Assess your financial
situation and borrowing capacity if necessary.
Decide on the suburb
you are interested in.
Research property
prices and demographics in the chosen suburbs.
Find potential properties.
Subscribe to receive our New Listing Alerts.
Inspect the
properties. Contact the listing
agent to arrange an inspections.
Decide on the
suitability of the property, and the price you are prepared to
offer.
Put in an offer,
signing a contract of sale. Ensure the contract you sign has the
following sections:
(The selling agent should guide you
through this process.)
(a) a PAMD Form 30c - Warning Statement
(This form is attached to the front page of the Contract of Sale)
(b) a PAMD Form 27c - Disclosure to Buyer
(c) Sign a Contract of Sale
and Buyers Acknowledgment noting any
Special Conditions and making the contract subject to building and
pest inspections.
(d)
Pay a deposit to the selling agent and you will receive a trust account receipt. (The deposit is
then
held in a Trust Account until the date
of settlement or the contract is terminated eg. finance declined.)
The listing agent will then submit the
Contract of Sale to the seller. When your offer is accepted, it will
be signed by the seller and dated. You will then be notified by the
agent.
Usually buyers have 14 days to obtain
their finance approval and 7 days to complete the building and pest
inspections. The total length of a contract of sale is usually 30 days.
Once your offer becomes a Contract
you are required to insure your property. Contact your insurance company
and advise them that you have a contract on a home and they will guide you through the process.
You have a 5 business day cooling off period
which begins on the first business day of your Contract of Sale.
Note: Assuming you do not waive this
right through a PAMD Form 32a Lawyers Certification you may terminate
the Contract under the cooling off provision within 5 business days of
signing of the Contract. A penalty of 0.25% of the contract price may
be applied.
Assuming any special
conditions are met (such as finance approval, and pest inspections
by the due date as specified on the Contract of Sale) your nominated solicitor or conveyancing agent will then
complete the transaction.
SETTLEMENT DAY! - Your solicitor or conveyancer may
request that you have a pre-settlement inspection before settlement
takes place. This is to ensure that the property is in the same
condition as when you last inspected it and that all the inclusions
are as per the contract you signed.
