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FAQ
What is a contract for sale?
A contract for sale is a written agreement between a buyer and seller that sets out the terms for selling a property.
What is a cooling-off period?
A cooling-off period is a set time after signing a contract during which the buyer can cancel the purchase, usually five business days for most residential property.
Can I sell my property at auction?
Yes, but auction contracts are binding immediately upon acceptance of the highest bid.
When is the cooling-off period not available or waived in a property purchase?
The cooling-off period does not apply if the property is sold at auction (or on the day of the auction if the property is passed in), or if the purchaser's solicitor provides a certificate (known as a s 66W certificate) waiving the cooling-off rights.
What is a deposit, and how much is it?
A deposit is an upfront payment by the buyer, usually 10% of the purchase price, paid when contracts are exchanged.
What is settlement?
Settlement is when the buyer pays the balance of the purchase price and receives ownership of the property.
Who pays transfer duty (stamp duty)?
The buyer is responsible for paying transfer duty on the purchase of property.
What happens if there is a mortgage on the property?
The seller must arrange for their mortgage to be discharged at settlement.
What is a strata title?
Strata title allows individual ownership of part of a property (like an apartment) with shared ownership of common areas.
What is a client authorisation?
A client authorisation allows your lawyer or conveyancer to act on your behalf in electronic transactions.
What is an off-the-plan contract?
An off-the-plan contract is for buying property that has not yet been built or subdivided at the time of sale.
What happens if settlement is delayed?
If settlement is delayed, penalty interest may apply, and either party may issue a Notice to Complete to require settlement within a set time.
What are the main steps in buying a property?
The usual steps include taking instructions and verifying identity, reviewing and negotiating the contract, arranging finance, ordering reports (like pest and building), exchanging contracts, paying the deposit, conducting final inspections, settling the purchase, and finalising all paperwork.
What is a final inspection and why should I do one?
A final inspection allows you to check that the property is in the same condition as when you agreed to buy it, and that all inclusions are present. This usually happens just before settlement.
What happens at settlement?
Settlement is when you pay the balance of the purchase price and take legal ownership of the property. Adjustments for rates and outgoings are made at this time. After settlement, you receive the keys and can move in.
Do I need a building or pest inspection?
It's strongly recommended to get building and pest inspections before exchanging contracts. These reports help identify any issues with the property so you can make an informed decision.
When should I arrange finance approval?
You should have your home loan (finance) unconditionally approved before exchanging contracts. If you exchange without finance approval and your loan falls through, you risk losing your deposit.
What rates and utilities do I need to pay?
At settlement, council rates, and water rates are adjusted (other rates may be applicable depending on your property and the contract) so you only pay for your period of ownership. After settlement, you'll need to set up accounts for utilities like electricity, gas, and internet in your name.
When do I get the keys to my new home?
You receive the keys at settlement—usually from the real estate agent—once all payments have been made and legal ownership has transferred to you.
Disclaimer: The information provided in this website is general in nature and does not constitute legal advice. You should seek independent legal advice tailored to your individual circumstances before making any decisions or taking any action in relation to your matter.
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