Congratulations, your preapproval is in place and your offer has been accepted on your dream home.

So, what’s next?

Well, this is where the fun begins – or the stress if you’re not prepared, warns Curtis & Blair director/principal Jane Blair.  

 
Step 1 – Your offer has been accepted. 
It’s time to send the required details to your real estate agent and advise your bank or broker that your offer has been accepted. The real estate agent will send a sales advice to the vendor’s solicitor and your solicitor outlining the sale price, contact details and conditions of sale.  

 
Step 2 – Deposit and reports 
It’s at this time the agent will ask for a deposit – generally an initial .25% deposit so that contracts can be exchanged with a cooling off period, allowing you time to do pest and building reports, and for the bank to do a valuation so formal approval can be obtained. This also prevents anyone else from offering on the property once contracts are exchanged, however, you should be aware that if the sale does not proceed from here the .25% is not refundable.  
Sometimes, due to time frames your conveyancer/solicitor may seek a 10-day cooling off period to make sure there is time to complete all of the necessary due diligence. 

 
Step 3 – What happens if there are issues? 
If you’re not happy with the pest and building report, there are two options – you can either ask the seller to fix the issues or you may ask for a reduction to fix the issues yourself.  
If there’s an issue with finance and you are unable to obtain formal approval you must notify your agent immediately. You will also lose the .25% deposit that you paid.   
Once you’re happy with all the reports and your bank has advised you have formal lending approval you must pay the balance of the 10% deposit before the cooling off period ends.  
 

Step 4 – Pop the champagne 
You have unconditionally exchanged contracts. On exchange of contracts your solicitor/conveyancer will advise a settlement date.  
 

Step 5 – Final inspection 
Just prior to settlement you should contact your agent to arrange a pre-settlement inspection. This is a final inspection to make sure all inclusions that were noted on the contract remain at the house and that everything is in working order as it was when you inspected the property. It is also a good time to make sure any rubbish etc has been removed from the property.  
On the big day your real estate agent will advise when settlement has taken place and the keys will then be released to you.  

Congratulations you now own a home! 

For more property stories:

• What about Raymond Terrace?
• Rental crisis worsens as available houses halve in number
• Suburb profile: Medowie

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