BUYING A PROPERTY

BUYING A PROPERTY

The purchaser in a conveyancing transaction is the party who contracts to buy the property from the vendor. The purchaser is usually, but not always, the party who signs the contract of sale.

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You’ve found a property,  what next?

Below is a step-by-step guide in how we support our purchasers through the procurement of their property. The purchaser:

Step 1

INSPECTS PROPERTY & DOCUMENTS

Inspects the property and any documents available. This could include the draft or proposed contract and vendor statement.
Step 1
Step 2

NEGOTIATION

Negotiates with the vendor either directly or through an agent or representative for the purchase of the property.
Step 2
Step 3

MAKE AN OFFER

Makes an offer for the purchase of the property and usually, but not always, pays a deposit. When that offer is accepted in writing by the vendor a contract is in place.
Step 3
Step 4

Before signing – Get a Contract Review

An audit of the Contract and Section 32 allows us to find risks before they become costly mistakes and to point out errors, omissions and items of concern.
Step 4
Step 5

Subject to Clauses

Contracts for sale can include a number of special conditions to protect you in situations that are out of your control. Some common ones include:

  • A “subject to satisfactory building and pest inspection” clause in case there are major issues with the house.
  • A “subject to planning or building approval” clause for a property investor who wants to renovate or develop the property.
  • A “subject to finance” clause to make sure you don’t lose your deposit if your finance doesn’t come through in time.
Step 5
Step 6

Accept PEXA Workspace

Entering Purchasers details, creating Transfer of Land and Notice of Acquisition.
Step 6
Step 7

Accept Duties Online Form

Representatives for Transferees are required to use the Digital Duties Form, for all contracts or agreements for a land transfer duty. It is initiated by the Vendor’s representatives and accepted by the Purchaser’s representatives. This online form enables faster processing and pre-population into Duties Online, allowing for electronic signing via email by both parties.
Step 7
Step 8

Property Inspection

Inspects the property as close as possible to the settlement date.
Step 8
Step 9

Statement of Adjustments

Order searches and statutory certificates, and prepares Statement of Adjustments and serve on Vendor’s representatives. Upon approval enter payment details on PEXA.
Step 9
Step 10

Claim Stamp Duty

In PEXA, all Transfer documents must have stamp duty accounted for at the time of lodgement. PEXA has an automated stamp duty verification process that communicates with duties online, sending details from Workspace to the online duties system for verification. This will issue the Purchaser with the Duty Estimate document.
Step 10
Step 11

Transact Funds

Purchaser’s representatives provides the Purchaser or their financier with an amount required for settlement, which is either transferred into the PEXA Source Account or the representative’s trust account.
Step 11
Step 12

Settlement

Check Title activity, banks, representatives have completed their tasks, if balanced, sign off. Settlement can take between 30 – 45 minutes for the various processes to be completed. You will receive a PEXA notification after settlement and we will contact you where we can to congratulate you.
Step 12
Step 13

Change of Ownership

Arranges for notices to be sent to statutory authorities advising them of change in ownership. The title will be registered in the Purchaser(s) names and (if applicable) your financier will be noted as mortgagee. The Victorian Registrar is seeking to minimise paper title production and requests for electronic title format. If requested, we will seek a paper title.
Step 13

Speak to one of our friendly team MEMBERS

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