Why You Need to Hire Buyer’s Agents When Buying Property

One of the best cities to start a family in Sydney. This New South Wales capital enjoys an average of three hundred sunny days per year with around 110 clear cloudless days. This climate of Sydney makes it a great city for families that enjoy the outdoors. Likewise, Sydney is a city that embraces diversity and has zero tolerance for racial discrimination. Foreigners are allowed to purchase an investment property in Sydney, but there are a set of rules and regulations that must be followed.

If you plan to purchase a house in Sydney, it is best to hire buyers agents in Sydney to guide you in the steps. Here are some of the procedures that a buyer’s advocate can help you with:

Stamp Duty

When you purchase a property in Sydney, you will need to pay for stamp duty, a tax implemented by the Office of State Revenue. In Sydney, the stamp duty is approximately 4.7 per cent of the property’s purchase price and must be paid within three months after you finished signing the contract of sale. When purchasing property, it is best to factor in stamp duty when you set a budget for buying a house.

Land Tax

If the house you are buying will serve as your principal place of residence, then you may enjoy an exemption from paying land tax if your property’s value is less than $3 million. However, if you plan to rent out your property, then you will need to pay the land tax associated with that property annually.

Building and Pest Inspection

Do not purchase any property until it is thoroughly inspected by a building inspector and a pest inspector. When having the property inspected, it is best to have a buyer’s advocate with you so that the agent will see first hand any flaws discovered during the inspection. Buyers agents in Sydney will then use these discovered flaws to negotiate the property’s price to your advantage.

Contract of Sale

It is also important that you have a contract drawn by a property lawyer before you purchase a house. Likewise, it is best to include the sale conditions, including the terms and length of time to settle the purchase. If you are a foreigner and do not know any property lawyers within the city, the buyers agents in Sydney who you hire will find a solicitor on your behalf.

Cooling-off Period.  A cooling-off period is the amount of time given to a property buyer to review the terms of the contract of sale. For residential properties, the standard cooling-off period is five days if you purchase the property through a private treaty. If you do not push through with the sale after the cooling-off period ends, then you must pay a penalty of 0.25 per cent of the purchase price, which may be deducted from your deposit. However, if you are purchasing the property via auction, you will not be allowed a cooling-off period and must sign the sale contract if you are the winning bidder.

Buyers Agents in Sydney

When purchasing a property, there are two sets of agents. One agent will be partial to the seller and will negotiate on behalf of the property seller. As a property buyer, you should also hire an agent to keep your interests at heart. Buyers advocates or buyers agents will help you navigate through the different process of purchasing a property. They already have a relationship with real estate agents and will know the best properties listed in the market.

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