Buyers Hints

So that you do not incur penalties when purchasing a property:

1. Allow yourself plenty of time to complete the conditions

Packing and moving is hectic so allow sufficient time to obtain your finance approval and satisfy all the relevant conditions of your Offer and Acceptance in order to complete your settlement. Fulfilling these commitments can be very time consuming so allow sufficient time when writing up your conditions eg. 14 days for a structural report and 28 days for settlement.

2. Finance Approval

When writing up an Offer and Acceptance remember that financial institutions require at least 14 - 21 days from acceptance of contract to approve your loan and 28 days from finance approval to effect the settlement.

3. Offer and Acceptance Conditions

When requesting conditions on an Offer and Acceptance make sure it is stated which party should action it, who will pay for it, when it is to be completed by and what is to happen if it is not satisfactory. If you want something to remain in the property which is out of the ordinary, it is important to clearly note it in writing on the contract.

4. Stamp Duty

In accordance with the Joint Form of General Conditions, it is a condition that a duly executed and stamped Transfer of Land is handed to the sellers prior to settlement. Remember to make arrangements with your financial institution to have these funds available when you return your signed Transfer of Land to your settlement agent. If your settlement agent is unable to provide to the seller's settlement agent a duly executed and stamped Transfer of Land you may jeopardize your rights under the Joint Form Of General Conditions. See also Why do I have to pay stamp duty prior to settlement?" for more information.

5. Provide your settlement agent with current contact information

It is important that your conveyancer can keep you informed and seek your advice if anything unusual develops that might delay your settlement. Remember to provide contact information for any temporary changes of address, workplace, holiday plans or working away

Give yourself ample time to complete all the conditions:

Moving, packing etc is a very hectic time, so allow yourself sufficient time to obtain finance approval and other relevant conditions of your Offer and Acceptance in order to complete your settlements.
Allow ample time to meet all the commitments as they can be very time consuming, give enough time for a structural report to be completed and give yourself at least 28 days before settlement to cover any unforeseeable problems.

Finance Approval:

When writing up an Offer and Acceptance remember that financial institutions may take up 14 - 21 working days from acceptance of contract to approve your loan and 28 days from finance approval to effect the settlement.