Purchases Guide to the Settlement Process
1/ Offer & AcceptanceYour Offer & Acceptance is completed with your Real Estate Agent or privately with the seller. |
|
2/ DepositEnsure the deposit is paid to the Real Estate Agent by the due date. |
|
3/ Appointment to ActYour settlement agent will forward an Appointment to Act form for completion. |
|
4/ Finance ApprovalOnce finance has been approved, arrange a copy to be sent to the Real Estate Agents office by the due date. |
|
5/ Signing Mortgage DocumentsMortgage documents will be forwarded to you from your financial institution for you to sign and return. |
|
6/ Transfer of LandThe Transfer of Land will be forwarded for Execution. Your signature is to be witnessed by a person over the age of 18 who isn’t a party to the contract (unless executed overseas. Please contact your Settlement Agent for further information). |
|
7/ Stamp DutyStamp duty is to be paid prior to settlement to the Office of State Revenue. If stamp duty is included in the funds you are borrowing from the lender, please make arrangements with the lender for payment of the stamp duty to be released prior to settlement. |
|
8/ Special ConditionsEnsure any conditions on the contract have been satisfied within the specific time frame. |
|
9/ InsuranceCertificate of Insurance over the property is required. Please provide a copy to your financial institution. |
|
10/ Final InspectionIs to be arranged with the Real Estate Agent or seller (if private) 7 days prior to settlement. |
|
11/ Arranging SettlementYour Settlement Agent will arrange a time for settlement with your financial institution. Funds will be requested if necessary. |
|
12/ Settlement EffectedCongratulations! You will be notified immediately once settlement has been effected as will the Real Estate Agent. |
|
13/ KeysCan be collected at 12 noon the following day (if occupied). If the property is vacant, keys can be collected following settlement (as arranged with the Real Estate Agent). |
|
download buyers guide |