Property Purchase Process

• 01 Understanding Inspections
  The Contract for Sale of Land does not cover the quality of the property, so it's crucial to conduct a pest inspection to check for any current or past pest activity and a building report to assess any structural concerns. Additionally, it’s wise to inspect the electrical wiring and plumbing to ensure everything is in good working order.
• 02 Strata Report
  If you’re purchasing a unit, townhouse, or villa, you’ll need a Strata Report. This report will summarize the strata records, covering things like insurance, quarterly levies, any special levies, and the overall financial position of the scheme.
• 03 Exchanging Contracts
  The exchange of contracts is a critical step in the property purchase process. You will sign two identical copies of the contract, one for you and one for the vendor, and swap them. Before this, the contract may require amendments such as the settlement period or deposit amount. Our Team will review the contract and ensure it meets your requirements before negotiations begin.
• 04 Financing Approval
  Before exchanging contracts, it’s crucial to secure unconditional approval from your lender and get a property valuation, which may take up to 5 days. A 10% deposit is usually required upon exchange, with deposit bonds becoming more common instead of cheque deposits. Your lender will arrange the deposit bond.
• 05 Cooling-Off Period
  In NSW, after exchanging contracts, there is typically a 5-business-day cooling-off period. If you choose to withdraw from the contract during this time, you’ll pay the vendor 0.25% of the purchase price. This cooling-off period doesn’t apply if you buy at auction or exchange contracts on the same day as the auction. Our Team will inform you of your rights before signing.
• 06 After Exchange
  Once contracts are exchanged, stamp duty is due on the Contract and Transfer, either on or before settlement or within 3 months after exchange. It’s important to calculate these amounts correctly, as penalties apply for late payments. Our Team will help ensure that all taxes and payments are handled on time.
• 07 Final Adjustments Before Settlement
  Before settlement, the vendor may require adjustments to the total amount based on figures like council rates, water rates, and strata levies. Our Team will calculate and provide you with the final figures, ensuring everything is accurate and up to date for a smooth settlement process.
• 08 Registration of Ownership
  After settlement, the change of title and mortgage will be registered with the relevant authorities, including Land and Property Information, local council, and any applicable water or strata managers. This ensures that the ownership records are updated.
• 09 Key Handover
  Once the settlement is finalized, Our Team will notify you, and the real estate agents will release the keys to your new property.