WHERE TO START
When you are purchasing a property, one of the first things you should do is ensure your finances are ready and available. If you have all cash, make sure the money is accessible (i.e. not locked into a term deposit) and that it will be available to pay the deposit to the Real Estate Agent upon expiration of the cooling-off period and the balance of the purchase price, including Stamp Duty, Land Services Transfer Registration Fees, Conveyancing fees and adjustments of Rates and Taxes at settlement. If you require finance from a Bank or Credit Union, you should speak to your Lender or Mortgage Broker before you start looking for a property to discuss how much you can borrow and obtain pre-approval.
MAKING AN OFFER
Once you have found the perfect property, you should speak to the Real Estate Agent and let them know that you would like to put in an offer. They will give you a Letter of Offer form to take home and complete. On the offer form you will need to complete the offerors details (person
/ persons / entity making the offer), if you have not yet decided which name or entity the property will be held in, you can write your name “and/or nominee. You will also need to complete, land details (property address to which the offer relates), offer amount (purchase price), deposit amount (usually 10% of the purchase price but can be less if negotiated with the seller), proposed settlement date (this should be a minimum of 30 days) and any special conditions the Contract will be subject to. Special conditions could include, Finance Approval, Building and Pest Inspection or works to be carried out by the Vendor. When you have completed and signed the form, send it to the Real Estate Agent and they will present your offer to the Vendor.
YOUR OFFER IS ACCEPTED
Once your offer has been accepted by the Vendor, the Real Estate Agent will prepare the Contract of Sale. At this point you should engage a conveyancer so that they can review the Contract before you sign. Most contracts will specify that the purchaser is responsible for insuring the property from the date of signing, so you should immediately organise building insurance to cover the purchased property.
SA Wide Conveyancing do not charge a separate fee to review your Contract and Form 1 as this is part of our all-inclusive Conveyancing fee which is charged at settlement. If we review your Contract and Form 1 and you decide to cool-off and not proceed with purchasing the property, we will not charge you for the time spent on the review.
Your deposit will need to be paid to the Real Estate Agent’s trust account upon expiration of the cooling-off period. They will advise you of their account details.
SETTLEMENT PROCESS
Your Conveyancer will finalise the transfer of ownership of the property. Your mortgage broker will advise your conveyancer once your loan has been formally approved (if you are applying for finance) and a copy of your formal approval should be forwarded to all parties involved. Once your loan is approved you will need to execute your mortgage documents. The documents are usually send to you by email and will need to be printed and signed. The originals are to be returned to your bank by express post. Prior to settlement your Conveyancer will arrange a time with you to complete your ID Verification. You will be required to bring original forms of ID to a face-to-face meeting. Suitable categories of ID documents include your original Passport and Drivers Licence/Proof of Age or Original Birth Certificate, Medicare Card and Drivers Licence/Proof of Age. If your name on your ID documents are different to your current name you will need to bring evidence as to why your name has changed (i.e. Marriage Certificate or Change of Name Certificate). Once all documents are signed a certified your conveyancer will confirm settlement is officially booked and forward you a final settlement statement with details of where to transfer any balance of money in readiness for settlement. If you are booking a removalist you should speak to your conveyancer to work out a suitable time for them to arrive at the property, as they will not be allowed access until the property is settled. You will need to arrange for utilities to be connected at the new property. Your conveyancer will notify SA Water, Local Council, Strata/Community Corporation Manager (if applicable) and Revenue SA of the change in ownership.
You don't need to do anything on settlement day, your conveyancer will attend to finalising the transfer on your behalf and will call you and the Real Estate Agent to confirm once settlement is completed. Keys for your new property can be collected from the real estate agent once settlement completion is confirmed.
Contact us for a confidential discussion.
Phone: 08 7071 1605
Shop 5, 146-148 Marion Road
West Richmond SA 5033
www.sawideconveyancing.com.au
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