Who's in your corner?

Purchasing a property can sometimes feel like an admin nightmare. There are so many different people you need to communicate with to align the property’s smooth settlement and this can be confusing if you’re a first-time buyer. The added layer of panic and/or stress is not something you want especially if you don’t know who to turn to.

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There are many professionals involved in the process who you will never meet or speak to. Lender relationship managers, credit assessors, loan contract preparation teams, valuers, building inspectors, the sellers, the list goes on. The following are what I believe to be the major players in the purchase process and understanding how they can help, will go a long way to achieving a seamless settlement and collaborative experience.

Real estate agents - Whilst the next few roles are solely in your corner, the R.E.A doesn’t necessarily work for the buyer as it has the vendor’s interests in mind. Their responsibility is to achieve the highest price for the seller and ultimately, they aren’t worried about the buyer’s needs, only what’s in their wallet.

A Buyer’s Advocate - Or also known as a Buyer’s Agent, represents the buyer, not the seller. They act on behalf of the buyer throughout purchasing process. They have in-depth knowledge of the local real estate market, and they understand trends, property values, and neighbourhood dynamics through their years of experience and contacts. They consider your individual needs, preferences, and investment goals and a good advocate, develops a strategy based on off-market and at auction data to negotiate a property’s purchase price.

Conveyancer or Solicitors - Ensure a smooth process during the sale or purchase of a property. They can assist with reviewing and explaining the Contract of Sale to you, ensuring you understand the terms and conditions. Conveyancers guide you through the payment of stamp duty (a tax on property transactions) and assist with lodging necessary documents with the land registry office. They can also conduct title searches to verify the property’s ownership and any encumbrances (such as mortgages or easements). On settlement day, they can handle the transfer of funds, exchange of legal documents, and registration of the property in your name.

Your Mortgage Broker - Helps you with securing the home or investment loan to fund the purchase. A mortgage broker is like a financial matchmaker who act as a middleman between you and the lender/bank. They specialise in finding home loans that best suit their clients’ personal situations by crunching the numbers and highlighting options from various lenders after investing their credit policies. Everyone’s situation is unique, and it is good to consult a mortgage broker to assist whether you have a simple or tricky situation.

The Buyer - This is the most vital role of the whole process. Without a buyer, there is no need for anyone else! It is the roles and responsibilities of the professionals in the purchasing journey to help and ensure the process is as smooth and pain free as possible. It’s important for the buyer to entrust in the right professionals, ask questions to understand the process and provide information when required.

To summarise, if you are looking to purchase your first or next home, it is good to build this team around you and go from there. As the great 21^st century poet Drake once said, “Start(ed) from the Bottom”.

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