Once we receive the Contract we will review it and provide you with an explanation of the Contract. Additionally, we will ask the Vendor’s solicitor to make any necessary amendments before you sign the Contract.

3. Inspections and reports

Pest Inspection Report – We recommend that a qualified Pest Inspector thoroughly check any buildings or other structures, including fencing. This will give you information about any damage such as termite infestation and ensure you understand what risks and/or additional costs may be involved post purchase. Should there be any termite damage you may be able to ask the Vendor to repair the damage, or reduce the price as you will need to get it repaired.

Building Inspection Report – We recommend that a qualified Building Inspector thoroughly check the property to let you know its structural condition. As with any termite damage, should there be any structural problems you may be able to ask the Vendor to repair the problems. Another option could be to reduce the price as you will need to get it repaired.

Council Building Certificate – We can arrange for Council to inspect the property and any renovations or additions that have been made. This should to let you know whether or not the house and all the structures on the property have been approved or if it has any concerns.

4. Finance

If you are borrowing money to help buy the property, we will need to give your finance provider copies of certain documents. We can contact the person you have been dealing with to ensure you avoid unnecessary delays in getting your finance approved. There are two stages of finance approval;

1. pre-approval which can be issued on the spot by most lenders, and
2. unconditional approval which is generally dependent on receipt of a valuation by your lender that is satisfactory for their lending requirements.

Contracts should not be exchanged until you have written confirmation of unconditional finance approval from your lender. Or, if the contract states it is conditional, on finance approval.

5. Deposit

Normally you will need to pay 10% of the purchase price to the Vendor’s real estate agent before you commit to buying the property. We can hold that money for you in trust and transfer at the appropriate time.

6. Exchange of contracts

Once all of the above matters have been dealt with, we will confirm with you that you are happy to proceed. If you are, we will attend to exchange of the Contract signed by you with the Contract signed by the Vendor. Then the property is off the market!

During this period (usually 4 – 6 weeks) we will conduct the necessary enquiries into the title of the property you are buying. This includes enquiries to Council, the Local Land Services and the Water Authority (if applicable) to ascertain whether or not rates are paid up to date. We will arrange for the contract to be assessed for transfer duty (stamp duty) before Settlement. Transfer duty is usually paid at settlement, unless the settlement date is over 3 months from the exchange date. We will also be working with your finance provider (if applicable) to ensure that everything is in order for settlement to take place on the set date.

The last week before settlement, we will calculate the amount that you owe the Vendor (including a daily adjustment for any rates and levies together with any other agreed allowances) and make arrangements to collect the money from you and your finance provider (if applicable). You should inspect the property again at this time to make sure everything is in order before we complete your purchase. This should be done through the agent who can organise a time for you to go back to the property for a final inspection. If everything is in order, we will make arrangements for your purchase to be settled. If there are problems with your final inspection that the agent cannot resolve, we can contact the Vendor’s solicitor to work things out. You should arrange insurance for the property to commence on the day of settlement.

8. Settlement

Today is the day you will own your new property! Settlement now occurs through the PEXA platform. We will arrange settlement and ensure you are obtaining title that has any mortgages discharged. At settlement the land is registered in your name that day, and the Vendor received cleared funds into their bank account. We will also ensure the local council and water rates are transferred into your name.