You’ve just found the perfect property- it was love at first sight! But, like many others before you, you might be stuck wondering “How do I buy it?”
The buying process has 4 stages to it: pre-contract, conditional, unconditional and settlement/post-settlement.
- Pre-Contract
At this stage, you decide you want to buy the property and speak to the agent. The agent will prepare a sale contract with all of the details for your offer and bring it back to you for signing. After you’ve signed the contract with your best offer, the agent brings your offer to the Seller (the person who currently owns the property) to present it. If your offer is accepted, the Seller signs the contract too and you move into the next stage of buying a property.
- Conditional
After all parties have signed the contract, the property is now under contract. If you haven’t already chosen a solicitor to assist you with your purchase, this is a good time to engage one. The agent will send you and your solicitor a copy of the fully signed contract and details of how to pay your deposit.
Your deposit is held in a legal trust account managed by the real estate agency and if the contract is terminated, it is generally refunded.
During this stage, you will need to satisfy a number of ‘offer conditions’ that the sale of the property is subject to e.g. getting finance, a building and pest inspection. If you have a building and pest inspection, we suggest you attend so your building inspector can show you anything they find and answer your questions about it.
Remember to keep your agent up-to-date if anything happens during this stage as they can answer any of your questions and find solutions for you.
- Unconditional
When the last offer condition has been satisfied, the property becomes ‘Unconditional’. Now, you can start packing and preparing to move. This is also a great time to start organising your utilities. Try our free utility connection service here clarkrealty.com.au/buy/clark-connect/
A week or two before the property settles, your agent will call you to book in a ‘Pre-Settlement Inspection’. This is one last viewing of the property before it settles, generally booked for the day before settlement or the morning of.
- Settlement / Post-Settlement
The final stage in the process is the day that your solicitor and the Seller’s solicitor will finalise the property transaction. This is known as ‘Settlement’. Most property settlements occur between 2pm and 4pm on the day the property is due to settle. After the property has settled and both solicitors have confirmed it in writing, your agent will give you a call to deliver the keys to you.
Congratulations, you’re a property owner.
*Please note that the agency you purchase through may operate slightly differently and the terms of your contract may be different. If you are unsure, please speak to your Real Estate Agent or Solicitor.
