Step By Step Guide – Buying Property
Buying property the easy way.
Step 1 – Before Contract is Signed
- Identify your budget – speak with a financier.
- Find a desired property within your budget.
- Decide whether you need a building and pest inspection.
- Enquire whether the contract is subject to finance approval and identify any special conditions you require.
Step 2 – Signing Contract
- Negotiate special conditions if required.
- Ensure the correct price and property details are listed on the contract.
- Contact your solicitor to discuss the contract if you have any questions or suspicions.
Step 3 – During Contract
- Obtain insurance – required by 5pm on the first business day after the contract is executed by all parties.
- Provide a copy of the contract to your financier and obtain unconditional finance approval, by the finance approval date.
- Contact a building and pest inspector to confirm an inspection date and notify the agent to ensure the inspector can access the property.
- Complete and return all relevant documents to your solicitor.
- Liaise with your financier to ensure the mortgage process is on track and return all bank documents on time. If you select TOTAL Conveyancing to represent you we will also liaise with your financier to ensure a smooth process.
- If you are providing balance funds for settlement, liaise with your solicitor to ensure the funds are available on time.
- Ensure the funds for transfer duty (stamp duty) have been paid to your solicitor at least 7 days before settlement.
- Carry out your pre-purchase inspection. It is recommended that the inspection is undertaken at least a day before settlement so any issues can be rectified.
- Make arrangements with the utility providers to ensure they are connected on the day of settlement (e.g., gas, electricity, and internet). You will not have to contact your local council or water provider. This will be done by the Department of Natural Resources and Mines once the transfer documents are lodged.
Step 4 – Before Settlement
- Ensure you have completed the pre-settlement inspection.
- Make contact with your solicitor to ensure there are no outstanding matters.
Step 5 – After Settlement
- Read our final letter of advice.
- Change your postal address where necessary.
- Enjoy your new property.