Purchasing Property

Katoomba Conveyancing understands that purchasing property is a big decision and often the most significant financial transaction in your life. We have prepared the following guide for you to help with understanding the purchase process:

  • The very first step in purchasing property is to arrange finance approval with your lending institution to ensure you have the necessary funds available to complete the purchase. If you begin the process of purchasing property without adequate finance to complete, and the Contracts are exchanged, you will lose your deposit and may also be liable to the Vendor in damages.
  • When inspecting potential properties, always ensure the selling agent employed by the Vendor has a complete and valid Contract for Sale, and that you are able to meet all these contractual obligations.
  • Once you have negotiated a price with the Vendor, you will need to advise the selling agent that you will be engaging Katoomba Conveyancing as your Conveyancer.
  • The Vendor's representative will then forward a copy of the Sale Contract to us.
  • As soon as the Contract is received, we will contact you to make an appointment  to go through the Contract.
  • After discussing the Contract terms with you and under your instructions (if so required), we will contact the Vendor's representative regarding any Special Conditions or Amendments to the Contract you may require.
  • We will contact your lending institution to discuss  any loan or mortgage documentation they may require.
  • We will liaise with your lending institution to ensure you receive unconditional financial approval before Contract exchange. Please note, we will not exchange the Contract until such time as your lender has provided Katoomba Conveyancing with formal loan approval in writing.
  • We will advise you in relation to paying the deposit. This is usually 10% of the purchase price, and may be paid directly or by way of a deposit bond.
  • Under your instruction, we will order the following reports:-
    • Pest & Building report
    • Survey report
    • Building Certificate.
  • We apply for searches and certificates in relation to Council and Water rates and will also make enquiries to the relevant statutory bodies as to their interest (if any) in the property.
  • We submit Requisitions on Title to the Vendor's representative. As part of the normal conveyancing process, the purchaser will make enquiries with the vendor about the Title of the property.  These are referred to as “requisitions on title”. The purpose of requisitions is to ask the vendor information which may not have been disclosed in the contract or discovered during an inspection of the property.  The information can range from whether there is a dispute with the neighbour regarding fences, to whether there is any matter that could justify the making of a demolition order.
  • We will contact you to confirm settlement has taken place.
  • Either your lender or Katoomba Conveyancing (should you be a cash purchaser), will attend to your property registration documents.
  • The Real Estate agent receives an Order on Agent, which allows it to release the keys to you.
  • We will write to the local Council and water board advising of the change of ownership.
  • At this time we will require you to make available the required funds for payment of stamp duty (if applicable).
  • We will prepare the transfer documentation and arrange with the Vendor a suitable time and place for settlement.
  • We will contact you with the settlement details and confirm that you have made a final inspection of the property and are happy to proceed to settlement.
  • We attend settlement on your behalf. We hand over the required cheques and receive the Transfer and Title Deed but if you have a mortgage, the financial lender will retain the deed, and Discharge of Mortgage (if any). These documents will transfer title to the property from the Vendor to you.

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