Step-by-step process in a purchase transaction
before an exchange of Contracts takes place.
Step 1: Have us review the contract for sale and negotiate any terms on your behalf.
Step 2: Ensure you have your finance arrangements in order and if a valuation report is required by your bank ensure it is underway as this can take time to arrange.
Step 3: Arrange a pest and building report by a licensed, reputable builder. If buying strata, we will order a strata report on your behalf.
Step 4: Arrange your deposit cheque to be ready, usually payable to the selling real estate firm.
Contracts are exchanged by the vendors conveyancer/solicitor. After exchange of contracts, which means contracts are now binding, we will forward to you our firm's checklist with the next steps.
What does a 5 day cool off period mean?
A 5 day cooling-off period means a purchaser has 5 business days to arrange finance, pest, building and/or strata reports. Only the purchaser may cancel the contract. If a buyer pulls out during this 5 day period they forfeit 0.25% of the purchase price to the seller (for eg. $2000 would be forfeited on a $800,000 property).
Public holidays, bank holidays and weekends are not included in the cooling-off period.
Purchasing Strata Title
When purchasing strata title, ensure you carry out a strata inspection report for a background check which includes:
* how much funds held in the
* pending building works
* special levies
* past history of works to building
* past expenses
* general information on
insurances, keeping of pets,
bylaws, disputes etc