1300 070 004

Purchases Guide to the Settlement Process

1. Offer & Acceptance

Your Offer & Acceptance is completed with your Real Estate Agent or privately with the seller.

2. Deposit

Ensure the deposit is paid to the Real Estate Agent by the due date.

3. Appointment to Act

Your settlement agent will forward an Appointment to Act form for completion.

4. Finance Approval

Once finance has been approved, arrange a copy to be sent to the Real Estate Agents office by the due date.

5. Signing Mortgage Documents

Mortgage documents will be forwarded to you from your financial institution for you to sign and return.

6. Transfer of Land

The 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 Duty

Stamp 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 Conditions

Ensure any conditions on the contract have been satisfied within the specific time frame.

9. Insurance

Certificate of Insurance over the property is required. Please provide a copy to your financial institution.

 

10. Final Inspection

Is to be arranged with the Real Estate Agent or seller (if private) 7 days prior to settlement.

 

11. Arranging Settlement

Your Settlement Agent will arrange a time for settlement with your financial institution. Funds will be requested if necessary.

12. Settlement Effected

Congratulations! You will be notified immediately once settlement has been effected as will the Real Estate Agent.

13. Keys

Can 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).