What are the essential steps and regulations involved in buying or selling a property, and what should I prioritise to ensure a smooth transaction?

Credit score analysis is crucial before buying a property.

Checking your credit report before a lender does can help you correct any errors and improve your score.

Pre-approval for a mortgage is an essential early step.

Pre-approval gives you a clearer budget and signals to sellers that you're a serious buyer.

Staging a home during the selling process can significantly impact its selling price.

A well-presented home can sell for up to 10% more than one that's not staged.

Home inspections are vital for buyers.

Inspections can reveal potential issues, such as structural damage or electrical problems, and potentially save buyers from costly repairs.

Appraisals are required during the mortgage process.

Appraisals determine a property's market value and are essential for lenders to approve loans.

Negotiations after inspections are common.

Buyers can request repairs or price reductions based on inspection findings, which sellers may accept or counteroffer.

Closing costs typically range from 2% to 5% of the purchase price for buyers.

These costs include lender fees, title insurance, and attorney fees.

Sellers pay real estate commissions, typically around 6% of the sale price.

This fee is often split between the seller's and buyer's agents.

Contingencies are common in real estate contracts.

Contingencies allow buyers to back out of a sale under certain conditions, such as a failed inspection or financing issues.

Escrow accounts hold funds during the buying process.

These accounts ensure a secure transfer of funds between parties and that all contractual obligations are met.

Electronic signatures are widely accepted in real estate transactions.

Digital signing platforms reduce paper waste and expedite the signing process.

Home warranties can provide peace of mind for both parties.

Warranties cover major appliances and systems for a specified period and can be a valuable selling point.