Real Estate Purchaser’s Checklist
Purchaser’s Checklist
Buying and selling real estate can be stressful if you are not fully prepared for the process. The following checklist provided by NZ Law Limited should help to eliminate some of the unknowns and help you achieve a smooth transaction.
Real Estate Purchasers
| Before you sign the Agreement | |||
| Contact your lawyer: | |||
| Check Title | |||
| Obtain provisional finance approval | |||
| Talk about future plans for prospective property | |||
| Conditional/unconditional offer | |||
| Check chattels | |||
| Any potential difficulties – unit titles/cross lease, access, restrictive covenants etc | |||
| Develop moving budget | |||
| Decide if you need a LIM or PIM Report | |||
| Decide if you need a pre-purchase building inspection | |||
| If the property has a tenant, check the tenancy agreement | |||
| Have your lawyer check the agreement. If all in order sign the Agreement | |||
| Offer is accepted | |||
| Ten working days to check the title | |||
| Check and compare finance terms and conditions | |||
| Confirm finance within Agreement time limits, discuss ownership structure (personal, company, trust, partnership) | |||
| Obtain LIM Report (if this is a condition) | |||
| Arrange for a building report to be done (if this is a condition) | |||
| Check any other conditions | |||
| Pay the deposit | |||
| Satisfy any outstanding conditions | |||
| Get quotes from removal company | |||
| Four weeks before | |||
| Make booking for removal company/truck hire, confirming settlement date | |||
| Discuss your moving arrangements with the seller to ensure that their moving company and yours do not attempt to operate at the same time on settlement date | |||
| Arrange for transfer of telecommunications connections | |||
| Arrange for transfer of gas and/or electricity supply to new home | |||
| Begin to sort out packing | |||
| Have garage sale of unwanted items, list on Trademe or give to charity shops | |||
| Make travel arrangements if moving out of town | |||
| Make arrangements to move children and pets | |||
| One week before | |||
| Settlement statement received from the seller’s lawyer (rates will be apportioned to settlement date) | |||
| Arrange insurance for your new home. Check and compare premiums and terms and conditions as these can vary significantly | |||
| Mortgagee’s interest must be noted on the insurance policy | |||
| Confirm arrangements with removal company | |||
| Ensure house contents are insured for transit | |||
| Sort out valuables and other items that you do not want packers to move (take them yourself in a secure bag) | |||
| Notify burglar alarm monitoring service of move to a new property | |||
| Arrange with lawyer to sign mortgages | |||
| Four days before | |||
| Do a final sort of items to be packed by removal company | |||
| Three days before | |||
| Pre-settlement inspection (if required) | |||
| Two days before | |||
| Confirm arrangements for children and pets | |||
| On the day | |||
| Mortgage insurance arranged | |||
| Lawyer to receive any cash contribution from the buyer | |||
| Moneys received from the lender | |||
| Transfer (and mortgage) registered at LINZ | |||
| Keys handed over | |||
| After settlement | |||
| Copy of new title to new owner | |||
| Copy of new title to lender | |||
| Local authorities notified | |||
| Transaction complete | |||
To download a copy of this list CLICK HERE
October 21 2010 06:26 am | Buying Rural Waikato Real Estate and Selling Rural Waikato Real Estate
