Check ListA Step-by-Step Guide to the Buying Process

Purchaser Conveyancer
When you've found a Property
What You Do What We Do

Once you've found a Property you'd like to buy:

  • Complete our Buying Order Form online
  • Let the Real Estate know we are acting for you
  • Ask the Real Estate to send us a full copy of the Contract of Sale

If you have already signed the Contract with a Cooling-Off Period, you will need to act fairly quickly to get the Contract to us for inspection and advice.

If you are buying at an Auction, you might want to send the Contract to us well before Auction day.

Once we've received a copy of the Contract of Sale, we will:

  • Thoroughly inspect the Contract
  • Email you a comprehensive Contract Inspection Report
  • Ask for changes to any unfair Special Conditions
  • Request more information about the Property
When you're considering Buying the Property
What You Do What We Do

While considering buying the Property, you should:

  • Obtain a letter of Unconditional Approval from your Lender
  • Read the Contract Inspection Report

It's prudent to know you'll have the funds available and that the Contract is free of unfair conditions.

It is not recommended to leave checking whether you can afford the Property until after you've signed.

While you're faced with the life changing decision of buy or not to buy, we'll be here to:

  • Assist you in understanding what you're buying
  • Answer your questions about the Contract
  • At your instruction, we can negotiate, draft and request changes to the Contract
When you are ready to go ahead with the Purchase, time to Exchange
What You Do What We Do

By this point, you're ready to lock it in, so you will need to:

  • Sign the Contract
  • Pay the 10% Deposit

The signing can take place anywhere, but it usually happens at our office, the Vendors' Real Estate, Solicitor or Conveyancers office or the Purchasers home.

Once you have signed

  • We will Exchange Contracts with the Vendor

The Property has now been formally sold to you.

Once you've paid the Deposit, it's time to Cool Off
What You Do What We Do

From the date of Exchange of Contracts you typically have 5 business days to pull out and cancel the Contract. If you do, you will lose 0.25% of the Price.

This time is referred to as the Cooling-Off Period, within which you can change your mind with a relatively small penalty for taking the Property off the market.

Important Note: Some Sellers require that you skip this 5-day Cooling-off Period

If instructed by you, at this stage we can formally cancel the Contract with the Seller. If you do, you will lose 0.25% of the Price.

If you're definitely going ahead with the Purchase
What You Do What We Do

Settlement usually happens 42 days (6 weeks) after Exchange of Contracts. In this time you must:

  • Sign all the documents required by your Lender
  • Pay the Stamp Duty
  • Provide us a Bank Cheque for Settlement
  • Do a final inspection of the Property just before Settlement

Note that the 42 day period is a Standard, but the Contract may require that settlement occur earlier or later.

Now would be a bad time to reconsider. If you cancel the Contract at this stage, you forfeit the 10% deposit already paid to the Seller.

We will do all the necessary work to be ready for Settlement, including:

  • Investigating the Property Title by doing Government and Other Enquiries
  • Drafting and Stamping the Contract and the Form of Transfer of Title
  • Preparing for Settlement by arranging appointments, calculating adjustments and drafting necessary notices, orders and directions

Note that we make every effort to arrange booking with your Lender, but most of the time Lenders makes this simple process more difficult than need be.

If we've tried and are unable to make a settlement booking with your Lender, you will need to organise for the funds to be available at settlement.

Just before Settlement
What You Do What We Do

You'll want to make sure as close as possible to Settlement day, that the Property you're buying is what you expect.

  • Do a final inspection of the Property

That way you can make sure, with your own eyes, that you don't get any nasty surprises.

We will:

  • Do a final Title search

We do this to make sure there aren't any issues with Title to the Property, for example:

  • Check it hasn't been sold to someone else
  • Check that a new mortgage hasn't been put on the Property
Settlement day
What You Do What We Do

CONGRATULATIONS!

You are now the owner of the Property.

  • You will be able to collect the keys from the Real Estate Agent as soon as the sale has been completed.

We will:

  • Attend Settlement
  • Ensure the transfer of ownership is correctly performed
  • Ask the Real Estate Agent to release the keys to you
Now, the Property's all yours