CONVEYANCING – BUYER PROCESS
Step 1
Buyer obtains a copy of the Contract of Sale and Section 32. Read these documents carefully. The contract is legally binding and contains the terms and conditions of sale.
Provide our office with a copy for review prior to signing. Confirm your offer in writing within the real estate contract itself and return it to the Estate Agent for counter signing by the vendor. Once both parties sign, the contract becomes legally binding. The buyer generally has three business days to exit the contract, taken from the date of signing – known as the ‘cooling-off period’.
Step 2
We will require you to complete and sign an ‘authority to act’. This document authorises us to act on your behalf.
We will then obtain certificates to search for caveats or mortgages, outstanding rates and taxes in order to prepare for any financial adjustments required at settlement.
Step 3
Documents are prepared to transfer legal ownership of the property to your name/s and signatures will be required.
Stamp duty exemption or concession forms, Transfer of Land and a signed copy of the real estate contract are forwarded to your bank as required.
We prepare a Statement of Adjustments for the vendor and their conveyancer’s approval. Financial adjustments are made for items like council fees, water rates, land tax and body corporate fees.
The vendor’s conveyancer will forward to us a list of cheques required by the buyer for property settlement.
We organise a settlement time and date with your bank and the vendor’s conveyancer. Cheques are ordered through your bank and settlement is ready to take place (this normally happens between 10:00am and 3:30pm).
Step 4
You as the purchaser have the right to inspect the property within seven days prior to settlement. Contact should be made with the selling agent to schedule a time and date for your final inspection. The purpose of this inspection is to confirm the property is in the same condition (fair wear and tear excepted) as at the time you signed the Contract of Sale. Should the final inspection not be to your satisfaction you should contact us immediately. Settlement cannot be delayed however, we will be in a position to put the vendors on notice that claims against them will be made. If you do not conduct a final inspection prior to settlement and upon taking possession of the property find that chattels are missing or damaged, it may be difficult for any claim to be made against the vendor.
Telephone, electricity & gas: Due to privacy reasons, we are unable to attend to the connection of these services. We ask that you arrange for their connection prior to settlement.
Step 5
Once the settlement is completed we will notify you so that you can arrange to collect keys directly from the Estate Agent.
We then notify relevant council and water authorities of the change of ownership and forward cheques drawn at settlement to pay any outstanding charges as per the Statement of Adjustments.