This is a general timeline and checklist for buyers on the process of a typical home purchase.
If you are going to attend an auction, you MUST perform all your due diligence on legal property and financing BEFORE you bid. Anything less than a full review that both the home and the legal status meet your requirements would be very risky. Contracts once signed are legally binding and you could easily lose your deposit if you could not get suitable financing or if the property had insurmountable unseen issues discovered after the auction.
If you are buying by tender, offer, or off-plan the contracts and details are different but the basic flow is similar. You will need to find a good lawyer early on to advise you on the legal issues and how you plan to take the title and if any contracts will need to be drawn up prior. It’s a good idea to hire a mortgage adviser (broker) early as well so you have their perspective from your preapproval to your final settlement. Consult an accountant to assess your strategy if you intend to build an investment portfolio.
It is VERY important that you engage your mortgage adviser, accountant and lawyer upfront in many of these steps. We are here for you. We do not advise you what to buy or why but advise you on the options open to you in your situation. We do not represent any bank or lender so our advice is impartial. As buyers, you must be aware of your responsibilities of homeownership and this handout is a good start along your path. Always feel free to ask questions of your mortgage adviser, lawyer and other consultants. The list below is a general guide and not to be construed as advice. Specific advice is always personalized to your circumstances after consultation with a professional financial or legal adviser.
1. VISION PHASE - PLANNING
2. ORGANIZE FINANCE – PREAPPROVAL PHASE
3. BEFORE YOU GO OUT HOUSE SHOPPING
4. SEARCH PHASE
5. MAKING AN OFFER – LEGAL DUE DILIGENCE PHASE
6. LOAN APPROVAL PHASE (several phases below happen simultaneously with Legal Phase)
7. PROPERTY REVIEW
8. FINAL APPROVAL
THINGS START TO MOVE MORE QUICKLY NOW
9. INSURANCE COVERAGES
10. BANK HANDOVER
11. FINAL INSPECTION
12. SETTLEMENT PHASE
Before you move into your property it’s important that you have alerted your utility companies what services you need at least a week or two before arrival as 10-14 days may be standard for services. NOTE: Expect moving restrictions if we are in a COVID-Alert Level 2 or above. Check with your moving company on their protocols.
Check this Tips page for more details on the Auction process, Renovation and New Construction Loans or if you are buying Off Plan (new build). Each situation is unique. We will be adding to this library with each workshop and are happy to hear from you. Email your questions or suggestions to email@example.com
Find more details on these stages and specific information for buyers and sellers at https://settled.govt.nz
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