The players in a property purchase.
Buying a property is probably the most complex and - let’s admit it - stressful purchases you’ll ever make. Below, we’ve listed the different parties who may be involved in your home-buying process. We’ve outlined what they do, and how you can leverage their experience and knowledge.
Finance Broker (that’s us!)
Brokers act as a liaison between you and the lender. They’ll find out all about your finances and your property goals, and search for and negotiate a loan product that matches your needs. Not only will they do all of the legwork and ensure your loan is processed as smoothly and quickly as possible, but it’s their job to guide you throughout the entire process. You can learn more about how we do things.
Real Estate Agent
Unless you’re working with a private vendor, meeting a real estate agent is inevitable when it comes to purchasing a property.
Hired by the vendor (or seller) the real estate agent’s role is to advise the vendor on preparing the property for sale, market the property, and negotiate with potential buyers.
Buyer’s Agent
Also known as Buyer’s Advocates, these guys are licensed professionals whose expertise is in searching, evaluating and negotiating the purchase of property on the buyer’s behalf. Real Estate Agents work for the property seller, and Buyer’s Agents represent you.
They usually offer two types of services:
An end-to-end service that includes them searching for properties that meet your requirements, and negotiating the purchase of the property once chosen. Depending on what you need, they may look for one specific property or present an entire portfolio.
Their other service offering - and one they are most commonly used for - is auction bidding. Advocates know the ins and outs of the bidding process, and brings their expertise into what can be a very emotional and intimidating experience for a buyer.
Insurance Companies
A property purchase is a high-value purchase and a long-term financial commitment. This makes risk management super vital. Insurance, including mortgage protection and property insurance, will help you avoid being hit with a major financial burden should anything not go according to plan. Many finance brokers (that’s us!) can deal with insurance for you, or will recommend an insurance broker who can.
Conveyancer
The legal aspect of a property purchase is taken care of by a licensed and qualified conveyancer. If they’re a solicitor, they can also provide legal advice.
Their role is to prepare the documents to ensure that transfer of ownership of the property has met the legal requirements in your state or territory.
Property Valuer
Knowing the value of a property is essential in a loan application, and this is where a valuer steps in. Valuers play a huge role in the property buying process. A lender will often engage an impartial valuer to ensure that the buyer and the lender know what loan amount may be warranted. The value is based on the property and location, as well as the current market.
Pest and Building Inspectors
Without pest and building inspectors, a homebuyer’s worst nightmare – finding out the property they’ve just bought requires costly renovations or pest treatment – may come true. Organising a pre-purchase inspection is essential.
If the property requires structural, wiring or repair work, these inspections can stop you from making a very expensive mistake or - if the property is still your dream home but just needs a little work - can provide a valuable bargaining chip.
Lenders
If you need to borrow money to make your purchase, you will need a lender. These lenders can be a major bank, a second-tier or non-major, or a specialist lender for more tricky funding proposals.
There are a few people involved to get your home-buying party started. It’s helpful to know who they are, exactly what they do, and what you need them for.
We’re happy to walk you through all of these parties – just give us a call.