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Buying Property
Upon Receiving your Contract
1. INITIAL CONTACT
You will receive a call or text from our office to advise that we have received a copy of the contract of sale and instructions from the real estate agent.
2. SETTLEMENT DOCUMENTS
You will receive a set of documents via email that requires completion along with a settlement statement outlining an approximate amount required to settle. Within these documents will be a required identity check which can be completed at our office or at an Australia Post. Please ensure you read all documents carefully and talk to your conveyancer if you have any questions.
3. FINANCE APPROVAL
If you are obtaining finance please provide us with your bank or broker’s contact details. First home buyers should apply for the grant directly with their lender or the Office of State Revenue if purchasing with cash. Once finance is approved please send a copy of the approval letter to our office. We will then send the bank the required documents to finalise the mortgage on the purchase.
Settlement Process
4. MORTGAGE DOCUMENTS
Please contact your bank to sign the mortgage documents. The bank takes approximately 7 days to process the documents once signed.Your conveyancer will liaise with your bank and broker to ensure that they have everything they need and are ready in time for settlement.
5. CERTIFICATE OF INSURANCE
Please contact your house insurer for a copy of the certificate of insurance over the building at the property. If obtaining finance your bank will require a copy of the certificate of currency. If purchasing a strata property we will obtain this from the relevant party and forward to yourself and your bank.
6. SPECIAL CONDITIONS
We will ensure that you are satisfied with any special conditions on the contract prior to settlement taking place.
7. PRE-SETTLEMENT INSPECTION
Please ensure that all items in the home are in working order when you conduct your final inspection approximately 5 business days prior to
settlement. The property must be in the same condition as when you signed the contract of sale.
8. NEW ADDRESS NOTIFICATION
Please notify Australia Post, your electrical, gas, internet and telephone service provider, your home and contents insurance company and any other home service providers of your new address. We will notify the water corporation, local authority, strata manager and the office of state revenue
Completing Settlement
9.SETTLEMENT ATTENDANCE
We will attend settlement on your behalf and notify yourself and the real estate agent once settlement is complete. A confirmation letter will be sent to you along with the updated title in your name together with your final statement showing adjustment of rates.
10. KEYS
The keys should be handed to you by 12 noon the following day. Please arrange to collect the keys from the real estate agent.
Selling Property
Upon Receiving your Contract
1. INITIAL CONTACT
You will receive a call or text from our office to advise that we have received a copy of the contract of sale and instructions from the real estate agent.
2. SETTLEMENT DOCUMENTS
Within a week of our initial call you will receive a set of documents that require completion along with an initial settlement statement for your perusal. Please ensure you read all documents carefully and talk to your conveyancer if you have any questions. If you have a mortgage over the property we will include the relevant discharge authority or instructions on how to submit one with your bank. Within these documents will be a required identity check which you can complete at our office or Australia Post. If you are selling with a market value of $750,000 or above we will instruct you on how to obtain your ATO Clearance Certificate.
Settlement Process
3. DISCHARGE OF MORTGAGE
Your conveyancer will liaise with your bank to ensure that the discharge of mortgage is ready in time for settlement. This takes approximately 10 working days from signing the discharge authority. Please supply us with contact details for your banker and any necessary information regarding your discharge of mortgage
4. SPECIAL CONDITIONS
We will ensure that any special conditions on the contract are fulfilled by the required dates. You will be notified as each stage is completed. Please contact your conveyancer if you have any queries or concerns.
5. PRE-SETTLEMENT INSPECTION
Please ensure that all items in the home are in good working order prior to the buyer’s conducting their final inspection. The final inspection should be completed at least 5 business days prior to settlement.
6. NEW ADDRESS NOTIFICATION
Please notify Australia Post, your electricity, gas, internet and telephone service providers, your home and contents insurance company and any other home service providers of your new postal address. The buyer’s agent will notify the water corporation, local authority, strata manager and the office of state revenue that you are no longer the owner of the property as of the settlement date.
7. FINAL SETTLEMENT STATEMENT
Your final statement will be prepared in the final week before settlement detailing your banks final payout figure (if applicable) and any disbursements made to the relevant authorities. We require your approval of the statement before proceeding to settlement.
Completing Settlement
8.SETTLEMENT ATTENDANCE
Once all parties are ready to book settlement we will confirm with you the time in which settlement will take place. Settlement takes approximately 30 minutes. We will repay the mortgage (if applicable), and the balance of funds will be deposited as per your instructions. You and the real estate agent will be notified immediately and we will send a final confirmation letter via email.
10. KEYS
The keys should be handed to you by 12 noon the following day. Please arrange to collect the keys from the real estate agent.
Purchasing Subject To Title Issuing
Upon Receiving your Contract
1. INITIAL CONTACT
You will receive a call or text from our office to advise that we have received a copy of the contract of sale and instructions from the real estate agent.
2. SETTLEMENT DOCUMENTS
You will receive via email our introductory letter together with the initial settlement documents for you to complete and return. Please ensure you read all documents carefully and talk to your conveyancer if you have any questions.
3. FINANCE APPLICATION
Once finance is pre-approved please send a copy of the confirmation to our office. We will then keep your bank updated in regards to the issue of titles so they can finalise the mortgage on the purchase. As finance approvals are only valid for a certain period of time, you will need to ensure your approval remains valid as the due date for settlement is usually unknown while we wait for titles to issue. You will need to keep in contact with your broker to keep them updated. First home buyers should also apply for the grant.
4. ISSUE OF TITLES OR PRACTICAL COMPLETION
As this step may be many months away depending on the developers expected completion date, we will follow up with the developer and provide you with any relevant updates. Once titles have issued we will provide you and your bank with copies of the relevant title information. We will then email you further settlement documents that require completion along with a settlement statement outlining the amount required to settle.
Settlement Process
5. MORTGAGE DOCUMENT
Please contact your bank as soon as possible to sign the mortgage documents. The bank can take approximately 7 days to process the documents once signed and there is only a short amount of time between titles issuing and the settlement date.
6. PRE-SETTLEMENT INSPECTION
Please ensure that all defects are documented and provided to the real estate agent to be rectified. Developers usually have a clause in the contract of sale which allows them a 6 month maintenance period following settlement to rectify all defects so they will usually not allow a second inspection prior to settlement to confirm that these have been attended to. If there are any major defects which affect your occupation of the property, you will need to liaise with the developer to ensure these are completed prior to settlement or arrange a settlement extension.
7. NEW ADDRESS NOTIFICATION
Please notify Australia Post, your electrical, gas, internet and telephone service provider, your home and contents insurance company and any other home service providers of your new address. We will notify the water corporation, local authority, strata manager and the office of state revenue.
Completing Settlement
8.SETTLEMENT ATTENDANCE
Once all parties are ready to book settlement we will confirm with you the time in which settlement will take place. Settlement takes approximately 30 minutes. You and the real estate agent will be notified immediately once settlement is complete. We will send you a confirmation letter together with your final statement showing adjustment of rates and taxes, along with your original stamped contract. We usually need to hold money back for the adjustment of shire and water rates as they are not normally available at the time we go to settlement. If you receive any accounts after settlement please forward them to your conveyancer.
10. KEYS
The keys should be handed to you by 12 noon the following day. Please arrange to collect the keys from the real estate agent.
11. CERTIFICATE OF TITLE
You will receive a copy of the updated certificate of title approximately 2 weeks after settlement via email.
Guide for Overseas Sellers
As a Seller signing the Client Authorisation Form (CAF) or the Transfer of Land (TOL) overseas you will be required to personally
attend the closest Australian Consulate to have your ID and current rates notice certified as well as your signature witnessed
on the CAF or TOL document. To determine the whereabouts of same please visit:
www.dfat.gov.au/missions/
Please ensure you contact the Consulate you intend to visit prior to travelling to confirm that particular Consulate provides
notary services and will be available to you at the time of your intended visit.
For each Seller to the transaction the Consular Officer is required to:
1. Identify the Seller prior to witnessing your execution of the CAF or TOL document by sighting all of the following current
and original documents:
• current and original land rates notice issued by the local council for the sale property. The rate notice must clearly show the address of the property. It must be sighted to connect the person presenting as the Seller with the property being sold;
• current and original passport of the Seller
• current and original drivers licence for the Seller; and
• letter from your settlement agent addressed to Consular Officer outlining what is required to be identified If a passport is not available an original birth certificate may be used although this is not preferred. If a drivers licence is not available another form of photographic identification issued by a government authority may be used. At least one piece of identification used must contain a photograph of the Seller being identified.
2. After sighting the identity documents, take a copy of each document sighted and certify that the copy is a true and correct copy of the original document presented. On the certified copy of the documents the Consular Officer must clearly state in English their full name, position and consular office where the certification took place as well as the date and time of the certification.
For each Seller to the transaction the Consular Officer is required to:
3. After being satisfied the person is who they claim to be (based on the identity documents provided), witness the Seller execute the CAF or TOL document. All required witness details ie. Full name, address and occupation must be printed clearly in English on the document. It is then your responsibility as the Seller to forward the original signed CAF or TOL document together with your original certified identification documents to our office. We recommend utilising the services of an international courier service to ensure prompt delivery. Prior to arranging a courier we request that you provide your Conveyancer with scanned copies of the certified
identification documents as well as the signed CAF or TOL document. Your Conveyancer will examine the documents for errors. Following examination you will be instructed the documents are correct at which time you may proceed with arranging a courier. Lastly it is a requirement that settlement funds due to you are deposited into an Australian Financial Institution account. If at any time throughout this process you require assistance please do not hesitate to contact our office for assistance via email direct to your appointed Conveyancer or alternatively via telephone +61 08 6160 6470.