Emil Ford Lawyers

Purchasing a Property - Quick Summary

Questions about purchase a property?
Contact +61 2 9267 9800

This is a summary of the main steps involved with purchasing a property. For further information click on the links or download our more detailed version of Purchasing a Property.

Also, check out our Purchase due diligence checklist ...

So you’re ready to buy. What happens now?

  1. Show us the Contract for Sale of Land (available from the Real Estate Agent).
     
  2. Negotiate price on the property (or bid at auction).  Once your offer (or bidding) has been successful, notify us. If you are purchasing at auction any negotiations on the terms of contract should be finalised prior to the auction.
     
  3. Obtain Building, Pest Inspections and Strata Inspections (if needed).
    We can do this for you. If you are purchasing at auction the inspections should be done prior to the auction.
     
  4. Seek finance (if needed) and obtain approval.
     
  5. Sign and exchange contracts. Payment of deposit (normally 10% of purchase price) happens on exchange of contracts (or on day of auction) or at the expiration of the 5 day cooling-off period (no cooling off period for auctions). Insurance on the property is the Vendor’s responsibility.

    Decided you no longer want the property and it’s within the cooling off period? You forfeit 0.25% of purchase price.
     
  6. Settlement date will usually be set for 42 days (6 weeks) from the date of exchange of contracts.
     
  7. We will conduct Property Enquiry Searches, Requisitions on Title etc.
     
  8. We will prepare the transfer.
     
  9. Pay Stamp Duty.
     
  10. Sign mortgage documents.
     
  11. Make a list of people to notify of your new contact details.
     
  12. Make a pre-settlement inspection of the property.
     
  13. Provide cheques for settlement.
     
  14. Organise a removalist.
     
  15. Settlement of Contract -
    We will notify you that this has happened. Council rates, water rates and/or strata levies adjusted and paid. You can get the keys and move in!
     
  16. After settlement, various procedures are attended to on your behalf, including lodgement of Notice of Sale, transferring of Council and water bills into your name etc.
     
  17. Some additional issues should be considered if you are buying with an existing tenant or your purchase is an investment property or holiday home.

Questions about purchase a property?
Contact +61 2 9267 9800

 

 

 

Suite 4 Level 5
580 George Street
Sydney NSW 2000
Phone: +61 2 9267 9800
Fax: +61 2 9283 2553