Buying a property is one of the biggest financial commitments and investment you can make. Lotus Conveyancing can advise and assist you through the process.
The buying process can be summarised as follows:
Pre Exchange
- Apply for a loan pre approval with a financial institution, lender or broker
- Find a suitable property and notify your conveyancer
- Negotiate and agree on the purchase price with the real estate agent
- Contacting conveyancer to give instructions to act for you
- Forward copy of contract to your conveyancing for reviewing and discussing important points and any proposed amendments to the contract
- Arrange inspections and reports
Exchange
- Pay deposit
- Sign the contract
- Contracts exchanged
Pre Settlement
- Apply for formal loan approval and issue of loan documents
- Making requisitions
- Searches, enquires and certificates are ordered including land tax clearance
- Transfer prepared
- Loan documents are returned to lender
- Loan funds confirmed available for settlement
- Purchaser ID requirements met for stamp duty
- Grants applied (if applicable)
- Stamp duty calculated and accounted for, or exemptions or concessions applied
- Arranging and booking settlement with all relevant parties
- Settlement adjustments calculated
- All purchase funds required are arranged
- Final inspection of the property arranged
Settlement
- Settlement agents attend settlement
- Payment of the balance of the purchase price
- Handing over of applicable title documents
- Successful completion is confirmed to conveyancer
- Conveyancer advises you of completion
Post Settlement
- Keys are authorised for released from real estate agent for collection
- Release of Deposit to the vendor is authorised
- Attending to payment of any outstanding accounts
- Lender attends to registration of change of ownership documents
- Storage of your file for 7 years
Contact us to find out more or to arrange a consultation.