Wagga Wagga Blog

Buying your first home, land, or investment property is an exciting time. However, once you have found that dream home there is a lot more to the sale process than just putting a deposit down. Below is a step by step checklist to help you understand the sale process and all the financial components.

MAKING AN OFFER

1) Have your finance pre-approved prior to making an offer.
Get in contact with your bank or financial institution as soon as possible.  Formal written approval sometimes takes a number of days to be prepared.

2 ) Submit your offer to the agent. 
You can provide an offer to our sales agent verbally or in writing. We submit all offers in writing to the owner of the property and then negotiate with you on their behalf.

3 ) Building & Pest inspection
Book a building and pest inspection. Independent and objective advice from an experienced and licensed Building Inspector will give you the confidence to make an informed decision.

OFFER ACCEPTED & SIGNING OF CONTRACTS

4) Provide your agent with your solicitor's details
Congratulations! We will forward the contract to your solicitor with your accepted offer. A solicitor or conveyancer will look after the legal aspects of purchasing a property. Phone your solicitor to advise of your purchase and make an appointment to go through the terms and conditions of the contract.

5) Signing your contract
By signing your copy of the contract for sale to purchase the property, you are simply indicating your interest in buying the property. The property will still be on the market. 

6)  Pay deposit
The deposit required is 10% of the purchase price. It is held in the Trust Account until settlement. Formal notification of a deposit held is sent to both the vendor and your solicitor. 

EXCHANGING CONTRACTS

7 ) Both contracts are signed
There must be two identical signed contracts, one signed by yourself, and one signed by the vendor. This means that both parties agree on the sale price and what is in the contract. Once the contracts are exchanged, both parties become legally bound by the terms of the contract.

SETTLEMENT

8 ) 5 Days 
A cooling-off period comes in effect immediately after the exchange of contracts. A cooling-off period entitles the purchaser to withdraw from the property purchase within 5 business days after the contracts are exchanged. The exchange becomes unconditional, and the contract becomes legally binding for both parties, after 5 pm on the last day of the cooling-off period.

Download our checklist here