Once you've found a property to purchase and before you exchange contracts…
- Make an offer
to the real estate agent and negotiate price until your offer is accepted.
Ring your solicitor to advise them of the details of the property.
Decide if a Pest and Building Report or a Strata Report is required. Your solicitor may be able to assist you with finding a local inspector.
Contact your lender
and advise them that a property has been found. They will then begin the approval process, apply for Mortgage Insurance (if required) and will have the property valued. If all details are okay, you will receive unconditional loan approval. You must take your mortgage documents to your solicitor for explanation and signing before returning them to your lender.
Consider how much deposit you can pay on exchange and if it will be derived from your funds or via a Deposit Bond from your lender.
Once a contract is received by your solicitors, they should contact you to arrange signing. Before signing the contract, your solicitor should explain it to you.
When all of the above steps are complete, you should be in a position to exchange contracts and proceed to settlement.
Download our Conveyancing Brochure in Adobe Acrobat format for more information about purchasing, including
"Cooling Off" and a glossary of other conveyancing terms. |
