Buying Property

PURCHASERS:

What we do for you:
Our job for you is firstly when we receive a copy of the Contract from the Land Agent, we will telephone you to introduce ourselves and be open to any questions you may have as to your next step.  We check the details we need to complete the Transfer document which is the document the Lands Titles Office will use to create your new Title once you own the property.  We explain the different ways you can hold a property (Joint Tenants or Tenants in Common), do you wish to take out First Title Insurance, have you lodged your Application for finance, are you an Australian Resident and if not we can help with how to get approval to purchase property in Australia.  Are you obtaining a Pest Inspection or Building Inspection and many more things you may need to know.

Why should I take out Insurance:
You should always take out an Insurance Policy over the property you are buying before your cooling off period has expired and you pay your deposit to the Land Agent.  A lot of people don’t understand why the Vendor and Purchaser both have Insurance on the same property, but it is very important if the property burns down and the Vendors Insurance Company says that you have an Insurable interest in the property and try to force you to complete the Settlement and take you to Court to enforce this.  This has happened and the Purchaser was forced by the Court to purchase a burnt out shell of a home for the full purchase price – much safer to have your own insurance.

Settlement Statement:
Approximately one to two weeks before the Settlement we will send you an interim Settlement Statement to show you what fees you will need to pay (which include Government Stamp Duty, Lands Title office, Rates and Taxes Searches, adjustments of Rates and Taxes) then you can start moving your funds around to be ready to bring a Bank Cheque into our office the day prior to Settlement.  We will pay all the fees on your Settlement Statement on your behalf.

Your Bank:
If you are obtaining a Bank loan to assist you in purchasing the property, we forward a copy of our Transfer to them so that when your finance is formally approved, they can immediately prepare their Mortgage documents from our Transfer. 

Settlement:
Once you have signed your Mortgage documents we can contact your Bank to arrange a Settlement time with your Bank, the Vendors Bank and the Vendors Conveyancer.  We will meet them all at the Lands Titles Office in Adelaide,  to complete the exchange of documents and cheques.  Your Bank will give us a cheque for the amount they are providing and the balance of the funds usually comes from your Account.  Once Settlement is completed, we telephone you as soon as possible as we know that waiting can be one of the toughest things for you to do.  Once we have phoned you, you can collect the keys from the Land Agents office and start the hard and exciting work of moving in.