Buying a Property: A Step-by-Step Checklist
Discover our comprehensive Buying checklist for a seamless purchase process.
1. Initial Steps
Consult with a mortgage broker or lender to establish your budget and obtain pre-approval for financing.
2. Before Signing the Contract
Once you identify a property, hire a lawyer to review the Contract of Sale and Section 32 Statement.
Decide on the settlement period and, if purchasing with someone else, determine the ownership structure (joint tenants or tenants in common). Consult your lawyer and lender for advice.
Consider adding conditions to the contract, such as subject-to-finance or subject-to-building/pest inspections (note: these conditions are not allowed for auction purchases).
Ensure any extra agreements with the seller are clearly stated in the contract.
If buying off-the-plan, discuss specific considerations with your lawyer before signing the contract.
Finalize by signing the Contract of Sale and Section 32 Statement.
3. After Signing the Contract
Inform your mortgage broker or lender to initiate your loan application (if needed).
Your lawyer will handle the necessary documentation and organize settlement.
Complete a formal Verification of Identity (VOI) process with your lawyer to prevent fraud.
Authorize your lawyer or conveyancer to act on your behalf during the transaction using PEXA.
Your lawyer should lodge a Caveat to protect your interest in the property until settlement.
4. Before Settlement
Set up connections for electricity, gas, water, and internet at your new property.
Obtain home insurance, as many lenders require this before settlement.
Book a removalist, preferably one accredited by the Australian Furniture Removers Association.
Schedule a final walkthrough with the real estate agent to ensure the property is in order.
5. After Settlement
Once settlement is finalized, pick up the keys from the real estate agent and prepare to move in.
If this is your first home purchase, you may qualify for government concessions or grants. Speak with your lawyer to confirm eligibility before signing the contract.
Selling a Property: A Step-by-Step Checklist
Discover our comprehensive Selling checklist for a seamless selling process.
1. Initial Steps
Appoint an agent to manage the sale and complete the necessary agreements.
Consult a lawyer to draft your Contract of Sale and Section 32 Statement, ensuring all required property details are disclosed.
Finalize the document with your real estate agent.
Once a buyer is found and all terms are agreed upon, sign the Contract of Sale.
2. After Signing the Contract
Your lawyer will assist in arranging the deposit release after the cooling-off period.
Your lawyer will handle all documentation, communicate with your bank (if needed), and coordinate the settlement process.
Complete the formal identity verification process to prevent fraud. You’ll also need to authorize your lawyer or conveyancer to act on your behalf through PEXA.
3. Before Settlement
Arrange a mail redirection service with Australia Post for after settlement.
Book a removalist, preferably one accredited by the Australian Furniture Removers Association.
Notify utility providers to disconnect services on the settlement date and arrange final meter readings.
Notify utility providers to disconnect services on the settlement date and arrange final meter readings.
Allow the buyer to conduct a final property inspection (typically arranged by your real estate agent).
4. On or Before Settlement Day
Leave all keys with your real estate agent for the buyer.
5. After Settlement
Congratulations, your property has been sold!
