Buying a Home
1. Negotiating a Contract
You will either purchase from the seller directly or deal through a real estate agent who represents the vendor or seller. In either case once the price has been agreed you will need to sign a written contract. If you buy privately the seller’s conveyancer will usually prepare the contract, otherwise it will usually be prepared by the real estate agent.
All agreements for the sale of real estate (vacant land or developed land) must be in writing and signed by all parties. Verbal agreements are not enforceable. It is important that the contract contains all terms and conditions which have been agreed. We strongly recommend that you forward the contract to us before you sign to enable us to discuss the terms with you.
2. Deposit
When a contract has been signed you will usually be required to pay a deposit. This will be paid to the agent or to the seller’s conveyancer. It is an essential term that the deposit is paid in accordance with the terms of the contract. A failure to pay the deposit will enable the seller to terminate the contract without any notice to you.
If the contract is subject to you fulfilling certain conditions and you do not do so then the deposit will be refunded to you.
3. Conditions
Once the contract is signed by all parties you need to take steps to fulfil any conditions. These are commonly finance approval, building inspection or the sale of your own property. You will have a limited time to fulfil the conditions. If you fail to fulfil any conditions within the time specified in the contract then the contract may be terminated or the seller may agree to extend the time allowed to fulfil any outstanding conditions.
4. Searches
When you have fulfilled the conditions we will obtain title, Council and Statutory Authority searches. These give us information concerning the property and the seller. We will forward this information to you and advise you if any of these searches disclose any issues.
5. Bank
During the conveyancing process we will deal with your bank to ensure that all necessary documents are prepared and to arrange the drawdown of loan funds on the settlement or completion date.
6. Settlement
We will arrange settlement or completion of your purchase with your bank and the seller. On settlement we will pay to the sellers conveyancer the balance of the purchase price and receive the title deed to the property being purchased together with a transfer signed by the seller and the release of any mortgage or other encumbrance affecting the property.
7. Registration
Following settlement the title documents received on settlement will be submitted to the State Revenue Office for payment of stamp duty and then to the Land Titles Office for registration of the transfer to you. This process usually takes 3 to 4 weeks. Upon registration of the transfer the certificate of title will be returned to us or to your bank if you have a mortgage over the property.
Summary
When buying we can:
- Prepare your contract or advise you on a contract prepared by the seller or the seller’s agent
- Arrange a building inspection or survey
- Provide copies of documents to your bank
- Follow up with your bank to obtain loan approval
- Deal with the seller
- Obtain title and property searches and information
- Prepare transfer documents
- Obtain settlement information
- Arrange and attend settlement
- Lodge documents for assessment and payment of stamp duty and for registration at the
Lands Titles Office - Confirm registration of the transfer and issue of certificate of title in your name