Once all the conditions you’ve specified have been met, you’re ready to go unconditional and finally buy you new home!
Your unconditional offer, once signed by the vendor becomes a binding agreement and you’re committed to buy. There’s no going back, so make sure you’ve done your homework and that you have sufficient funds to buy.
It’s important to complete a pre-purchase inspection of the property before settlement date, just in case things have changed since you signed the agreement.
Important things to check include:
- The appearance of the property – have the owners left any rubbish around that needs cleaning up? Are there old bits and pieces hiding in the garage that need taking away?
- The general state of the house – are there any broken windows? Check the floors and walls – there may be recent stains or damage that wasn’t there before.
- The chattels – make sure everything that you expected to buy is still there!
- The appliances – ensure that things like the stove, electric towel rails, the water pressure etc. are in the same condition as they were when you signed your agreement.
If your inspection shows any damage or any missing items, your lawyer may advise you to hold some money back before the final sale goes through.
If your sale and purchase agreement mentions a deposit, this should be given to your solicitor or agent upon becoming unconditional or soon after. Unless you agree otherwise they will hold it for ten days or so, before transferring it to the vendor’s lawyer.
If you’re using money from your Kiwisaver or getting a HomeStart Grant, make sure you’ve allowed sufficient time for the money and documentation to be processed. Your mortgage should be well organised by now and arrangements made for the transfer of the money on settlement date. And if there’s any outstanding balance owing, that needs to be paid as well, your solicitor will advise you of this amount.
If you haven’t already, it’s time to start making arrangements for your big move. Don’t forget moving insurance, house insurance and mortgage protection insurance too! Settlement Day is usually a big day, so you may want to make arrangements to move house a day or so afterwards, just so that it’s not too overwhelming
Finding a home, getting finance, wondering if you’ll be lucky enough to have your offer accepted, and then finally going unconditional can be hugely stressful. In fact, some studies have put it up there with bereavement and bankruptcy! So remember to take the pressure off by doing a little self-care and taking time to relax. Being organised will help too!
Rosie Glasgow Home Loans are the mortgage brokers who can help ease the stress of buying a home. For more information, contact Rosie Glasgow Home Loans now.