BUYING PROPERTY: THE PROCESS MADE EASY FOR YOU

Step 1 - Find your Property

The first step in buying any property is to find the property that is right for you and at the price that is right for you. This will be done with the help of the real estate agent that the seller has listed their house for sale with. Sometimes an owner will advertise their property for sale privately – in this case you will negotiate the sale price directly with the owner of the property.
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Step 2 - Contact Key2 Conveyancing

Contact us to give us your instructions in relation to the property.

We will provide you with advice in relation to pre-purchase inspection reports that you might need eg pest report, building inspection report, strata title search etc. We then arrange these reports for you.

We request a contract from the seller's conveyancer. Immediately we receive the contract we advise you in relation to the contract and negotiate any amendments so that the contract to purchase is on terms specific to your requirements.
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Step 3 - Payment of deposit and exchange of contracts

Exchange of contracts as soon as possible is a prime objective – so that the property is secured for you. At this the point- subject to any cooling-off period - you are fully committed to the purchase of property and the seller is fully committed to the sale. We exchange contracts for you.

The cooling-off period is a period of 5 working days starting from the date of exchange within which time you can rescind (cancel) the contract and pay to the vendor the amount equal to 0.25% of the purchase price. The cooling-off period was enacted to help stop gazumping and the period can be used to obtain you pre-purchase inspection reports. However some sellers ask you to waive the cooling-off period because they want an unconditional contract on exchange. We will give you advice regarding the cooling-off period.

The cooling-off period is only available for purchase of residential property. The vendor does not have a cooling-off period and there is no cooling-off period when you purchase property at auction.

The deposit must be paid on exchange.
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Step 4 - Pre Settlement

Before settlement Key2 Conveyancing will:

order government/statutory searches to make sure that they have no interest in the property
prepare the form of transfer for the property and submit to the seller for signing
stamp the transfer
prepare settlement figures

receive a direction of settlement cheques from the seller's conveyancer

If NOT borrowing to purchase
• provide you with a direction of cheques

• book settlement time & venue

If borrowing to purchase
• Provide title particulars to lender
• book settlement time & venue with lender
• Provide cheque direction to lender

Before settlement you can:
• arrange for insurance of the property
• book your removalist
• contact the utility providers eg electricity & telephone
• carry out a final inspection of the property
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Step 5 - Settlement

Settlement is the point at which you pay the balance of the purchase moneys and you receive title to the property. We attend and effect settlement at the time and venue appointed.

If NOT borrowing to purchase
• We register title documents on your behalf

• Deliver the new title deed to you

If borrowing to purchase
• Hand title documents to your lender for registration
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Step 6 - Post Settlement

We notify you and the agent immediately that settlement has taken place. If applicable, the keys to the property are then available for you to collect immediately following settlement and usually from the office of the selling agent. We notify the authorities of the change of ownership of the property so that all notices are forwarded to you eg council rates, water rates, strata title levies, rural land rates.
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