HI everyone. MY last offer on a investment property looks like it is going to be excepted. What generaly happens next. My belief is i get the realestate agent to fax a copy of the contract with my name and sale price attached etc to my conveyancing agent. Then they will start the process and send the same details aswell as a letter from realestate agent indicating expected rental return to my lending institute. They will give final approval for loan in a few days and then they will give me a cheque for the deposite at which i can exchange contracts . Then settlement a month or so after that. Does this sound right.
devo
The process you have indicated looks about right however most contracts have a few trigger dates which inlude any of the Special conditions within the contract as well as Building & Pest Inpsection & finance.
If you have already signed the contract it is too late to change the name on the purchase contract to a Trust so i assume that you have already done this.
I also assume that you have ensured that the loan will not be corss collaralised by talking to your lender and therefore that is not an issue.
Unfortunately most lenders will not provide you with a cheque to cover the deposit prior to them receiving title to the property however you made have made alternative arrangements in this regard.
Cheers
Richard Taylor
Residential & Commercial Finance Broker.
Licensed Financial Planner. Ph: 07 3720 1888
[email protected]
Looking for life cover – We Guarantee to beat any quote you have in writing.Richard Taylor | Australia's leading private lender
Hi,
Your real estate agent will generally guide you through the process if your unsure. But regarding the deposit and settlement, the deposit and settlement dates are part of the contract. You don’t need approval from the bank to pay the deposit. You don’t even need a deposit, but you offer a token deposit to show the vendor you are serious. Likewise with settlement, you could have settlement in 2, 3 or any months. But to encourage the vendor to accept your offer you can put a shorter settlement.
There is a fair amount of paper work involved but if you make sure you provide everything required as promptly as you can, you won’t be holding up settlement and everything should go smoothly.
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