Signed a Contract on a House? 4 Key Next Steps for Buyers

Even in a buyer's market it can take a long time to find the right home in the right area of Brisbane for you.

So if you've finally found your dream home, signed a contract making an offer, maybe even gone through the counter offer process, and your offer has been accepted you're ready for stage two of the house buying process.

Signing a contract is a time of great excitement but one that can also make buyers feel anxious, especially first time buyers. After all, a signed contract is a signed contract so you have now committed to buy what will probably be one of the biggest purchases of your life.

Buying a new home is a major decision. It takes time, research, major financing and often emotional investment too. With so much at stake you should only commit to buy a house you're certain is right for you.

The next steps will take more time and money so if you're not absolutely sure you've made the right choice let your conveyancing lawyer know immediately. There are a few ways to revoke an offer on a property, but the sooner they are actioned the better and the less you stand to lose.

Remember, if you have any questions, now is the time to ask your lawyer, real estate agent, mortgage broker, bank manager or property inspector.

If you're sure you want to go ahead after you've signed the contract these are the four key steps to take next.

1. Pay your deposit

A house deposit amount can vary but it's usually 1-5% of the offer you made. Hopefully you chose a deposit amount than you can easily pay and the funds are immediately available.

Once the deposit has been paid it proves that you're a genuine buyer and the sale will most likely go ahead as long as all conditions and clauses laid out by you are met.

The deposit is generally non-refundable so, even if you revoke your offer during the cooling-off period, the seller may charge you a penalty fee of up to 0.25% of the purchase price which will be taken from the deposit paid.

2. Check documentation

A dedicated conveyancing lawyer is the best person to get to check the documentation and paperwork involved in buying a house because we read those documents constantly, so we know exactly what to look for, and what to look out for.

Depending on what type of property you're buying you may need to check or perform property searches or investigations for the property location and type bearing in mind your plans for the property.

When buying a house in Brisbane there are some geographic considerations you need to be aware of when deciding which searches to request such as flooding and lot information.

Our buying property in Brisbane guide has more details on documentation and this period in between signing a contract and settlement date is your big chance to do as much due diligence as possible.

3. Organise finance

Even if your finance is pre-approved you need to contact your bank immediately to let them know you've made an offer and that you will be needing the finance soon.

If you haven't got finance yet contacting a mortgage broker or the banks to get a mortgage is urgent as getting finance can take time and finance problems are the most common reason for a property sale falling through.

You'll need to look at the latest interest rates and lock in a rate that will allow you to comfortably meet your mortgage repayments.

The bank may want to order a property valuation and that can cause delays too which is another reason why you should make contacting the bank a high priority after you've signed the contract.

4. Organise property inspections

Choose and book your pest inspector and building inspector as well as a pool, electrical and smoke alarm inspection if needed.

This is a good time for you to make your final inspection of the house and walk through it with the building inspector who will be able to familiarise you with immediate or long-term maintenance needs.

Signed a contract on a house and want to know what now?

Contact us today for a free consultation to get clear answers to all your questions from a qualified, dedicated conveyancing lawyer. Call us now on 0452441583 to book your consultation or use our easy contact form at the end of the page.