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Buying Property
Buying residential, rural, strata property or a block of land can be confusing if you’re not familiar with the process involved.
You want to enjoy the experience. With that in mind, here is an outline of the steps you need to go through before you can own your property. These steps vary slightly depending on the type of property you are buying.First you need to understand the contract. A Stacks/The Law Firm conveyancer or lawyer will explain it to you, organise for the Vendor’s solicitor to make any necessary changes based on your instructions to us, and then you sign the contract. (The vendor is the person selling the property).
Reports & Inspections
Depending on the type of property you are buying. We can refer you to an appropriately qualified person who can undertake these reports and inspections for you.
Pest Inspection Report
This gives you information about any damage to the property, such as termite infestation.
Building Inspection Report
This tells you about the structural condition and general state of repair of the property.
Survey identification Report
This tells you whether the house is completely within the boundaries, or if any neighbouring structures overhang boundaries etc.
Council Building Certificate
This tells you whether or not the structures are satisfactory to Council, or if Council has any concerns with the structures.
Strata Roll inspection
This gives you information about strata levies, money in the sinking fund etc.
Septic inspection
This tells you if the septic system on the property is to Council's satisfaction, or needs work done.Finance
If you’re borrowing money to help buy the property, we will give your finance provider copies of relevant documents, and do our best to help to speed up the finance approval process.
Deposit
Normally you need to pay a 10% deposit of the purchase price to the Vendor’s real estate agent before you commit to buy the property. If you’re not able to pay the deposit we can discuss with you the option of paying the deposit by way of a Deposit Bond.
Exchange of Contracts
THEN you decide if you’re happy to proceed with the purchase. If so, we will exchange the Contract signed by you with the Contract signed by the Vendor (which their Solicitor will have). Then the property is off the market!
A 5-day cooling-off period may follow the contract exchange unless you have agreed to waive those rights. This gives you the chance to change your mind, although if you do decide not to go ahead, you will lose 0.25% of the purchase price from the deposit you paid. You will get back the balance of the deposit though and be free to walk away from the Contract.
Between exchange and settlement
During this period (about 4-6 weeks) we conduct enquiries into the title of the property. This might include enquiries to the Council, Water Authority, Land Tax office and Strata Manager to check that rate payments are up to date and there are no charges against the property. Then we prepare a Transfer and you will need to pay stamp duty to have it stamped to comply with the requirements of the Office of State Revenue. We also liaise with the finance provider (if relevant) to make sure everything is running to schedule.
Last week before settlement
We will calculate the amount you owe and make arrangements to collect the money from you and/or your finance provider. You will be able to have a final look at the property before we complete the purchase on your behalf. If you’re happy with everything we will arrange the settlement. If there are problems, we will contact the Vendor’s solicitor to have them resolved before settlement.
Settlement
This is the day you own your new property. We will search the title one more time, attend your settlement and make sure the correct title and transfer documents are handed over. Then we’ll give the Vendor’s solicitor the balance of the money owing. And the property is yours!
Nearest Stacks Offices:
The firms listed below have an in-house specialist in this area.