If you exchange with a cooling off period
– Day 1
Agent exchanges the contract on a cooling off period (usually 5 business days).
– Day 2 – 5
Once we receive your contract from the agent, we will contact you regarding pest, building and strata reports (as required), and obtain details of your loan provider (if any).
We will also review the contract and request amendments to the contract, which will be discussed with you once replies to our queries are received.
We will receive all of the following and check that they are satisfactory:
Unconditional written loan approval (if a loan is being obtained)
Pest, building and strata reports (as required), and in some instances, a survey report and building certificate
Enquiries of the local Council
Replies from the vendor’s representative in relation to the Contract.
In some instances, you may require an extension to the cooling off period, which we would request in writing from the vendor’s representative.
– Day 5 onwards
The deposit is required to be paid to the agent prior to 5.00pm and the contract becomes unconditionally exchanged.
If you exchange without a cooling off period
– Day 1
The Agent issues a sales advice to our office, and we will then contact the vendor’s representative to obtain the contract on your behalf.
– Day 2-5
Once we receive your contract from the vendor’s representative, we will contact you regarding pest, building and strata reports (as required), and obtain details of your loan provider (if any).
We will also request that you make an appointment to attend our office to sign the contract.
We will review the contract and request amendments to the contract via the vendor’s representative which will be discussed with you upon replies being received.
– Day 4 onwards
Once all of the following have been received and found to be satisfactory, we will sign a Section 66W certificate which waives your cooling off rights, and will then send your contract and deposit to the vendor’s representative for an unconditional exchange
– Day 5
Upon receipt of your signed contract, S66W Certificate and deposit the vendor’s representative will attend to the exchange of contracts.
Mortgage Documents
We will liaise with your finance provider (if any) and provide documentation to assist in the preparation of your mortgage documentation. Documents will then be prepared and will require execution by you. In some instances you will attend our office to sign the documents. However, if you have obtained your finance through ANZ, CBA, NAB, St George or Westpac, you will attend the bank to sign the mortgage documents. You should advise our office once the mortgage documentation has been signed.
Insurance
You will need to arrange building insurance for your property, for not less than its full replacement value. In some instances your lender will set the minimum amount of insurance required, and will also require the lender’s name in full to be noted on the policy. This is not normally requested for strata properties.
Property Enquiries
We will order the Government department enquiries and ensure that all are in order.
Stamp Duty
The Contract and Transfer will be stamped once you provide our office with the cheque in payment of stamp duty. The transfer will then be forwarded to vendor’s representative for execution by the vendor.
Pre Settlement
A settlement date and time is arranged with your incoming mortgagee and the vendor’s representative. We will confirm the net amount available from your lender (ie. loan amount less the bank’s fees and charges). We will also confirm the total amount required to be paid to the vendor (ie. purchase price, less deposit, plus rate adjustments).
We will then determine any shortfall to be paid by you, and provide you with a written break-up of all of the details. You should carry out a final inspection of the property, to ensure that all of the items included in the sale are still at the property, and to ensure that the property is still in the same state and condition of repair as it was at the time of exchange of Contracts, subject to fair wear and tear.
Day of Settlement
You do not need to be present on the day of settlement. You will not be able to move into your new home until after we telephone you to confirm that the matter has settled. Settlements normally occur between 11.00am and 3.30pm, Monday to Friday. The keys should be collected from the Real Estate Agent.
Following Settlement
We will forward to you a post settlement letter, confirming the full break-down of all the settlement adjustments, amounts paid to all authorities, and our account. We will also advise the Local Council, Water Board and Body Corporate (if Strata) of your details, as the new owners of the property.
