Once an expression of interest is made, the work isn’t done!
There is a mountain of work that follows, let us spell out some of it for you below:
1. Engaging A Broker/Solicitor
At this stage, you will select a Mortgage Broker and Conveyancer that will
work closely with the team at AllianceCorp to oversee the finance and legalities
related to your purchase. AllianceCorp has a team of recommended brokers and conveyancers who specialise in the property investment space.
Once AllianceCorp has received contracts, we will conduct a preliminary review
of your contracts to ensure details are correct including entity names, purchase
address and settlement terms. We will then prepare Conditional Purchase Advice and send this to you, your broker and your conveyancer. This document outlines all the particulars of your purchase and details of all key parties so that your team is kept in the loop. From here, your conveyancer will act on your behalf depending on the service level you have agreed to. Once all parties are satisfied, contracts will be released to the vendor’s representative for countersigning and execution.
Once contracts have been executed, your broker will then submit an application
for finance that you require to secure the property purchase that also aligns
with your long-term wealth-generation strategy. A lot of supporting documentation is required for your finance application, the AllianceCorp team will work closely with you and your broker to collect all necessary documentation.
4. Valuation Process
In order for finance to be approved, your property purchase will need to be
valued by the lender. Your broker will generally order three valuations for your property to get a good indication of where the lenders are placing the value of your property. It is very common for bank valuations to differ from the contract price of your property, particularly when it comes to investment properties. The valuer works for the bank, not the client, which means they will always give a conservative valuation (not necessarily market value) to protect the bank. AllianceCorp has a valuation guarantee to assist you if valuations fall short. Please refer to our Valuation Guarantee documents for terms and conditions.
This is the stage where the property you are purchasing legally becomes your
own! The settlements team will be in constant communication with you, your
mortgage broker and conveyancers/solicitors to ensure that all necessary
documentation and actions take place to ensure a smooth settlement process.
You will pay a 5-10% deposit on the land/build or full contract price depending on the terms set out in your contract. Your finance will also be approved prior to settlement occurring.
If you’ve purchased a House and Land package and have settled on
the property, it is time to start the construction phase. Typically
construction will occur in the following stages:
- Approval of building permits: Application and approval of permits to council
- Site start: preliminary works to ensure the site is prepared for laying the concrete
- Base/slab: laying the concrete slab for the house
- Frame: the frame of the house is constructed
- Lock-up: the outside of the frame, including windows and doors, are affixed
- Fix the electrical and interior fit-out. At the end of this stage, the house is in a somewhat livable state, however, appliances are not installed until the very end to prevent theft
- Practical completion: landscaping is complete, appliances are installed and any cosmetic defects are rectified
In the lead-up to your property being handed over to you and being ready
for tenants, a Certificate of Occupancy is issued at the same time as practical
completion occurs. This certificate means somebody can legally live in the
house.As you prepare for the handover of your property the following will need to be
- You obtain property insurance and a certificate of currency (this is required
for the bank to release funds)
- The bank will arrange for their own independent inspection of the property
- The bank pays the final instalment of the build
- Appliance installation is scheduled (for security reasons, not all appliances are installed until after the physical handover of keys)
- An independent inspector and client complete final inspection
- The property manager is invited along to this inspection for promotional
- Keys are given to the client or proxy which includes sign-off approving final works
- The property is now owned by the client. AllianceCorp oversees this entire process – coordinating with all relevant parties on your behalf
8. Letting The Property
In the lead-up to the handover of your property, the AllianceCorp team will
recommend a Property Manager to look after the marketing and leasing of your
property. There are a number of groups across Australia that we prefer to work with due to their proven track record in providing great service to our clients.
AllianceCorp has a dedicated team for post-purchase services, if you’re interested in getting in contact to learn how we can help you on your journey, simply fill out the form below.