Contracts and deposits explained: What you need to know
So you’ve found the home or property of your dreams. But what’s next? Sometimes the process sounds like it will be complete pronto, but as it turns out, you really need to think this one through. After finding your treasure it’s time to sign a contract of sale. Speaking in real estate terms, the process of dealing with your contract of sale is known as conveyancing. In terms of taking this big step, here’s some good advice: unless if you’re a pro then it’s probably time to hire one! Hiring a licensed conveyancer or solicitor will not only help you get the job done, but it will ensure you do it right. To make this process as smooth as possible we’ve revised a list of home life hacks for your convenience. Get ready to take charge.
Don’t get confused by the contract of sale
Here’s the thing: a property can’t actually be put up for sale until the contract is put together. It includes a lot of facts you should be ready to digest…food for thought much? If you have any questions in mind when going over it then pass them onto your pro, they’ll have the right answers! Always make sure they go over it with you so you can figure out if you want to revise anything. Chances are that you’ll want to change something. It’s ok to be picky since it’s best to be totally sure about your decisions. Don’t sign on that dotted line until you’ve done all these things.
Completing the contracts: Making sure you have the cash
When it comes to contracts don’t forget that it’s not all about you! A significant part of the job must include the other party so you can finally have your new home. As long as you both haven’t signed the contract, you haven’t committed. This person comes in after the pro has done his thing; it’s time to print out two separate copies of the contract so you each have one. Make sure you really trust your solicitor if they’re doing all the work since this is such an important decision. Deposits can vary but chances are it’s time for you to pay yours. Usually the seller will ask for about 10 percent, but this isn’t necessarily the number you’ll get. Next up? Insure your property. You need to protect all your assets and a home is no exception. This process is not finito until you’ve done all of the above.
That’s the 101 on dealing with your contracts and deposits for the first time. Remember to double-check everything, but more than that, try your best to enjoy this once in a lifetime experience.