Looking at purchasing a new home?
Here are the steps you’ll need to take.
Step 1: Make an Offer
You’ve found the perfect property, so now it’s time to make an offer. The seller may counter the offer, kicking off negotiations. If the seller accepts your offer, you’ll sign a binding contract (subject to any conditions).
In Western Australia, there is no cooling-off period. Make sure you’re happy with the house before you sign the paperwork!
When submitting your offer, you’ll be asked to nominate a conveyance, lawyer, or settlement agent. That’s where you put down us.
Step 2: Obtain Finance
With an offer accepted, it’s time to obtain finance. Here, you have two options – cash or credit.
With a contract ‘subject to finance’, you’ll need to choose a lender, the amount to borrow, and apply for the loan. The seller will state a date by which financial approval needs to happen.
While you can approach a bank on your own, I recommend engaging with a Mortgage Broker. They’ll handle all the paperwork and find the best loan option for you.
Step 3: Pre-Settlement
Once finance has been approved, it’s time for pre-settlement. This is where I really get to work on your behalf – submitting enquires to the local shire, Water Corporation, Office of State Revenue and strata companies for rates, fees and legal requirements.
I’ll also liaise with your lender to make sure that they’re prepared to complete the settlement, and with Landgate to ensure that the title changes hands.
During this stage, the banks and the buyer will need to deposit the balance of the purchase price into the trust account.
You’ll also be encouraged to complete a final inspection of the property.
Step 4: Settlement
It’s time for settlement! All required legal documentation and funds will be exchanged, including the discharge of the seller’s mortgage and transfer of land.
Step 5: Post-Settlement
Post-settlement is the final stage. You get to pick up your keys! I’ll also provide you with a final statement for your records.
📞 If you have some questions or concerns during this process or require a settlement agent, please can give me a call.
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