Buying your home

1. The Contract
   Understanding the contract forsale is important. We will explain it to you, answer any questions that you may have, and arrange for the Vendor’s (seller’s) solicitor to make any changes based on your instructions. Then you sign the contract.
2. Inspections
   Before contracts are exchanged there are a number of inspections that we recommend you do, all of which we can organise for you:
   • Pest Inspection Report - A qualified Pest Inspector should thoroughly check the property. This will give you information about any damage such as termite infestation.
   • Building Inspection Report - A qualified Building Inspector should thoroughly check the property to let you know its structural condition.
   • Survey Identification Report - A Surveyor can inspect the property and provide a report which tells you whether or not the house is completely within the boundaries. It will also tell you if the house is clear of any easements at the property, whether or not the fences are in the right place or if any of the neighbouring homes overhang the boundaries.
   • Council Building Certificate - We can arrange for Council to inspect the home you are buying. This will let you know whether or not the house has been approved by Council or if it has any concerns with the house.
3. 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, which will help us to avoid unnecessary delays in getting your finance approved.
4. Deposit
   Normally you will need to pay 10% of the purchase price to the Vendor’s real estate agent before we commit you to buy the house. Sometimes an agreement is reached for a smaller deposit to be paid.
5. 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 exchange the Contract signed by you with the Contract signed
   by the Vendor (seller). Then the property is off the market! A ‘cooling off’ period may follow the contract exchange unless you buy the property at auction.
6. Between exchange and settlement
   During this period (usually 4 – 6 weeks) we will conduct enquiries into the title of the property
   you are buying. Several of these enquiries are to Council and the Water Authority to see
   whether or not rates are paid up to date. We will prepare a Transfer and arrange for it to
   be stamped by the Office of State Revenue before settlement. 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 appointed day.
7. The last week before settlement
   We will calculate the amount that you owe the Vendor and make arrangements to collect the money from you and your finance provider (if applicable). You should contact the agent to make a time to do a final inspection of the property. If everything is in order, we will make arrangements for your purchase to be settled. If your final inspection reveals any problems that the agent cannot resolve, we will contact the Vendor’s Solicitor to work things out. If you haven’t already done so, now is the time for you to arrange insurance for your new house.
8. Settlement of a property
   Today is the day you will own your new house. Once we have searched the title of your new
   property one last time, we will attend settlement and ensure that the correct title and transfer
   documents are handed over. Then we will give the Vendor’s solicitor the balance of money owing on the property. As soon as we return to our office, we will call you to let you know that settlement has taken place. You will then be able to collect the keys from the agent and start moving in!

Need assistance with buying a house? Call us today