Buying a property is likely be one of the most expensive purchases you will ever make. It can be both a stressful and exciting time, whether it’s your first home, second property or an investment. Timpano Legal Settlements are well positioned to facilitate the manner for you in a streamlined, personalised and cost-effective process.
As part of our service to support you during the buying process and make it an enjoyable one, we have provided you with an overview of what you can expect throughout the various stages.
OFFER AND ACCEPTANCE
A contract is formed when the seller accepts the buyers offer, subject to any conditions on the contract. It is recommended the buyer has obtained pre-approval for a home loan with their preferred financial institution before making an offer on a property. This will ensure a more efficient and streamlined purchase. If making a cash offer, ensure the cash is readily available.
DEPOSIT
Buyer to ensure the deposit amount is paid to the seller by the specified date
ENGAGE TIMPANO LEGAL SETTLEMENTS
Contact Timpano Legal Settlements to engage them as your Settlement Agent. Documentation will be sent to you to officially appoint them to act on your behalf.
FINANCE APPROVAL
If the Offer and Acceptance contract is subject to finance approval, the buyer is required to provide a copy of the contract to their financial institution as soon as possible. Once finance has been approved, a copy of the finance approval letter is provided to the seller.
TRANSFER OF LAND
Timpano Legal Settlements will prepare the Transfer of Land documents and forward to the buyers for signing.
MORTGAGE DOCUMENTS
Once finance has been approved, a copy of the Transfer of Land document is provided to the buyers’ financial institution to allow the mortgage documents to be prepared and issued to the buyer for signing.
TRANSFER DUTY
Transfer Duty is payable to the Office of State Revenue prior to settlement, on all purchased properties. If borrowing the transfer duty from the financier, the buyer is required to arrange for them to release payment of transfer duty prior to settlement.
SPECIAL CONDITIONS
Any special conditions on the contract (e.g. building inspection report) are to be completed prior to the
due date on the contract.
FINAL INSPECTION
A date for final inspection of the property is arranged with the seller, 7 days prior to settlement.
SETTLEMENT DATE
At this stage of the process, Timpano Legal Settlements will book a time for settlement with the buyer’s financial institution and issue a final statement outlining the funds required to complete the purchase.
They will ensure all documentation is prepared for the day of settlement and lodged.
SETTLEMENT AND KEY HANDOVER
On completion of settlement, the buyer collects the keys to their property!