PURCHASING

Review of Contract

Once you, as the buyer, have obtained a copy of your Contract, Gately Conveyancing Services will review this outlining key details, conditions and their implications. We strongly recommend pest and building inspection reports are obtained. Gately Conveyancing can arrange these on your behalf.

If necessary, we will request amendments to your Contract. For example, the amount of deposit to be paid and/or the settlement period.

Before exchanging Contracts, we strongly recommend that all buyers obtain unconditional loan approval.

Exchange of Contracts

Once negotiations are finalised and an offer has been accepted, two identical contracts are prepared by the Vendor's Conveyancer; one is signed by the Vendor and the other by you as Purchaser. These Contracts are then exchanged (swapped) and dated. Once exchanged, the contract is binding unless exchanged with a 5 day cooling-off period.

Cooling-off Period

Contracts can be exchanged with or without a cooling-off period (5 business days) unless sold under auction conditions. If exchanged with a cooling-off period, the Purchaser exchanges and pays a 0.25% deposit. He/she has 5 business days in which to change his/her mind. Only the purchaser has the right to rescind. If the Purchaser backs out of the Contract, he/she forfeits their 0.25% deposit, and this is released to the Vendor.

The cooling-off period can be waived as part of the negotiation process. In this event, a Section 66W Certificate is provided by the Purchaser's Conveyancer on exchange of Contracts.

Tenancy

If there is more than one purchaser, the property can either be purchased as Joint Tenants or Tenants in Common.

Joint Tenants - Upon the death of one party, ownership automatically passes to the surviving joint tenant.

Tenants in Common - Each party owns a separate share of the property. Upon the death of one tenant in common, the deceased tenant's share passes to his/her estate.

Loan Documentation

Following contract exchange, the purchaser's bank is provided with the documents and details. You, as Purchaser, are responsible for sign your loan documents in a timely fashion to avoid delays with settlement.

Stamp Duty

Stamp Duty is due on each property transaction and must be paid on or before settlement, or within 3 months of Contract exchange for Contracts with an extended settlement period. Penalties are levied for late payment.

Insurance

If purchasing a property with Torrens Title, the Purchaser's lender requires a copy of the insurance policy prior to settlement. The policy should note the interest of the the lender.

Final Inspection

Purchasers are entitled to undertake a final inspection of the property prior to settlement. It is best to arrange for the inspection a few days prior to settlement so there is time to address any issues that arise.

Settlement

You are not required to attend settlement. Adjustments to outgoings (council, water, strata and land tax if applicable) are made on a pro-rata basis. As Purchaser, Gately Conveyancing Services, will give you a Settlement Adjustment Sheet detailing calculations and the amount payable upon settlement.

Depending on the loan amount, additional funds may be required to complete settlement. In this event, Gately Conveyancing Services, will provide details of sums required on or before five days prior to settlement.

Following settlement, Gately Conveyancing Services will notify you and the real estate agent who is authorised to release the keys to you.