Guest 4lex Posted October 18, 2011 Report Share Posted October 18, 2011 Hello all. We're thinking about buying a place, and just realising there's probably a swathe of differences to how it worked back in blighty. The place we're looking at is a brick and tile house circa 1950s, I don't really know where to start. I get that there are at least two sorts of land title in WA, green and strata. This one is green. I understand that what we call convenants in the UK are approximately called easements here - is that right? I'm going to want a structural and pest report done on the property, but is this a part of the mortgage process? And if so, is this much like the UK survey/valuation process which is little more than a cursory glance (or was when we last did it in 01). What about local searches in terms of rights of way, stuff like access to utilities infrastructure from the property etc, what do we call that here? Is there an obligation on the part of the seller or agent to disclose anything bad that may have happened at the property - like I'm sure in the UK there is a rule around disclosure where a property has, for example, been a hells angels hangout or site of a grizzly murder (not that I suspect either) Is there any equivalent energy rating system to back home? What else don't I know that I need to know? Many, many thanks for any help, Alex Quote Link to comment Share on other sites More sharing options...
Guest 4YearItch Posted October 28, 2011 Report Share Posted October 28, 2011 Hi Alex The process of buying a house in WA is similar to the UK. First approach your bank and ask how much you can lend. It differs depending upon your visa status. Most banks are now asking for a 20% deposit (we have just recently bought our first house). When you know how much you can lend get a letter of approval from them. Most realators will want to see this. When you find the house that you like, put in an offer (just like the UK) and show them your letter. Often, the realators will have a deadline for when offers go in. If you are successful, they will let you know and then you sign the contract. Now, this is the part that is different to the UK. Once you sign the contract you are then legally bound to buy the house for the price you have agreed. No-one can come in and gazump you, neither can you really renegotiate on price (unless in extreme circumstances). This is why you need the letter from the bank as no realators will let you put in an offer without having secured borrowing. The contract will have a settlement date on it. This is when the stamp duty money gets paid. Don't slip up here as I know other people have done ... thinking you pay later in the process. The stamp duty can be a heafty amount. Use the online calculators to work out how much you need to pay - we just used our banks. To help with all the legal stuff and contracts, employ a settlement agent. The realators will recommend who to use. They work a little like solicitors in the UK. They will organise what surveys you need (you may only need a basic one for borrowing the money and a termite inspection). We had to push for a structural survey as it doesn't seem that common here. Don't try and do anything yourself, it's not worth it ... get the settlement agent to do it. Things like disputes with neighbours don't need to be disclosed. There's no rights of way so don't worry about that either. Don't worry too much about the strata issue unless the house you want is in a strata scheme ... this is just how much land you will legally own. I would compare it with having a shared drive / access for a property in the UK. Your settlement agent will sort all this out. The whole process of buying a place from putting an offer in can be as little as weeks. This is probably because the sellers are no longer looking around for more offers and the contract has been signed up front. Hope this helps, where are you looking to buy? Let me know how you get on Quote Link to comment Share on other sites More sharing options...
ali Posted October 28, 2011 Report Share Posted October 28, 2011 You do a final inspection on the house yourself (with the real estate agent) before settlement, our agent was brilliant realising this was our first house in Aus, she turned on every tap and flushed every toilet and switched on every light, oven and hob etc., Quote Link to comment Share on other sites More sharing options...
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