Are you a First Home Buyer? Or has it been a long time since you have purchased a property? Buying a house is an exciting yet complex process and there are some simple steps that you can take to ensure that it is pain-free. The real estate searching process is usually the most time consuming stage of buying a property and once you find the right one for you, it is important that you can easily purchase that property without any hassles or hold-ups.
From a Conveyancing perspective, the following checklist is a guide to the steps that you should take to buy a property. It is important to note that these steps will vary depending on your circumstance and your financial institution or conveyancer will be able to answer any questions that you have along the way.
Here is a checklist for buying a house to ensure it is a seamless process for you:
- Upon signing a Contract, immediately arrange insurance over the property.
- Contact your bank, building society or other financial institution to arrange finance for your new loan, if not already done prior to signing your Contract.
- At the expiration of your two day ‘cooling off’ period (if applicable), pay the agreed deposit amount into the Agent’s Trust Account in accordance with the Contract.
- Choose your Conveyancer, if not already done prior to signing your Contract. Phone them to discuss any relative matters, and then advise the Agent of the name, telephone number and address of your Conveyancer.
- Immediately review, sign and return any documents you receive from your Conveyancer (e.g. Memorandum of Transfer documents, authorities, or any other documents/forms).
- Prior to Settlement day, check with the Agent when and where keys can be collected for your new property.
- In the days preceding settlement, arrange for gas, electricity and telephone to be transferred to your name or connected in your name at the property.
- Prior to settlement, you will receive a Settlement Statement from your Conveyancer. Check it carefully and if you have any queries, telephone your Conveyancer immediately. Ensure that you pay the amount requested on your settlement statement to your Conveyancer’s office as instructed by them on your statement.
You can also download a PDF version of this checklist here.
We hope that this checklist assists you with purchasing your property and that it is an exciting and hassle-free experience.
(Photo by Diana Parkhouse via Flickr, licensed under Creative Commons)