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Buying Guide

Guide to Buying Property
If you want to make an offer on a property, make sure that the following items have been arranged or confirmed:
 
• Pre-approval of finance from your bank or lending institution

• You have a solicitor or conveyance in mind

• Have your initial and balance deposits ready

• An idea of a preferred settlement date

• Your own property sold or in the process of hiring an agent
 
 
Contract Process
Once you have found the property you wish to purchase, it is crucial that you understand the steps
involved in securing the property.  You should obtain independent legal advice from a solicitor or
conveyancer.

Cooling Off Period
3 business day period which starts when the property is “under contract”, where the purchaser can
terminate the contract for any reason and will have to pay a “cooling off” fee equal to 0.25% of the
purchase price.

Initial Deposit
Payable upon signing the contract
 
Balance of Deposit
Payable by date specified and agreed to in the contract of sale (usually within 14 days of signing which is often when finance, building & pest inspections have been finalised).

Building & Pest Inspection
It is up to you as the purchaser to arrange a building & pest inspection.  The standard time frame is 7
days after both parties (purchaser & vendor) have agreed and signed a written contract.

Valuation & Finance
Don’t be alarmed if your lender requests a valuation by a registered property valuer.  This is normal
practise especially if you are borrowing more than 80% of the purchase price.  The valuer will be
arranged by your lender within 14 days of the dates on the contract of sale.
 
 
THE AJ FISHER TEAM can put you in touch with trusted professionals to help you navigate your
way through the purchase.


We will liase with your chosen professionals to see your property purchase through to handing over
the keys!
 
• Mortgage Broker

• Insurance Broker

• Accountant

• Solicitor/Conveyancer

• Building & Pest Inspector

• Removalist

• Renovation & Trade specialists
 
Summary
Preparation is the key to successfully purchasing a property.  Understanding your rights and having
everything in place.  If you follow the advice in this document, along with that of your solicitor and
agent, you will be well on your way to securing the right home for you.