You've spent months searching and now you've found the property that ticks all the boxes. What happens next?
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Step 1: Contract Review
Before you place an offer or pay a holding deposit, request a copy of the contract from the real estate agent and fill out our online form with all the details. We will review the contract for you for free and advise you on the next steps. If you decide to go ahead with the purchase, we will then assist you in obtaining any necessary inspection reports, negotiate with the seller's conveyancer on any contract amendments and get you ready to exchange.
Step 2: Exchange of Contracts
If your offer is accepted, we will then look after the ‘exchange of contracts’. At this stage, two identical contracts are printed. One contract is signed by you, and the other is signed by the vendor. These contracts are then ‘exchanged’ so that each party holds the contract signed by the other party. You will pay the deposit (usually 10 percent) and the contracts will be dated. This is the moment the sale becomes binding.
Step 3: Settlement
Once the contracts have been exchanged, we will continue to guide you through the legal process, let you know what you need to do and when it needs to be done. We will liaise with the real estate agent, the vendor's conveyancer and your lender to make arrangements for settlement. Settlement usually occurs 4-6 weeks after contracts have been exchanged. It's the day that you or your financier pay the outstanding amount on the property and the day that possession is given to you. After settlement, we will obtain a copy of the Certificate of Title - the legal document that proves that you own the property.
