Apartment Buying Process
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SubscribeWe know buying a new home can be stressful. Understand the buying process for peace of mind, with our top tips.
1. Seek Independent Advice
If you’re keen to put pen to paper, we recommend you have a discussion with your lawyer and mortgage advisor / bank before you move forward.
2. Secure Your Apartment
To secure the apartment of your choice, we’ll draw up a Sale & Purchase Agreement for you to sign.
We’ll take you through this step-by-step and answer any questions you may have.
3. Due Diligence Period
If you request, we’ll include a 10 working-day ‘due diligence’ condition in your agreement. This is an opportunity for your lawyer to review the agreement thoroughly and for you to do any other homework and simply be comfortable with your decision to move forward.
If you’ve chosen to include a finance condition, this will be the time for you to discuss your finance arrangements with your mortgage broker or bank.
If you decide not to move forward with the purchase during the due diligence period, you can cancel the agreement at any time.
4. Deposit Payment
Once you are ready to commit fully, your lawyer will satisfy the due diligence and any other conditions - and you’ll make the first tranche of the deposit payment (5%) with a second 5% payment due at the date specified in the Sale & Purchase Agreement.
It’s important to note that deposits are held securely in trust by the Vendor’s lawyer until settlement – they cannot be used to finance the development.
5. Settlement
The remaining balance of the purchase price is due on Settlement which will occur on the date which is 10 working days after the later of:
- the issue of the Code Compliance Certificate and Certificate of Title for the Property;
- and a Pre-Settlement Disclosure Statement being provided to your lawyer
Once we receive the funds from your lawyer, we’ll meet you with the keys to your brand new apartment.
Congratulations!
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