Step 1: Send the Signed Contract to Your Broker
Once all parties have signed the final contract, the first thing you need to do is send a copy to your mortgage broker immediately. This step is crucial as it allows your broker to start the necessary processes without delay, ensuring everything stays on track.
Step 2: Engage a Settlement Agent
Next, you need to engage a settlement agent to facilitate the purchase of your home and send them the contract. I recommend Angela Dilley from Land Mark Settlements. You can find more information about her services here.
Step 3: Arrange a Building and Pest Inspection
If your contract includes a condition for a building and pest inspection, you need to arrange this as soon as possible. I recommend using Assetwise Building Inspections. They will contact the real estate agent to gain access and arrange a suitable time for the inspection. The report will be emailed to you and should be forwarded to your real estate agent immediately.
Step 4: Address Inspection Results
If there are no issues with the building and pest inspection, the contract continues as usual. If there are major defects found during the inspection, discuss with your real estate agent about getting these issues amended before proceeding.
Step 5: Supply Unconditional Approval Letter
Once your mortgage is finalised, you will receive an unconditional letter of approval. Supply this letter to both your real estate agent and settlement agent. This letter confirms that you can officially buy the home, and you are now just waiting for the settlement date.
Step 6: Conduct a Final Inspection
After receiving your unconditional approval letter, arrange a final inspection of the property. This allows you to ensure everything is in the same condition as when you first viewed the property. This inspection usually occours 7 days from the date of settlement. If there are any new issues, discuss them with the seller for resolution.
Step 7: Settlement Day
Your settlement agent will coordinate the final settlement date and time with the seller’s agent. Settlement usually occurs at noon. On this day, the house titles are officially transferred, and you now own the property. The seller must be fully vacated unless another arrangement has been made. If there are any delays, contact your settlement agent for clarification. Once everything is settled, your agent will hand over the keys, and you can move into your new home!
