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Buying a house

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Aussie Guy 26
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Buying a house

Postby Aussie Guy 26 » Sun, 13 Apr 2014 6:37 pm

Hi All

Ok my very first post and apologies if its in the wrong location but I could not find the topic from the home page.

Hoping someone can tell me if they have had any bad experiences I should be wary of buying a house here.

I have bought and sold many in Australia but this is all new.

The wife is Singaporean Citizen so we are looking at cluster, think that means I don't have to go through any of the expat type hurdles.

I thing that I have been told is that it takes at least 8 weeks to go from offer to settlement. Is that just the locals saying no rush or are there actual delays dealing with searches, checks etc.

It will be an outright payment so no bank approval delays from my end.

Thanks all and hope to chat more.

Cheers.

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PNGMK
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Postby PNGMK » Mon, 14 Apr 2014 11:04 am

8 weeks is about right.

The fact that you have the wherewithal for an outright purchase may speed it up.

1. Find a place.
2. Sign an offer
3. Offer accepted with indicative settlement date.
4. You need a solicitor to do the conveyancing on your side.
5. Settlement date can be renegotiated at this point still
6. Your solicitor does title search and draws up transfer docs and funds then need to be held in a trust account.
7. On settlement date properties and funds are exchanged.

Note though that cluster houses 'may' need SLA approval if your a foreigner on the title (with your wife). I know condos don't but I think cluster houses may depending on the title (strata is probably ok for you).

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Max Headroom
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Postby Max Headroom » Mon, 14 Apr 2014 12:49 pm

The drop in property rates has been picking up speed of late. It may be prudent to postpone by 3-6 months, given this critical juncture we're on now.

Just sayin' :)

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Aussie Guy 26
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Postby Aussie Guy 26 » Mon, 14 Apr 2014 9:06 pm

Thanks PNGMK.

Speaking to the lawyers tomorrow and draft Option coming through shortly.

Good to know about about point 5.

Cheers.

Primrose Hill
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Postby Primrose Hill » Tue, 15 Apr 2014 8:46 am

If it was mutually agreed, the date of closing can be shortened. There aren't any hard and fast rule, norm is 8weeks. My solicitor grumbled and moaned but we managed to get it done and dusted in a month


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