If you’re buying your first home, too much information can make buying your first home seem daunting. Fear not, for Du Val is here to break it down.
What is the home buying process?
Du Val deals only with new and off-the-plan houses,
as we believe they bring the best returns to you.
There are seven simple steps to owning a Du Val investment property:
Our simple buying process
Our friendly and expert Property Advisors will help assess the best Du Val property options for your lifestyle.
Our team is passionate about helping you find the right home within one of our beautiful communities. Once you’ve made your choice and selected the property that best suits you and your family, we advise that you meet with a mortgage advisor if you haven’t already to help you arrange approval, in principle, for your home loan.
You will need to sign a Sale and Purchase Agreement to secure your new home and lock in the price.
Once the Sale and Purchase agreement is signed, you have entered the conditional phase.
- You now have 10 days to carry out your Due Diligence to ensure that you are confident in moving to the next stage of your purchase.
- Due Diligence is the investigation or exercise of care that a reasonable person looking to purchase property is normally expected to take before making a final decision to purchase.
- During these 10 days, you will need a lawyer to advise you on the Sale and Purchase agreement.
Once you have worked through your Due Diligence and decided to move forward following legal, financial, and any other independent advice, you will need to give final acceptance to your lawyer that you are ready to satisfy your purchaser’s conditions in the Sale and Purchase agreement, and go “Unconditional.”
- This is when you will pay the agreed deposit to your solicitor’s trust account and you are committed to purchasing the property.
The unconditional stage will last all through the period that the dwelling is being built. Depending on the property you’ve chosen it may take a few months or a number of years to be built. During this time, we recommend that you prepare yourself to take ownership
- Pre-settlement inspection: You will need to inspect your property to make sure all aspects of the home are move-in ready and all appliances are working properly. This is an opportunity for you to note down defects (if any) which the team will ensure are quickly remedied. If any building defects are discovered after settlement, you are covered for 12 months from the time the Code of Compliance Certificate is issued.
- Formal Finance Approval: Work with expert financial advisors/brokers who will get you the best finance deal in the market that works for you. Working with a mortgage broker can potentially save you time, effort, and money.
- Building insurance is included in your body corporate budget, but you may wish to consider contents insurance and possibly landlords insurance if you are intending to rent your property to tenants.
- Registered Valuations: Your bank or lender may require a registered valuation as a condition of a finance offer.
- Body Corporate: Sign and send back the Body Corporate Communications (sent to your lawyers).
- Tenant Search: Contact our talented Property Management team to find reliable clients who can move in as soon as you reach Settlement.
Settlement. The settlement date for a new home is triggered once both the Code of Compliance Certificate and Title for the property are issued. 10 working days notice will be given. Settlement day is when you pay the purchase balance and are transferred ownership of the property. Your lawyer and bank/lender will handle this transaction on your behalf, registering the transfer of ownership and any mortgage on the record of title. Once Du Val receives confirmation that your lawyer has transferred funds and they have been received by Du Val’s lawyer, you’re now the proud owner of a brand-new home.
How can we help?
Our experienced team can help guide you towards your property goals.
Connect with us for a FREE, no-obligation consultation with one of our team today.