Purchasing Process For Purchasers
Prepare Your Finances
To save time, it’s a good idea to have your finance organised before you begin searching for a property.
Property Inspections
Once you've selected a property, it's important to arrange inspections before exchanging contracts. These include and are not compulsory: Pest and building inspections, strata inspection report, any council approvals and potentially a survey report. We also recommend inspecting the property personally before the exchange. During the inspection, check that everything is in working order, such as the oven, stove cooktop, rangehood, dishwasher, light switches, heaters, air conditioners, ceiling fans, door handles, sliding doors and garage roller doors. Look for any damage and take some photos as a record.
Cooling-Off Period
The purchaser is entitled to a five-business-day cooling-off period, during which they can withdraw from the contract. If they withdraw, they forfeit 0.25% of the deposit to the vendor. There is no cooling-off period for auction sales and is only for residential property.
Exchange of Contracts
Once all inspections and negotiations are complete, and both parties agree on the terms, the contracts are signed and the purchaser pays the deposit. Both contracts are dated, making the exchange of contracts legally binding.
Between Exchange and Settlement
During this time, you'll need to sign loan documents, insure the property, and arrange the connection of services like phone, gas, electricity, mail redirection and a removalist. We will conduct statutory searches of the property with relevant government authorities. Before settlement, arrange a final inspection of the property with the agent to ensure it is in the same condition as when contracts were exchanged. This inspection can take a day or 2 before or on the morning of settlement. If there is any damage or uncertainty, notify us immediately.
Settlement
On the settlement day, the remaining balance for the property will be paid, which includes adjustments for council rates, water rates, strata levies (if applicable), and stamp duty. All settlement payments are electronic and made via PEXA (Property Exchange Australia). Once settlement is complete, you can collect the keys from the agent and move in.
After Settlement
We will notify the relevant departments, including the agent, the council, NSW Land Registry Office, and other statutory authorities that are applicable.