Tips for First Home Buyers

As a buyer you are entitled to a copy of the Vendor’s Statement/Section 32 Statement.

These are the tasks you are required undertake to ensure that the purchase of your first home goes as smoothly as possible:

  • Have your conveyancer peruse the Vendor’s Statement BEFORE submitting an offer.
  • Ensure that you make your Contract of Sale subject to:
    – Loan approval minimum 14 days (even if you have pre-approval)
    – Building Inspection Report – minimum 7 days
    – Pest Inspection Report – minimum 7 days
    You need to guard against the purchase of a property that is possibly termite infested or has a major structural defect in the roof for example.
  • Provide your broker/banker with a copy of the contract as soon as possible.
  • Provide your conveyancer with your broker’s/banker’s details and your broker/banker with the details of your conveyancer.
  • Pay your deposit to the agent in accordance with the contract.
  • Return all documents to your conveyancer and broker/banker PROMPTLY.
  • Arrange your final inspection with the selling agent for the week prior to settlement.
  • Keep your broker/banker and conveyancer advised of any changes in the settlement date or your circumstances.
  • Arrange connection of telephone, gas and electricity.
  • Make sure that you sign your Contract of Sale with your normal full signature and that this same signature is used for the signing of all documents during the transaction.
  • Ensure that your full names are inserted on the Contract of Sale and are spelt correctly.