PURCHASING A HOME OVER CHRISTMAS

15 December 2017

With more time on our hands over the Christmas break there may be the temptation to put in an offer to purchase a new property if a new home was on the Christmas wish list.  However many professionals are closed over the Christmas break so you need to be aware of the issues if you want to make an offer during the break.

  1. SOLICITORS:  It is unadvisable to go unconditional on a sale & purchase agreement without having consulted with a solicitor.  While the solicitor will generally recommend that you do not even sign until you have discussed the contract with them, many of us want to know if the offer will be accepted by the Vendor first before going to consult with a solicitor.  As such the agent may suggest putting in a condition of the agreement that the solicitor must approve of the contract.  You need to be aware that you won’t be able to discuss the relevance of any condition on the agreement with your solicitors until such time as the solicitors have returned after the Christmas break.

While solicitors may get back in the New Year they will have work to do before a purchase transaction can take place so it is advisable not to make settlement date the day the solicitor returns.  If you do have to make settlement that day/week then you need to make sure that the loan documentation is at the solicitors PRIOR to the solicitor closing up for Christmas. 

 

  1. VALUERS: If a condition of your agreement or the finance is a Valuation you need to be aware when the valuers will be able to do the job and get the report to you.  Make sure the dates on the agreement align with when this can be done.

  2. MORTGAGE BROKERS:  While Christmas/New year is usually brokers’ quietest time most will be contactable during the break.  They may not have their office opened but are usually contactable by email or mobile so it pays to know how your mortgage broker is able to be contacted during that time.

  3. BANKS will often have skeleton staff during the quiet time so there may be delays in assessment and documentation of any loan application.  You need to allow sufficient time for processing of any application and align the finance date with the expected turnaround time. 

  4. BUILDING INSPECTORS are often on holiday so if a building inspection is one of your conditions make sure the dates are within a realistic time frame.

During this period the use of a good Real estate agent is vital.  A good agent will be aware of the time constraints and restrictions during this time and point out the expected turn around times for certain conditions to be satisfied.  They will then amend the agreement accordingly.  The definition of a good agent is one that won’t pressure you but give you the necessary information that allows you to make an informed choice.    

Published In The Whakatane Beacon

This post was written by

Trish Marsden - who has written 5 posts

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