Before you sign a contract, you must be given a Vendor’s Statement or Section 32. The Vendor’s Statement gives the purchaser information that will assist them in the decision to purchase the property. The information includes the amount you paid in Council and Water Rates, the Zoning of the property and any restrictions there may be on the property.

The real estate agent will ask you to sign a contract. Remember, once you sign this contract, you are legally bound to purchase the property. Make sure that you understand how much and when the deposit needs to be paid and, if you are borrowing money, you will need the agent to insert a Finance Clause. Remember to give yourself plenty of time to get loan approval — two weeks is the minimum you should allow. If there are public holidays within the period, please allow a further week.

It takes around four weeks for loan approval and the lender to prepare the mortgage documents. Do not agree to a settlement date prior to four weeks if you are borrowing funds to purchase the property.

The real estate agent will usually ask for a 10 percent deposit. There are no rules that it must be 10 percent, you can try to negotiate a smaller amount or maybe consider a deposit bond. Your lender can give you more information on deposit bonds.

From 2016, the Titles Office holds conveyancers and solicitors liable for identifying all parties to transaction. The Titles Office have their own specific requirements for the check. We are not allowed to complete your transaction unless the Titles Office requirements have been satisfied.

You will need to provide:

Category 1: 

Passport and Driver’s License and present the originals of these at our office and we will photograph them and you.

Category 2: 

FULL Birth Certificate, Change of Name Certificate (if your current name differs from your birth certificate – i.e., marriage certificate), Driver’s License and Medicare Card. You will need to present the originals of these at our office and we will photograph them and you.

Make sure you know exactly what you are buying. Disputes over dishwashers, TV antennas, curtains, etc., do happen if it is not clearly stated in the contract. Settlement cannot be delayed because the crystal chandelier is missing!

It is not a bad idea to take photos of each room (and let the Vendor be aware that you are doing this) so that if a dispute does arise you can prove your claim.

Although the risk remains with the Vendor until settlement, you should, insure the premises against the risk of fire and other perils. Your Lender (if any) will require you to take out an insurance policy (not a cover note) with the lender being noted as Mortgagee prior to settlement.

We will search the appropriate authorities to find out what rates, taxes and other outgoings are attached to the property.

Then we calculate the adjustments from the settlement date (in most cases, but sometimes the contract date will be used) and send the calculations to the sellers representative for verification. We will also calculate the amount required at settlement less the deposit, plus or minus adjustments.

The seller’s representative, having verified the figures, will nominate a time and venue for settlement notifying the seller’s bank is applicable.

You are entitled to a final inspection of the property within seven days prior to settlement to check that all is in order and you should make an appointment with the agent to carry out this inspection. You should be handed the property in the same condition it was in when you signed the contract (fair wear and tear excepted). If the agent cannot assist you with any concerns that may arise from the inspection, please contact us to assist.

Please remember — the vendor is not required to mow lawns, weed the garden, steam clean the carpets etc. They are merely required to not have damaged the property or removed items that were required to stay — i.e., light fittings.

Keys are usually available from the agent, unless you have made alternative arrangements with the vendor. You should arrange this at your final inspection.

You are responsible for having the gas, electricity, telephone and water usage being transferred into your name if you are going to live in the property.