Congratulations on buying your new home!
WHAT NOW???
In case you’re wondering what happens now, we have set out below a list of things that you will need to attend to before you move in.
Cooling Off
| ALL STATES
Does not apply to properties bought at Auction |
SA
Cooling off expires at the end of the second clear business day after the Form 1 has been served on the Buyer |
| QLD
5 business day cooling off period applies from the date the Contract has been signed by ALL parties |
|
| TAS
A 2 business day (Mon-Fri) cooling off period is about to be introduced in Tasmania |
NSW
Cooling off expires 5pm on the next business day OR Saturday after contracts have been signed by ALL parties. |
| VIC
3 business day cooling off period applies from the date the Contract has been signed by ALL parties |
Subject to Finance
Does not apply to properties bought at Auction and does not apply in NSW
Subject to Finance is a Condition of the Contract where you nominate a date, typically 7-14 days from Contract date, whereby you will have obtained Unconditional Finance Approval to boy that particular property. You have a legal obligation to use your best endeavours to comply with this condition.
You need to ensure that you let your Solicitor/Conveyancer know once you have received your Unconditional Finance Approval in writing. They will duly advise the Real Estate Agent. Your Contract then becomes unconditional and you cannot back out.
Ensure that before you advise your Solicitor/Conveyance/Agent that you have received your approval IN WRITING, that it reflects the loan type/amount/rate/fees/conditions you sought in your Approval, and there are NO CONDITIONS attached to that approval.
Insurance
Once you have signed a Contract to purchase, you have an insurable interest in the property It is important that you arrange Building Insurance cover immediately.
Deposit
Any deposit or holding deposit that you pay will be paid into the Agent’s Trust Account. Once the cooling off period has expired, any balance deposit will be required to be paid. This too will be paid into the Agent’s Trust Account. The deposit is an integral part of your transaction, required to validate the Contract and thus secure the property to you until settlement.
Documentation
Your conveyancer/solicitor will be sending you several documents requiring your signature. PLEASE SIGN AND RETURN THEM IMMEDIATELY or it could cause a delay in Settlement and incur you extra costs.
Purchase Costs
Your purchase costs will include Stamp Duty on the Transfer, Registration of Transfer, Registration of the Mortgage, conveyancer/solicitor fees, Lender fees, Mortgage Insurance (if applicable) and an adjustment for Council and Water Rates paid.
Public Utilities
While your conveyancer/solicitor will advise your Council, you will need to arrange the transfer/connection of electricity, gas, telephone and internet services into your name to ensure continuing supply of these services.
Moving In
Your Contract states that you are entitled to vacant possession on the day of settlement. Please check with your conveyancer/solicitor immediately prior to the day as to what time settlement will be taking place. The keys will be available from your Real Estate Agent’s Office on the afternoon of settlement (we suggest contacting your Agent the day before). Please note that the Agent can only give you the keys if settlement has taken place.
Moving In Checklist
Here’s a final checklist of people you will need to notify of your change of address:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|