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What is the process of buying property?
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Here is a general path when purchasing a completed private property:
• Begin by appointing a salesperson or estate agent.
• The property is usually advertised and viewings are conducted.
• Once you decide on the property, the seller typically grants you an Option to Purchase (OTP) in exchange for a 1% option fee.
• You pay the 4% exercise fee and sign the OTP or Sales & Purchase Agreement (generally within 14 days), forming a binding contract.
• Your solicitor will assist with necessary tasks like lodging a caveat, coordinating mortgage arrangements, and handling legal documentation.
• The deal often completes within 8 to 12 weeks, at which point the property officially changes hands.
• The property is usually advertised and viewings are conducted.
• Once you decide on the property, the seller typically grants you an Option to Purchase (OTP) in exchange for a 1% option fee.
• You pay the 4% exercise fee and sign the OTP or Sales & Purchase Agreement (generally within 14 days), forming a binding contract.
• Your solicitor will assist with necessary tasks like lodging a caveat, coordinating mortgage arrangements, and handling legal documentation.
• The deal often completes within 8 to 12 weeks, at which point the property officially changes hands.
Alternatively, you can skip the OTP grace period by issuing an Offer to Purchase (normally prepared by your solicitor or salesperson). If signed by the seller, you typically pay 5% of the price as a deposit and proceed directly to the Sales & Purchase Agreement.