First IP questions

[Logan]

Looks like I am very close to purchasing my first IP - I've purchased a few PPOR before in NSW but an IP in QLD is a whole new ball game and I have so many questions. I am very excited about making my first purchase and have been hounding my gurus with lots of questions so I thought I would put a few to the forum:

1. Do I actually get keys to the property (it has a tenant who is staying) ?

2. How do I transfer money for the deposit ? My last purchase in NSW I used a personal cheque but I no longer have cheque book.

3. Do I need to stick with the same agent ? It appears to just be an agency at the moment.

4. Will the bank actually come to the IP to do a valuation (it is under $500K) ?

5. Will I get a copy of the current lease ?

Thanks

Logan

 

[Michael_X]

1. Do I actually get keys to the property (it has a tenant who is staying) ?

2. How do I transfer money for the deposit ? My last purchase in NSW I used a personal cheque but I no longer have cheque book.

3. Do I need to stick with the same agent ? It appears to just be an agency at the moment.

4. Will the bank actually come to the IP to do a valuation (it is under $500K) ?

5. Will I get a copy of the current lease ?

Hi Logan,

On the questions:

1. Your PM will normally get a spare set of keys

2. I normally just transfer this over a few days pending your transfer limit. You can also use Bank TT Transfer to do this in one go, comes with a charge though.

3. Guessing you mean PM? You can definitely change, don't need to stick with the same agent.

4. Yes, this will be handled by your broker. Will be one of the first things they do during the finance process.

5. Yes, should come with the contract. You can ask for this too.

Good luck

 

[tomlemke]

Looks like I am very close to purchasing my first IP - I've purchased a few PPOR before in NSW but an IP in QLD is a whole new ball game and I have so many questions. I am very excited about making my first purchase and have been hounding my gurus with lots of questions so I thought I would put a few to the forum:

1. Do I actually get keys to the property (it has a tenant who is staying) ?

2. How do I transfer money for the deposit ? My last purchase in NSW I used a personal cheque but I no longer have cheque book.

3. Do I need to stick with the same agent ? It appears to just be an agency at the moment.

4. Will the bank actually come to the IP to do a valuation (it is under $500K) ?

5. Will I get a copy of the current lease ?

Thanks

Logan

good luck mate I've just had no2 in qld go unconditional you doing all the work your self or using a b.a?

 

[Logan]

Thanks Michael - I didn't want to keep pestering you with my endless questions !

tomlemke I didn't use a BA, thought I would give it a go myself !

 

[Jess Peletier]

Regarding the lease, get a copy well before you settle - ideally before you offer on the property. You'll be inheriting the tenant so it pays to know what your getting.

I also like to ask the managing agent a few pertinent questions