker will take you through
a process called obtaining conditional approval - this gives you an
amount that the bank would probably feel comfortable giving you -
questions to ask a potential mortgage broker are available here or via
the checklist below & mortgage broker suggestions can be found in our
suppliers section.?

Fill out your Mortgage Broker details below
Firm:_________________________________________________________________
Name:_______________________________________________________________
Phone:_______________________________________________________________
Email:________________________________________________________________
Fax:__________________________________________________________________

3. Work out what you want in your property (see our checklist here/below for
assistance) Fill out What I Want For My Property Checklist?

4. Find a conveyancing solicitor that can review a contract once you have
found a property you like - questions to ask your potential
conveyancing are available here or via the checklist below & conveyancing
suggestions can be found in our suppliers section

Fill out your Conveyancing Solicitor details below

Firm:_________________________________________________________________
Name:_______________________________________________________________
Phone:_______________________________________________________________
Email:________________________________________________________________
Fax:__________________________________________________________________

ACT REAL ESTATE

ACT Real Estate

M: 0412 607 293
T:

6156 0254
E: contact@actre.com.au
W: www.actre.com.au

ACT Real Estate Property Evaluation Checklist

We recommend using this form in conjunction with the ACT Real

Estate My Perfect Property Document
Address: ___________________________________ Open Time: __________
this is the ___ (1s t , 2n d ) Property Ive seen today

Basics
Which rooms face north?___________________________________________
What year was the property built? ___________________________________
What year were any extensions put on? If so when:
________________________________________________________________
________________________________________________________________
Has the property been checked for asbestos? __________________________
Are there any unapproved structures? If so what?
________________________________________________________________
________________________________________________________________
What is the EER? _________________________________________________
Is there enough storage? __________________________________________
________________________________________________________________
What features surround the home? __________________________________
_______________________________________________________________

Living Areas
How many living areas are there?___________________________________
What type of lighting is there? _____________________________________
What type of floor covering is there and is it in good condition?
______________________________________________________________

ACT REAL ESTATE

What types of window coverings are there and are they in good condition?
________________________________________________________________
________________________________________________________________
What type of heating and cooling in each?
________________________________________________________________
________________________________________________________________
Where are the Internet and TV sockets?
________________________________________________________________
Do all the lights and heating and cooling apparatuses work?
________________________________________________________________
________________________________________________________________
Will my couch fit? _________________________________________________
Kitchen:
What type of cooking is there (gas, electric or induction)? ______________
Is there a dishwasher? _____________________________________________
What type/how big is the pantry? ____________________________________
What type of range hood do they have and does it work?
________________________________________________________________
Does everything work? ____________________________________________
Will your fridge fit? _______________________________________________
Is there Rinnai hot water if not, what type of hot water is there?
________________________________________________________________
What type of lighting is there? ______________________________________
What type of floor covering is there and is it in good condition?
________________________________________________________________
________________________________________________________________
What types of window coverings are there and are they in good condition?
________________________________________________________________
________________________________________________________________

ACT REAL ESTATE

Dining Room:
What type of lighting is there? ______________________________________
What type of floor covering is there and is it in good condition?
________________________________________________________________
________________________________________________________________
What types of window coverings are there and are they in good condition?
________________________________________________________________
________________________________________________________________
Will our dining table fit? ____________________________________________
Bedrooms:
Bedroom Number: __________
Are there walk in robes/built in robes/shelving?
________________________________________________________________
Will the bed fit? __________________________________________________
What type of lighting is there? ______________________________________
What type of floor covering is there and is it in good condition?
________________________________________________________________
________________________________________________________________
What types of window coverings are there and are they in good condition?
________________________________________________________________
________________________________________________________________
Bedroom Number: __________
Are there walk in robes/built in robes/shelving?
________________________________________________________________

Will the bed fit? __________________________________________________
What type of lighting is there? ______________________________________

ACT REAL ESTATE

What type of floor covering is there and is it in good condition?

________________________________________________________________
________________________________________________________________
What types of window coverings are there and are they in good condition?
________________________________________________________________
________________________________________________________________
Bedroom Number: __________
Are there walk in robes/built in robes/shelving?
________________________________________________________________

Will the bed fit? __________________________________________________
What type of lighting is there? ______________________________________
What type of floor covering is there and is it in good condition?
________________________________________________________________
________________________________________________________________
What types of window coverings are there and are they in good condition?
________________________________________________________________
________________________________________________________________
Bedroom Number: __________
Are there walk in robes/built in robes/shelving?
________________________________________________________________
Will the bed fit? __________________________________________________
What type of lighting is there? ______________________________________
What type of floor covering is there and is it in good condition?
________________________________________________________________
________________________________________________________________
What types of window coverings are there and are they in good condition?
________________________________________________________________
________________________________________________________________

ACT REAL ESTATE

Bathroom:
Is there a separate toilet? __________________________________________
Is there a bidet? __________________________________________________
How many sinks are there? _________________________________________
Is there adequate storage in the shower? ______________________________
Is the shower over the bath or are they separate? _______________________
Is there a shower curtain or a shower screen? __________________________
What is the water pressure like and is the hot water hot?
________________________________________________________________
Is there a tastic or an exhaust? ______________________________________
Is there any mould evident? ________________________________________
Are there towel rails? _____________________________________________
Are there enough powerpoints (hair dryer, electric toothbrush etc.)?
________________________________________________________________
What type of lighting is there? ______________________________________
What type of floor covering is there and is it in good condition?
________________________________________________________________
________________________________________________________________
What types of window coverings are there and are they in good condition?
________________________________________________________________
________________________________________________________________
Ensuite
Is there a separate toilet? __________________________________________
Is there a bidet? __________________________________________________
How many sinks are there? _________________________________________
Is there adequate storage in the shower? ______________________________

ACT REAL ESTATE

Is the shower over the bath or are they separate? _______________________

Is there a shower curtain or a shower screen? __________________________
Is there a tastic or an exhaust? ______________________________________
Is there any mould evident? ________________________________________
Are there towel rails? _____________________________________________
What is the water pressure like and is the hot water hot?
________________________________________________________________
Are there enough powerpoints (hair dryer, electric toothbrush etc.)?
________________________________________________________________
What type of lighting is there? ______________________________________
What type of floor covering is there and is it in good condition?
________________________________________________________________
________________________________________________________________
What types of window coverings are there and are they in good condition?
________________________________________________________________
________________________________________________________________
Laundry
What type of lighting is there?_______________________________________
What type of floor covering is there and is it in good condition?
________________________________________________________________
________________________________________________________________
What types of window coverings are there and are they in good condition?
________________________________________________________________
________________________________________________________________
Is there enough storage? ___________________________________________
Will the washing machine fit? Will it only fit a front loader? _______________
Will it fit a dryer? _________________________________________________
Will the ironing board fit? __________________________________________
ACT REAL ESTATE

Car Accommodation:
Is it a carport or garage? ___________________________________________
Is there additional off street parking? _________________________________
How many spaces in the carport/garage? ______________________________
Does it look like it is sturdy construction? ______________________________
Will the large cars/utes fit? _________________________________________
Is there workshop/storage space to rear? ______________________________
Are there automatic doors? _________________________________________
Is there lighting? __________________________________________________
Front Garden
Are there any dead trees? __________________________________________
Is the garden high maintenance or low maintenance? ____________________
Is the letterbox in good condition? ___________________________________
How does the block slope, will it effect drainage? _______________________
Are there external shades on any windows why? Does it get too hot are
there security issues?
________________________________________________________________
________________________________________________________________
Is the driveway in good condition? ___________________________________
Rear Garden
Are there any dead trees? __________________________________________
Is the garden high maintenance or low maintenance? ____________________
Are there any trees touching the power lines? __________________________
Are the fences in good condition? ____________________________________
Is the yard fully fenced? ____________________________________________
ACT REAL ESTATE

Is the grass in good condition? ______________________________________

Is the clothes line north facing and does it need rethreading? _____________
Is there a garden shed? Is it in good condition? ________________________

ACT REAL ESTATE

ACT Real Estate

M: 0412 607 293
T:

6156 0254
contact@actre.com.au
W: www.actre.com.au
E:

QUESTIONS TO ASK A CONVEYANCING SOLICITOR

1. What fees do you charge for conveyancing?

_______________________________________________________________
_______________________________________________________________
2. What experience do you have?
_______________________________________________________________
_______________________________________________________________
_______________________________________________________________
3. What type of turnaround do you have on communications (i.e. how long does
it take you to reply to emails, phone calls etc.)?
_______________________________________________________________
_______________________________________________________________
_______________________________________________________________
4. Do you have professional indemnity insurance?
_______________________________________________________________
_______________________________________________________________
_______________________________________________________________
5. Extra Question:
_______________________________________________________________
_______________________________________________________________
_______________________________________________________________

ACT REAL ESTATE

ACT Real Estate

M: 0412 607 293
T:

6156 0254
contact@actre.com.au
W: www.actre.com.au
E:

QUESTIONS TO ASK A MORTGAGE BROKER

1. How much experience do you have as a mortgage broker?

_______________________________________________________________
_______________________________________________________________
2. Why should I use a mortgage broker rather than going straight to the bank?
_______________________________________________________________
_______________________________________________________________
_______________________________________________________________
3. Are you members of the Mortgage Finance Association of Australia (MFAA) or
Finance Brokers Association of Australia (FBAA)?
_______________________________________________________________
_______________________________________________________________
4. Do you have your own Credit License or are you a Credit Representative?
_______________________________________________________________
_______________________________________________________________
5. How do you decide which loan is best suited to my personal situation?
_______________________________________________________________
_______________________________________________________________
6. Do you charge a brokerage fee for getting my finance approved?
_______________________________________________________________
7. What commissions do you get paid for writing my loan?
_______________________________________________________________
8. Extra Question:
_______________________________________________________________
_______________________________________________________________
_______________________________________________________________

ACT REAL ESTATE

ACT Real Estate

M: 0412 607 293
T:

6156 0254
contact@actre.com.au
W: www.actre.com.au
E:

IVE FOUND A PROPERTY- NOW WHAT DO I DO?

Once you have found a property that you ticks as many boxes of your checklist
as you can you need to do the following:

o Request a copy of the contract

o Review the contract - particularly the building report. To understand

what you are looking for or how to read the building report see our
video: ______________________.

o If you can give the contract to your conveyancing solicitor to review

(this may get expensive if you are looking at multiple properties)

o Check with your mortgage broker to see what your limit is and your
options on paying a deposit. If you have deposit less than 10% of the
asking price or the price you would offer check with the agent to see if
the owner would accept a 5% deposit or a fixed amount (e.g. $25,000).
The other thing that you may discuss with a mortgage broker is the
option of a deposit bond to pay your deposit. A deposit bond is a bank
document that guarantees the seller your deposit amount. This must
be 10% of your offer (not 5% or a fixed amount).

Once you have sorted all these elements out put forward your offer. Never start with
full amount you are willing to pay or have available. As a general rule we recommend
starting about $10,000 - 15,000 below your maximum and working from there. Also,
remember to negotiate the non-financial terms such as unapproved structures and
settlement period as these are also considerations for vendors.

From this point the agent will negotiate between you and the seller to achieve the
highest price they can without losing you as a buyer. It is important to understand
this but not be overconfident especially as there may be other potential buyers. We
recommend submitting the initial offer in writing at a minimum (to ensure you cover
all necessary details a form is available here and below)

ACT REAL ESTATE

ACT Real Estate

M: 0412 607 293
T:

6156 0254
contact@actre.com.au
W: www.actre.com.au
E:

IVE ACHIEVED OFFER & ACCEPTANCE- NOW WHAT?

Once you have found a property that you ticks as many boxes of your checklist
as you can you need to do the following:

! The owner/agent has informed that the seller agrees to your offer.

From here you will need to provide the following details:

1. Full legal names or purchasers
2. All contact details (home phone numbers, mobile numbers, any
email addresses)
3. The details of your solicitor (firm name, solicitor name, phone, fax,
email and postal address)
4. The details of your mortgage broker (firm name, broker name,
phone, fax, email and postal address)
5. Confirmation of offer
6. Settlement terms- this refers to the amount of time you need
between exchange and settlement (usually 30, 45, 60, 90 or 120
days) or you can list a specific date.

! These details will be compiled and a Sales Advice Notice will be issued

to both yours and the sellers solicitor and the mortgage broker.

! The sellers solicitor will then create the Contract of Sale with yours

and the sellers details and send it to your solicitor

! Your solicitor will then get you to come in or send you the contract for
you to review and sign and will request a deposit (usually bank cheque,
personal cheque or a copy of the deposit bond).

! You will also need to conduct a pre-exchange inspection. During a pre-

exchange inspection will need to check all appliances and lights work and
that the house in a functional condition you are happy with. If there are
things you would like fixed (that you had not previously discussed prior to
offer and acceptance) speak to your solicitor and they will put forward a
special condition into the contract to have it fixed by settlement if the other
side agrees.

ACT REAL ESTATE

! Your mortgage broker will have started applying for unconditional approval

with the details in the Sales Advice Notice they may require to supply more
documents and sign some paperwork in order to obtain unconditional
finance approval which is necessary for exchange.

! Once the contracts are signed, you have completed the pre exchange

inspection and you have received the unconditional financial approval letter
the property will go in to exchange. Exchange takes place in an area similar to
the stock exchange where the seller's solicitor hands documents to your
solicitor and your solicitor provides documents and the deposit to the seller's
solicitor.

Once these have been completed the files will go into exchange and once exchanged
the sold stickers will go on the signboard.

ACT REAL ESTATE

ACT Real Estate

M: 0412 607 293
T:

6156 0254
contact@actre.com.au
W: www.actre.com.au
E:

EXCHANGE HAS HAPPENED- ARE WE DONE YET?

! Youve completed your pre-settlement inspection, all your loan

documents are correct and processed and final figures have been
completed by your solicitor.

! Now the property files can be sent in to settlements by yours and

sellers solicitors. Once they have left settlements the property will be
yours.

! Once the solicitors have returned from settlements they will send the

agent a document called an Order on the Agent which allows them to

release the keys to you and your deposit to the seller.

ACT REAL ESTATE

ACT Real Estate

M: 0412 607 293
T:

6156 0254
contact@actre.com.au
W: www.actre.com.au
E:

BUY SETTLEMENT HAS HAPPENED

Settlement! - It's All Yours! (How To)

1. The pre-settlement inspection is complete, all your loan documents are
correct and processed and final figures have been completed by
the solicitors.
2. Now the property files can be sent in to settlements by yours and the
buyer's solicitors. Once they have left settlements the property will be
in your possession.
3. Once the solicitors have returned from settlements they will send the
agent a document called an Order on the Agent which the agent allows
to release the keys to the you and the deposit to the seller.

ACT REAL ESTATE