The Buying Process
Pre Purchase Inspections
Before you purchase a property it is wise to organise an inspection of the property. The Contract for the Sale of Land does not cover the quality of the building. This means that what you see is what you get, making it advisable to ensure that everything about the property is properly inspected.
The exchange of Contracts is the legal process of buying a property. Two identical Contracts will be produced, one for the vendor and one for the purchaser, to be signed and dated. The signed copies are then swapped, or ’exchanged’. Once this exchange has occurred the contracts are binding. Before you exchange Contracts your KLM Conveyancing representative will review the Contract and discuss the contents, special conditions, specifications in relation to the Vendor’s Statement and outline any suggested changes/alterations required to the Contract, if necessary. Before the Contract of Sale is signed the Vendor must provide a Section 32/Vendor’s Statement. This provides the Purchaser with important information about the property including any easements, covenants, mortgages or restrictions on the land. If you are not purchasing the property at Auction or within 3 (three) clear business days prior or post to a scheduled Auction then you may negotiate to have the Contract ‘Subject to Finance’. This allows you time to have your loan formally approved before entering into an unconditional Contract. On exchange of Contracts, typically a 10% deposit is required.
(Not applicable if purchased at Auction or 3 days prior or post to a scheduled Auction.) After you have purchased your property and exchanged Contracts you have a 3-business-day cooling off period in which you may change your mind about your purchase. If you do choose not to buy the property after all you will receive your deposit back and the Contract will be cancelled.
Settlement is the final step taken in the property conveyancing process, when the title is transferred to you and you receive the keys to start your new life. You don’t need to present at the settlement in person. Your KLM Conveyancing representative will represent you and your interests with the Vendor and any incoming and discharging mortgagees. This gives you peace of mind, knowing that our high-quality, expert professionals are attending to your matter. Immediately after the settlement we will notify you of the finalisation of settlement and the agent will release the keys of the property to you. KLM Conveyancing is the best choice you can make when purchasing a property. Our specialised, personalised services will ensure that you understand the entire process.