Purchase

Buyers Guide – Summary of Fundamentals

What we will usually do as your Solicitor: What you must do as Buyer:

Step 1
(Receipt of signed Contract) 

  • Open our file and contact you to advise Contract received
  • Peruse Contract and diarise due dates
  • Order Title Search & Survey Plan Search
  • Send initial letter to Sellers’ Solicitor to advise we act for you
  • Send initial letter to Agent to confirm receipt of signed Contract
  • Send comprehensive initial letter to you enclosing documentation for your execution as well as detailed information for your perusal (including details of due dates)
  • Contact your insurer immediately (if you have not already done so) to arrange insurance over the property you are buying including Building as well as Public Liability because the property is at your risk from the time you sign the Contract
  • Contact your Bank/Lender immediately to make your application for finance to obtain an unconditional finance approval in writing before the due date
  • Provide us with particulars of your finance including Bank/Lender, branch, contact numbers and your contribution details
  • You must immediately arrange Building/Pest Inspections and advise us in writing of the results before the due dates
Step 2
(Satisfaction of conditions and Contract becoming “unconditional”)
  • Contact you on the due dates to obtain your instructions in relation to the conditions (Finance, Building/Pest Inspections, etc.) if we haven’t already heard from you
  • Send a letter to the Sellers’ Solicitor and the Agent to advise whether or not conditions are satisfied by the due dates
  • Request, negotiate and confirm reasonable extensions of time you may need to satisfy the conditions (note however that the Seller does not have to grant any such requested reasonable extensions of time and the Contract will usually then terminate)
  • Prepare Transfer documents and send to the Sellers’ Solicitor for execution by the Sellers
  • Obtain and peruse Building/Pest Inspection Reports and advise us in writing whether or not you are satisfied with the Reports prior to the due date
  • Obtain finance approval satisfactory to you in writing from your Bank/Lender and advise us in writing prior to the due date
  • Complete, sign and return the documents provided to you in our initial letter for your execution together with payment for searches

Step 3
(Before Settlement)

  • Conduct all standard recommended searches and advise you if there are any adverse search results and provide you with a copy of same
  • Contact your Bank/Lender to book a time for settlement
  • Confirm venue and time for settlement with Sellers’ Solicitor
  • Calculate settlement figures and send to Sellers’ Solicitor for their consideration and confirmation
  • Advise your Bank/Lender and the Seller’s Solicitor and you of anticipated cheque details required for settlement (often not available until day of settlement)
  • Advise you of settlement time and particulars
  • Obtain any balance settlement monies from you by Bank Cheques (if your Bank/Lender is not providing all funds) and Stamp Duty and Costs
  • Sign and return the Mortgage documents to your Bank/Lender as soon as possible (correctly witnessed)
  • Follow up with your Bank/Lender to ensure they received the duly executed Mortgage documents and all is in order and nothing outstanding for settlement purposes
  • Arrange your pre-settlement inspection with the Agent
  • Confirm details of your Loan (Loan account numbers and your contribution etc.)
  • Provide Bank Cheques for any balance settlement monies required (if your Bank/Lender is not providing all funds) as well as Stamp Duty and Costs
  • Make a suitable arrangement with the Agent regarding keys for settlement
  • Advise our office if there were any issues that came up at the pre-settlement inspection

Step 4
(Settlement Date)

  • Conduct a “Check” Title Search
  • Receive final cheque details from the Sellers’ Solicitor
  • Submit cheque details to your Bank/Lender and yourself
  • Attend to payment of Stamp Duty to OSR and stamp Contract and Transfer documents
  • Effect settlement on your behalf (we usually instruct a Town Agent to attend settlement on our behalf)
  • Advise you once settlement has been effected
  • Send letter to Agent to advise settlement has been effected and to authorise release of the keys to you
  • Ensure that you are contactable until settlement has been effected
  • Collect the keys from the Agent’s office after settlement has been effected

Step 5
(After Settlement)

  • Send settlement letter to you enclosing Settlement Statement etc.
  • Contact us if you have any queries in relation to the Settlement Statement etc.