The Buying Process
Get your finances in place.
Before you start to look for a property make sure you are preapproved by your bank, that way you will know exactly how much you have to spend and you’ll be ready to make an offer when you find the right property.
Making an offer
When you make an offer on a property it is usually subject to building & pest inspections and finance, unless you are a cash buyer.
Offer of Acceptance
Once you have negotiated the agreed sale price, this is called an ‘Offer of Acceptance’. The Agent will send a ‘Sales Advice’ to the Vendor’s and Purchaser’s solicitors informing them an ‘Offer of Acceptance’ has taken place.
You normally have around ten days to get your finance sorted, and the building and pest inspections done. Your bank will need to do their own valuation on the property you intend to buy. If the bank valuation matches the sale price or thereabouts, and you are happy with the building and pest reports, you can then proceed to exchange.
Exchange
Exchange is when both the Vendor and the Purchasers are happy and ready to proceed with the sale. Both parties sign the contract then the solicitors exchange the contracts and the deposit is paid. From here you go to settlement.
Settlement
Settlement is when the final payment is made, and the keys are handed over to the Buyer.
Settlement is usually 42 days after exchange, but it can be earlier or later, it is negotiable between the Vendors and the Purchasers.