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Buying A Property |
When you are the Purchaser / Buyer |
- You attend at Real Estate Agency and inspect properties. Property is found.
- You engage Clark McNamara Lawyers to act.
- Clark McNamara will receive a Contract for Sale from the Vendor’s Solicitors.
- You arrange financial approval and organise deposit (normally 10% of the purchase price).
- You ask Clark McNamara Lawyers which reports should be ordered (i.e. Building/Pest/Survey Report or Strata Inspection Report). We advise and order reports.
- Clark McNamara will contact you to arrange a mutually convenient time to read through and explain contract and any reports ordered. 10% deposit cheque or deposit bond (whichever is arranged and agreed between the parties) given to Clark McNamara will be signed by you.
- Clark McNamara will write to the Vendor’s Solicitors requesting notification of any amendments to the Contract.
- Prospective Purchasers are introduced and terms are agreed.
- Response received from the Vendor’s Solicitors. Terms negotiated. If terms satisfactory to you, an exchange date is arranged.
- CONTRACTS ARE EXCHANGED (Contract becomes binding on some parties)
- You should arrange insurance for the property.
- Clark McNamara will then:
1. Confirm exchange with you, advise of the settlement date and request payment of the stamp duty on the Contract.
2. Order Statutory Enquiries relating to the Property.
3. Send Requisitions on Title (questions about the property's history) to the Vendor's Solicitors;
4. Advise your Bank of exchange of Contracts, date of settlement and enclose documents to enable the financiers to prepare mortgage documents.
- You or Clark McNamara should receive the mortgage documentation from your bank financing the purchase. Mortgage documents will be signed by you and returned to the Bank.
- You give stamp duty cheque to Clarks McNamara. Clark McNamara will then arrange for the stamp duty on the contract to be paid.
- Vendor is sent the Transfer document for signing.
- Clark McNamara will check all searches received and ensure that the property is not adversely affected.
- Settlement Adjustment Sheet (calculation of money to be paid to the Vendor on settlement after adjusting matters such as Council and Water Rates) is prepared and forwarded to the Vendor’s Solicitors for approval.
- Clark McNamara will contact both the Vendor’s Solicitors and your Bank to arrange time for settlement.
- Clark McNamara will contact you to advise date of settlement and amount which will be provided by your Bank on Settlement. If your Bank is not providing all of the funds to complete the purchase, CLARKS will inform YOU how much money will be needed to complete the purchase.
- Clark McNamara will instruct you to arrange a final inspection time with the Agent.
- Vendor’s Solicitors tells Clark McNamara how they want the purchase monies paid (i.e. what cheques are to be made payable to whom).
- Clark McNamara will inform your Bank of how the cheques are to be written.
- Clark McNamara does a final search on the property. Clark McNamara, Vendor’s Solicitors, your Bank and Vendor's Bank attend settlement. Clark McNamara check that you have clear title to the property, and that the documents convey you good title.
- Your cheques (provided by your Bank) are handed to the Vendor’s Solicitors in exchange for the Title Deed to the Property and Discharge of Mortgage (if applicable from the Vendor's Bank).
- Your Bank holds Title Deed and attends to registration of the Transfer of ownership, discharge of mortgage (if applicable) and new mortgage with the Land Titles Office.
- Report is sent by Clark McNamara to you after settlement.
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