When does the cooling off period run out?

The cooling off period runs out three clear business days after the purchaser signs the Contract. So if you sign on a Saturday, you have until the close of business the following Wednesday to pull out of the Contract. It is very important that you advise the vendor’s solicitor or the real estate agent in[…]

What does “and/or nominees” mean?

You can put “and/or nominees” in the Contract to allow you the option to nominate another person to purchase the property as well as or instead of you. For instance, if you sign the Contract but your partner is not available at that time, you can nominate them to purchase along with you. You will[…]

What do I need to do?

After the Contract has been signed your main priority is to organise your finance, be that through a bank, a broker or if you have clear funds, making sure they will be available at settlement time. You will also need to take out insurance on the property and arrange for electricity, gas and phone connections[…]

What can I expect at the final inspection?

The property is expected to be in the same condition as when you first inspected the property allowing for fair wear and tear. If there is a hole in the wall when you signed the Contract, there is no obligation on the vendor to have it fixed and no obligation for them to spruce the[…]

What does the Solicitor or Conveyancer do?

The Solicitor or Conveyancer peruses the Contract and Section 32, orders property certificates, prepares a statement of adjustments, prepares settlement documents and arranges for signing of them, forwards copies of documents to your bank for their information, forwards cheque details to the mortgagee bank or yourself if you are providing funds, attends settlement on your[…]

When can I collect the keys?

Usually straight after settlement. Settlement time is negotiated between the parties involved but ultimately is decided by the vendor’s mortgagee bank or the vendor if they have clear title. Keys can be collected from the Real Estate agent or, if buying an Off the Plan property, from the builder’s representative.

What about stamp duty, how does that get paid?

If you are obtaining a mortgage, the bank will usually pay the stamp duty and Land Titles Office lodgement fee from your loan funds. If you are providing all funds you will have to provide those fees on, or shortly after settlement and your Solicitor will lodge the documents on your behalf.