A
Auction is the best way for buyers to know they are purchasing a property for its true market value. However, the auction process itself can be a little intimidating for some buyers, so it’s advised to go into the auction with a firm idea of what you are willing to pay for the property in question and seek the advice of a professional.

B
Buyers Agents work on your behalf, as a buyer, to find you the perfect property and negotiate to achieve the perfect price. Relationships with real estate agents ensure that your buyer’s agent has access to properties that are fresh on the market and sometimes have not even been advertised yet.

C
Conveyancing is the process by which real property is legally transferred from one person to another. It involves gathering information concerning a property and preparing the documents for the transference of the property. Remember to ask your solicitor to conduct searches for flooding, as some areas are especially prone to this problem in high rain and storms.

D
Deposit is often not required to form a legally binding contract but it can show the seller that you are a serious buyer.

E
Equity in your home will ensure you can build your investment portfolio when the time comes. Put simply, equity is the difference between the market value of a property and the claims held against it.

Finance and the acquiring of it is an essential part of the home buying process. A finance broker has access to a range of lenders and will source the best loan for your individual situation

G
Genuine Savings are demonstrated where supporting records in the name of the applicant(s) confirm the applicant(s) has accumulated a minimum of 5% of the purchase price (3% for first home buyers) by way of progressive and regular savings over a period of not less than three months prior to the time of application for a mortgage. Since the credit crunch, banks have become stricter in the requirement of genuine savings.

H
House, apartment or land, there are a number of different options to choose between when deciding upon your home, depending on your requirements and budget. There are also a great number of places to find them – from real estate agents to online ones. Your buyer’s agent will have access to them all, and more, to save you the running around!

I
Inspections (open houses) are an important way of educating yourself about what is currently available on the market and what the asking prices are.

J
Journey as opposed to the destination. The process of buying a home, whether it is your first or thirty-first, should indeed be considered a journey, and an enjoyable one at that.

K
Keep Perspective – get used to tuning out to the (well meaning) advice of the “industry experts” including your neighbours, current affairs media, the taxi driver and your in-laws. Rather consult with, and trust, a true professional who is familiar with your individual situation and has their finger on the pulse of the local market.

L
Listing Types – including open listings, online, silent, tenders and auctions – can become confusing and confronting for buyers, as each needs its own strategy to ensure you receive the best price for the property. Buyer’s agents have experience in all buying conditions and with each listing type, so are able to negotiate the best result for you, on your behalf.

M
Mortgage Brokers can source the best finance solutions for you, due to independent access to a range of lenders.

N
Negotiation is key to achieving the best price, and a real estate agent’s job is to achieve the best price for the seller, leaving the buyer to negotiate on their own behalf in unfamiliar territory. Buyers who are not used to regular property negotiations are best advised to work with a buyer’s agent.

O
Orientation refers to the way the house is facing and the impact of the sun. Check whether the orientation of the property would best make use of the winter sun and minimise the impact of the heat of the summer sun.

P
Price is often what makes the ultimate decision between whether or not you will buy a particular house. However, how do you know if what you have offered, or the asking price, is indeed true market value? A market professional, such as a buyer’s agent, will be able to provide all the facts and figures to ensure you make the right decision.

Q
Qualifying Buyers for finance is often a very individual process, depending on the lending institution in question. While one lender may not qualify a buyer due to one particularity, another may well differ, making it all the more important to consult with a finance broker, who can source a lender right for you.

R
Real estate agents act on behalf of the seller – achieving the best price for them. Real estate agents are very useful places to source and view property, but if you want your own interests represented professionally to the seller, work with a buyer’s agent.

S
Sales contract is an agreement by which the buyer and seller agree to the terms and conditions of a sale. In many cases, a licensed real estate agent can prepare a contract, but a buyer should always seek independent legal advice before signing a contract.

T
Title is the term used whereby one has just and full possession of real property – in other words, it’s yours and you can move straight in!

U
Under Contract is the term describing when a property for which a purchase offer has been accepted by the seller..Often a buyer will have specific conditions that allow them specific time to obtain finance approval, arrange building and pest inspection and conduct other investigations. During that time, the seller cannot accept offers from other buyers.

V
Valuation is the estimated worth of a property, and is carried out by a qualified property valuer. If you are remortgaging, or considering purchasing an investment property, your home will be valued.

W
Wants versus needs – sometimes you will need to weigh them both up when determining the right home for you. And consider your future needs as well, such as an expanding family.

X
Xclusive opportunities are often provided to clients of buyer’s agents, as often real estate agents and owners contact them directly if they have a new property listing or are considering placing their home on the market.

Y
Yield is a measure of investment performance of an investment property, gauging the percentage return on each dollar invested. It is also known as a rate of return.

Z
Zoning is a method of regulating use of real estate by dividing a city or other area into zones and designating which uses may be permitted for land in each zone.

Last 5 posts by Raymond Teo

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