One Team, One Dream
In this session we are going to help you understand how the different people in the process work with you and what their key roles are.
Firstly, we believe in the team approach. You want their key people communicating with each other to make the whole process easer for you.
By putting a team around you, you can rely on their collective judgement and experience to help you make informed decisions. Your team should help make the process easier for you.
So, what does each team member do for you?
- Lawyer – They will help to review contracts, so there isn’t anything in there to trip you up.
They also review all the property docs again to make sure there is nothing in the legal property docs to trip you up. They help to complete the property transaction on settlement day. They can and should talk to you about your estate planning (wills, epas) and make sure you are set up in this regard too.
- Property Value
They maybe required by the bank to make sure the property is valued at what you are paying for. More than that though, a good property valuer helps you to know that you are not overpaying for the property or if it’s a type of property you might expect issues with. There is a few for this.
- Real Estate Agent
They help transact the property. Most commonly, they are working for the seller, helping to find a buyer. However, some agents work for buyers and help you to find a suitable property. Typically, in either scenario you won’t pay the agent, they will receive a split of the fee the selling agent receives for selling the property.
- Mortgage Broker/Bank
They help you get finance so you can buy the property. A mortgage broker typically (and should) work with multiple lenders so they can help you understand different banks offers and what suitable for you. This can be invaluable as they work for you to get you the best home loan. Just like any professional, the key is that you feel comfortable with who you are working with, and that they are acting in your best interests. A good broker/or bank person should not only help you with getting finance, but also how to best structure your loan as well as helping when it comes to refinancing your loan in the future. Typically, you wouldn’t pay a fee, in the case of a broker they are normally paid by the banks. There might be some exceptions if you require a specialist lender.
So pick your team early, get them to communicate and work for you.