Sign the contract

Signing your contract is the first step to buying property. Your contract includes a ‘section 32 statement’, which is called a ‘vendor’s statement’. It discloses important information about the property.

Before signing, we recommend you send through a copy of your section 32 so we can review it. We’ll make sure your contract is complete and your best interests are protected.  For example, there are important rules about the way private sales and auctions are conducted. These may include a ‘cooling-off’ period and rights associated with ‘off the plan’ sales. We will make sure you know your rights as a buyer.

The conveyancing process

The conveyancing process begins after you have signed the contract (if we have not reviewed the contract and section 32 statement before you signed). To guide you throughout your property transaction, we will give you a checklist with steps to follow and a list of important dates leading up to - and including settlement. 

Instructions to act

We need you to sign and return our instructions to act form as soon as possible. This will enable us to help you with our conveyancing services.

Verification of identity

This must be completed immediately after you sign the contract.

Deposit

Must be paid to the selling agent by the due date.

Finance approval

Must be unconditionally approved in writing by the approval date. It’s important to note that a pre-approval is not the same as an unconditional approval.

When a buyer is given a pre-approval, it is not a formal approval. It does not mean a lender will guarantee unconditional approval. Policies can change overnight. This is why we ensure your contract specifies ‘subject to finance’.

Your finance approval date is important. 

We will coordinate with your broker / banker to satisfy this condition by the deadline, or get an extension if needed.

Searches

When your contract becomes unconditional, we will run a search on the title. This will ensure you get the relevant certificates that outline all interests and regulations relating to the property.

Funds for settlement

If you need finance for the purchase, we will liaise with your financier to:

1. Confirm the funding for settlement
2. Give them all required paperwork and documentation
3. Inform you of cheque payee/s and amounts (if you need to contribute monies, or if it’s a cash purchase - to the final settlement)
4. Ensure deadlines are met

Note about extra monies for settlement

If extra monies are needed for settlement:

• It usually happens 2-5 days before settlement
• Money needs to be available as you will need to deposit funds into the PEXA Trust Account
• Ensure you allow yourself enough time (if selling shares, closing term deposits, etc), so the money clears and is available for settlement

Adjustments

A Statement of Adjustments informs the purchaser and vendor of what rates, taxes, current leases, or outgoings need to be paid. These will be apportioned so you will only pay from settlement - and not for any penalties the vendor may have incurred.

Note there are instances where the Contract of Sale includes a Special Condition that adjustments are to be apportioned from the day the property was sold, rather than the settlement date. Check with us to clarify.

Settlement date

Settlement date is the day you, the purchaser, take ownership and possession of the land / property. The settlement date is usually specified in the contract. However, if your purchase depends on other factors such as a plan of subdivision or granting of a vendors probate, the settlement date will occur based on the terms in your contract.

We will organise a suitable time for all parties to complete the transaction, which is now settled electronically. Note that lenders sometimes have strict policies about when they will settle - so it is not always possible to settle in the morning (as preferred by many buyers). You do not need to attend settlement.

Final inspection

You must contact the Real Estate agent approximately 7 days before settlement to make an appointment to inspect the property. We recommend this to make sure the property is in the same condition as it was on the day of the sale.

Keys

You should check with the selling agents that they are - or will be - holding all keys and remotes for you to collect from their office once we notify them that settlement has occurred.

After settlement

When the change in ownership takes place, we will notify:

• Council
• Owners’ corporation (if applicable)
• Water authority
• Managing agent for existing tenancies (if applicable)

If you do not want to use Connect Now to connect your services, it is your responsibility to arrange for any connections you need.

Communication

You are welcome to contact us by email and phone during office hours. You can expect our team to respond promptly and professionally. Please ask us about any part of the conveyancing purchase process you are unsure about - we will explain and follow up with any issue.