After spending months searching for your next home buying or investment you have finally come across a property that ticks all the right boxes.
WHAT HAPPENS NEXT- A STEP BY STEP PROCESS
1. FREE Contract Review
Prior to you placing an offer or paying a holding deposit, request a copy of the Contract of Sale from the Real Estate Agent and send this to our office. We will review the Contract for you at no charge and confirm with you advise you on the next steps. If you decide to proceed with the purchase, we will then assist you in obtaining any necessary inspection reports, negotiate with the seller’s (Vendors) Conveyancer/Solicitor on any amendments or alterations to the Contract of Sale and get you ready to exchange.
2. Exchange of Contracts
If your offer has been 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 (either 5% or 10%) and the Contracts will then be dated. This is the moment the Contracts becomes legally binding and the property will come off the market.
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/solicitor and your bank to organize for settlement. Settlement will usually occur 4-6 weeks after Contracts have been exchanged (depends on the Contract). Settlement is the day that your bank will pay the outstanding amount on the property and the day that possession is given to you.
Conveyancing costs are comprised of the following:
Professional Fee: This covers absolutely everything we do to manage your conveyancing, including: Reviewing the contract and negotiating with the Vendor’s Solicitor/Conveyancer for any alterations or amendments
- Arranging building, pest and strata inspections
- Examining the strata inspection report (if applicable)
- Looking after the formal exchange of the Contract of Sale
- Arranging the payment of stamp duties with the Office of State Revenue
- Find out any information that may not have been previously disclosed (such as illegal building work)
- Calculating adjustments for Council , Water or Strata rates for the property settlement
- Liaising with your broker/ financial institution to arrange settlement
- Arranging our clerk to attend settlement with the Vendors Conveyance/Solicitor and your financial institution
Disbursements: Disbursements are the out-of-pocket expenses incurred by us in completing your Conveyancing … some examples of disbursements include searches council certificate (Section 603), water (Section 66), Land Tax Clearance certificate