purchase their first home. Here’s some helpful insights to get you on your way:

• If possible, obtain pre-loan approval. Then you will know how much the bank will lend you and what your maximum spending capacity is. This will lessen the risk of going over your budget.
• Get an idea of the costs of obtaining a pre purchase Pest and Building Report, Strata Inspection Report (if the property is a unit or townhouse). Then you’ll have a good idea of the whole cost of the conveyancing process.
  • Pest and Building Report – which will indicate whether there is any pest infestation (like termites) or whether there was previous pest activity. The report will also advise of any rectification works needed to be undertaken on the building and if there are any major problems with it.

• Strata Inspection Report (for units or townhouses) – Provides a full review of the Owners Corporation records and covers all the aspects involved in running and maintaining a block of units, and all the common areas that go with it, including; ownership and voting rights, structural or building defects, planned major works, levies and proposed special levies, financials, insurance, pet policies, and disputes or breaches of by-laws.

• Start looking for a property that meets your budget. When you find one you like, ask us to review the Marketing Contract.
• We can help you with the various assistance schemes that may be in place at the time.
• If the Marketing Contract looks good, talk to the agent and make an offer.
• Once your offer is accepted the agent will send a sales advice to the Vendor’s Solicitors and they will prepare the Contract for Sale and forward it to us for review.
• We will review the Contract for Sale then discuss it with you in detail. We can do this via Zoom, Teams or in our office.
• There may be extra conditions in the Contract for Sale, and these are called ‘special conditions’. Special conditions cover things that the Vendor requires over and above the standard terms. Often, you will require your own special conditions like; subject to satisfactory pre purchase inspections, or where the Vendor has to do something to the property before settlement can occur. Don’t worry! We know what to look for and what special conditions to include.
• We can help you to arrange pre-purchase inspection reports and we will provide a copy of the Contract for Sale to your bank so that formal loan approval can be obtained before entering into the Contract.
• Depending on the property type, we may also suggest that you obtain other reports like a survey report from a qualified surveyor or a Building Certificate from Council. If these extra reports are recommended, we’ll explain why they are necessary.
  • Survey Report – which will confirm the dimensions of the land you are purchasing and where the building sits inside the dimensions of the Land. The report will make sure there are no encroachments on the land. Your financier may require this report and if it is needed, we can organise it for you.

• Building Certificate – this certificate can be obtained from Council to confirm that the structure on the property was built in accordance with Council’s plans and regulations. Once again, your financier may require this certificate, and if needed, we can organise it for you.

• Following the receipt of satisfactory pre purchase reports, formal loan approval, or any other item that is required, we will proceed to a formal exchange of Contracts for Sale.
• Exchange literally means exchanging your signed Contract for Sale with the Vendor’s signed Contract for Sale, at which point they are dated, and the Contract becomes binding, subject to any special conditions.
• Once all special conditions are satisfied, we continue on to settlement. The formal settlement of the transaction is when payment is made to the Vendor for the property and Title for the property is registered in your name as the registered proprietor, and any mortgage is also registered on Title.