Tips for Buying

Purchasing residential real estate can be a very exciting process, however, it can also be a confusing time for the prospective buyer.  As you may already be aware, different agencies usually have different sets of rules and standards, so we would like to inform you of the buying process should you decide to purchase a property through Najib.
 
Should you decide to secure or make an offer on one of our listed properties, we will ask you to confirm the following details, enabling us to help you in the best possible way.

  • The actual purchase price you will be paying for the property. 
  • The method by which you choose to pay the deposit. e.g. Cheque/e-transfer/other 
  • The settlement period that you require. 
  • The name of your chosen solicitor or conveyancer.
  • The name of your bank or financial lending institution.
  • Any special conditions or requests that you may have so that we can inform the vendor (property owner). Once we have the above information in writing, we are in a position to arrange a meeting with the vendor. 

General Tips

  • If you want to make an offer, be certain that you can follow through by having the following items confirmed.
  • A pre-approval of finance from your bank or lending institution.
  • Your own property sold or at least assessed for value and possible sale time.
  • You have a solicitor or conveyancer selected.
  • Determine how you will be paying the deposit (generally 10%) and associated costs.
  • An idea of settlement times required before you take possession.

Building Report

Before purchasing any property - It is important that you receive a copy of a Building Report from a qualified inspector.
Please note that this report is a complete list of defects of the home, and is very different from the feature brochure that you receive from Najib. Most people are shocked with the report they receive on the home, and most of the time misinterpret the report, e.g. the home is 29 years old and ... is in need of new roof tiles. Roof tiles last approximately 30 years and need replacing on every home of that age. The point to remember here is that all homes at one time or another require maintenance and that this is known as a capital improvement of the property. 

Bank Valuation

Don't be alarmed if your bank or lending institution requests a valuation by a registered Valuer. 
This is normal practice of lending institutions and serves as confirmation of the agreed sale price.

Buying at Auction

If you are intending to buy at auction, all the above mentioned must be in place. Auction day is final.
If you turn up to bid and you are the highest bidder past the reserve price (on-the-market price) you are the instant owner awaiting settlement of that property. 

Summary

Preparation is the key. Understand your rights and have everything in place. If you follow the advice in this document, along with that of your solicitor and your Najib agent, you will be on your way to securing the right home for you.
Whether you are considering purchasing a property in the near future, or are currently in the process of buying a home through another company and in need of advice, please feel free to call any of the Najib sales team with any questions that you may have. 
They will be happy to assist you.