Buying process in SA - same as NSW?

Hi all,

Never bought anything in SA before so I'm not 100% across on the process. Is it the same as NSW where:

1. Make an offer
2. If accepted, pay 0.025%
3. Do the usual B&P etc
4. Exchange contract, pay the balance of the 10% deposit
5. .....
6. Settlement

Have I missed anything?

Thanks :D
 
1. Make offer / sign contract with clauses if applicable
2. pay deposit after 2 days cooling off period (agreed amount as per contract)
3. settlement

Deposit fully refundable if you pull out due to clauses, as long as before the date.

In most cases you would do B&P during the cooling off and not have it as a condition.
 
Use PRS conveyancing tell them I sent you.

Some rea will allow a verbal offer, some will make you put it on an offer form.

Once its agreed to, rea does up the template contract, its about 10 pages. This has your name (or name you're buying in), your address, the purchase dollar amount and whether its subject to finance and any other conditions. You sign this and initial all other pages. Send it back to rea.

If vendor likes it (and they do, that was the point of the pre offer dance), they'll sign and initial that same contract and send it back to you. Forward it onto your broker and conveyancing firm.

The rea will then send you whats called a form 1. Its a bundle of searches and disclaimers about the property ie encumbrances, easement, land tax etc. This is usually about a dozen pages. You need to sign the one that says ive read all of it and send it back to rea.

From when you received the form 1, clock begins on 3 biz days of cooling off. During this time I usually do my b & p. By the end of that your deposit is due (usually 1000 but some rea will try for more). Make sure you get a receipt. Id also organise your insurance now.

From there you start your finance tango with your broker. My last couple of deals ive gone sans finance clause so I dont remember the duration on finance approval.

Then its just a waiting game. Settlement is typically 42 days but can be any amount you put on the contract.

If interstate, make sure to tell rea you authorized them to give keys to PM as they have refused me before. Also see if you can do repairs or tenant showing during the process
 
Good overall description by D.T.

In contrast to NSW, a single contract is signed by both parties. Usually purchaser signs first (it's like an offer on contract) and vendor last. Once vendor signes they are bound by the contract. The purchaser still has the 2 full business days of cooling off (unless auction conditions apply).

By law offers must be in writing in a prescribed form. Verbal offers are not offers. Written offer must be presented by the selling agent to the vendor - basically no exceptions.

Deposit of $1,000 is rarely sufficient but 3-5% is generally negotiable.

Property is at the risk of the purchaser from the date of the contract.
 
Thanks for all the replies, having no luck so far - things are selling like hot cakes over in 5112/5113 and keep missing out on things by a couple of hours.
 
Thanks for all the replies, having no luck so far - things are selling like hot cakes over in 5112/5113 and keep missing out on things by a couple of hours.

Interested in what sort of stock you were looking at, some of the really good value cheapies or those with a large land component maybe, but I recently viewed lots of stock which had been on the market for >90 days in 5113
 
Interested in what sort of stock you were looking at, some of the really good value cheapies or those with a large land component maybe, but I recently viewed lots of stock which had been on the market for >90 days in 5113

What were the prices of the properties Hugh? The market speed is largely dependent on pricing, as a cheapie will fly off in hours, whilst something only 20k more will sit for months on end because the numbers don't stack.
 
What were the prices of the properties Hugh? The market speed is largely dependent on pricing, as a cheapie will fly off in hours, whilst something only 20k more will sit for months on end because the numbers don't stack.

Yes it seemed very price sensitive, I have been looking closely at the listing prices change historically over 3-4 months eg originally listed at $205k now $190k and still sitting there and at previously may have sold for $215k. Looks to me as someone interstate that there are lots of opportunities with 7.5+ yields.
I wasn't looking for a development block or an absolute steal just good value and I think I found it.
There are is also lots of dodgy properties and many that need to be demolished, the op was indicating that everything was selling like hot cakes but this wasnt my experience recently when I negotiated on a property where the numbers have it cf+ve
Hugh
 
What type of properties are you looking at?

Stuff with bigger blocks say >600m2. Might change my tune a little and start looking at pair of semi's instead.

EDIT: yes there's quite a lot of them been on the market for >90 days but they're probably more suitable to someone who's local i.e. require some attention/reno/instantly throw money at it.
 
Stuff with bigger blocks say >600m2. Might change my tune a little and start looking at pair of semi's instead.

EDIT: yes there's quite a lot of them been on the market for >90 days but they're probably more suitable to someone who's local i.e. require some attention/reno/instantly throw money at it.

Yes that seems to be the case but some vendors are quite negotiable on price imho based on my limited but recent experience in the area. I was only looking for stock that didnt require much if any work for the same reason
 
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