Buying a property can be one of the most expensive investments you enter into. It can be exciting, overwhelming and stressful. Let us help you make your purchase experience as stress free as possible.
To assist you in your conveyancing transaction and give you a better understanding of the conveyancing processes, we have prepared the below checklist. This is a guide only and we suggest you speak to your Conveyancer or Solicitor for advice on your conveyancing transaction. If you would like our assistance in your purchase, please call or email us.
First Steps
- Arrange for inspections of the properties you are interested in purchasing.
- Once you have found a suitable property, you should engage a Conveyancer or Solicitor to provide advice on the Contract of Sale and Section 32 Statement. We recommend doing this before signing any documents as the property you are interested in may not be appropriate for you or may have issues.
- Arrange any necessary building and pest inspections on the property.
- Discuss with your Mortgage Broker and/or Lender about the time frames for the payment of deposit, finance and settlement.
- Discuss and confirm with your Accountant, Conveyancer / Solicitor and Mortgage Broker / Lender how you will own the property. Tenants in common or joint proprietors, as trustee for a trust or company.
- Communicate with all parties any amendments to the Contract of Sale, any additional Special Conditions or conditional clauses (subject to finance, building inspection and pest inspection).
- If you are purchasing an off the plan or vacant land, discuss with your Conveyancer, Solicitor or Builder the numerous factors you will need to take into consideration when purchasing the property.
- Ensure your full names and signatures (as stated in your ID documents) are used when signing the Contract of Sale and any mortgage documents.
- Sign the Contract of Sale and Section 32 Statement via DocuSign or your Real Estate Agent.
Before signing the Contract
- Contact a Mortgage Broker and/or Lender to determine your lending capabilities and seek pre-approval for finance (if applicable).
- Speak to your Accountant regarding any taxation implications in purchasing a property and the appropriate structure.
- Conduct your own research on any properties or suburbs you are interested in. This may include potential rental income capabilities, history of property, increase of property value or planning issues (flooding, bushfire or building).
After signing the Contract
- Contact your Conveyancer and Solicitor and inform them that you have signed the Contract of Sale. Provide them with a copy.
- Contact your Mortgage Broker and / or Lender to prepare your mortgage application, provide them with any necessary information and sign the mortgage documents.
- If this is your first home, request your Bank to apply for the First Home Owner Grant (if you are eligible).
- We recommend measuring the land to check that the title boundaries accord with the plan.
- Your Conveyancer or Solicitor will arrange to have your identity to be verified (Verification of Identity), which reduces fraud in property transactions, and request you to sign and complete a Client Authorisation, which authorises for your Conveyancer or Lawyer to sign documents on your behalf through PEXA.
- Your Conveyancer or Solicitor may lodge a Caveat over the property to protect your interest.
- You will need to provide or answer any questions your Conveyancer or Solicitor may have to enable them to complete all necessary documents in the conveyancing transaction. This may include why you are purchasing the property, your residency status and any stamp concessions that may apply to you.
- Your Conveyancer or Solicitor will advise on the early release of the deposit (Section 27 Statement) (if applicable).
Prior to settlement
- Contact utility providers to arrange connection to your new property (if moving in).
- Contact an insurer to insure the property (some banks will make this a requirement prior to settlement).
- Contact a removalist (if necessary).
- Contact the Real Estate Agent to arrange a final inspection before settlement. This usually occurs 1 to 7 days before settlement. Let your Conveyancer or Solicitor know of any issues with the final inspection.
- Sign the Duties Form Online sent to you via email from your Conveyancer or Solicitor or sign the paper version of the document and return it to your Conveyancer or Solicitor so they can sign it on your behalf.
- Your Conveyancer or Solicitor will arrange settlement with all parties and prepare the Statement of Adjustments (which adjusts the rates between you and the Vendor).
- Your Conveyancer or Solicitor will provide you with details of settlement and the amount of funds required for settlement.
- If your Lender is not providing all funds at settlement, or you are purchasing the property with your own funds, you will need to arrange for funds to be transferred to your Conveyancer or Solicitor’s trust account. This will need to be cleared fund on or before settlement.
After settlement
- Once settlement is complete, you will need to arrange collection of the keys from the Real Estate Agent.
- If this is an investments property, you will need to speak to a Manager to manage the rental property and speak to your Accountant in respect to tax obligations.
- Your Conveyancer or Solicitor will inform all authorities of the change of ownership by sending a Notice of Acquisition and / or Notice of Trust Acquisition.
- You may want to arrange to change the locks to all lockable windows and doors, and re-set any security codes.
- Notify all authorities of your change of address [ https://info.australia.gov.au/sites/default/files/global_site/library/documents/change_of_address_checklist_0.pdf] (if applicable).
- Update your Will (if necessary).
If you need assistance with your purchase, please call or email our office and we would be happy to assist you.
