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Compass Lawyers 30-January-2013

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Buying property process

Pre-Contract
Review contract and attached documents(*)
Prescribed documents:
o Title
o zoning cert. (s149)
o draining and sewerage diagram
o an identification survey
Solicitor negotiates and amend contract
Perform search and enquiries
o Title: vendor name(s) is/are shown exactly the same in the first schedule
o zoning cert. (s149): use of the property (Residential)
o draining and sewerage diagram: convenient (eg not across the front)
o an identification survey (can rely a recent survey (2 year), if any)
Perform inspection such as building, pest, strata, survey, occupation certificate and building certificate
66W certificate, if need

Exchange
Executed contracts are exchanged and
Pay deposits (usually 10%, including the expression of interest deposit, if any)

Post Exchange/Pre-Settlement
Lodge caveat, if necessary
Conveyancing warranties
Order standards set of rates and other enquiries
Send requisitions to vendor solicitor
Prepare Transfer
Prepare stamping the contract and transfer
Arrange financing (mortgage)
Prepare draft settlement figures for vendor agreement
Prepare settle cheques (with incoming mortgagee)
Final title search

Settlement
Received cheques from mortgagee and hand over documents
Hand over cheques and Order on the Agent to vendor representative and received documents
Complete Notice of Sale and hand to mortgagee

Post-Settlement
Registration

(*) in accordance with the relevant Conveyancing Act and Regulation.


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