Steps to take after your Victoria property contract review

Examining a contract for sale is a crucial phase in the process of buying real estate since it gives you peace of mind when you sign a deal or place a bid at an auction because you know that all key specific circumstances and clauses have been addressed.

But when the comprehensive contract study is complete, it's time to consider the following steps in becoming a homeowner: These include arranging for your money to handle your purchase and hiring a qualified conveyancer who can make the process of becoming a buyer stress-free and easy.

What is a property contract review?

You must ascertain whether there are any problems with the land, property, titles, or services before you sign the contract. These can increase your expenses, lessen how much you enjoy using the property, or have an impact on your ownership. Our Victoria conveyancing contract review service will point out any one-sided terms, anything that ought to have been included, and anything that could work against you. You might also wish to specify any unique conditions that apply to you.

Our contract review at Westgate Conveyancing will provide you with the knowledge you need to negotiate the best terms and price for the property settlement in Victoria and guarantee a seamless settlement.

Select a Conveyancer

Not every conveyancer is created equal. Purchasing real estate requires a big financial commitment, whether you're a homeowner or an investor. A smooth and safe property settlement can be achieved by using licensed conveyancers supported by experienced property lawyers, as there are often intricate contractual issues to take into account and a variety of legal processes to go through before ensuring you become the legal owner of the property you want to buy.

At Westgate Conveyancing, we recognise the following important stages to assist you in understanding what occurs when your contract review is concluded:

Our list of the most important steps for buyers after they sign the contract is as follows:

Pay the deposit

Typically, the deposit is due at the time the contract is signed or as soon as financing approval is granted. You must pay the deposit on time since failing to do so constitutes a contract violation for which the vendor may assess penalty interest.

Nomination

Kindly notify your solicitor right away if you would like to nominate a different buyer, business, trust, or superfund, among other entities. If there is a nomination, your solicitor needs to produce further paperwork. Before deciding to nominate, you should consult your accountant because of the ownership of the contract of sale of real estate in Victoria.

may have an impact on your taxes.

Finance Approval 

Before the finance approval date specified in the contract, you must submit your mortgage application and receive unconditional finance approval. You must provide your lawyer with written notice of the cancellation of the contract before the finance approval date if you choose to do so and do not acquire financing permission. If you don't give your solicitor enough notice, you can be locked into an unconditional contract, and if your mortgage is denied, it might get extremely expensive to break.

Obtaining a mortgage is one of your most crucial actions. You must apply for your loan as soon as possible and provide the lender with all needed documentation and information.

Talk with your broker to determine whether there is a difference between the loan funds and purchase costs. Discuss the loan funds and purchase costs with them for clarity.

Create an account with your lender. Permit them to take money out of the designated account to cover any shortfall.

Make sure that, at least one day before settlement, you have transferred and cleared enough money into the designated account.

Pest Inspection

If the contract includes a building and pest inspection clause, you will need to complete the inspection within the allotted time frame. Notify your lawyer if any structural or pest-related concerns prevent you from moving further.

We advise you to do a building and pest inspection during the cooling-off period. This is especially important if the contract is not subject to one. If structural or pest problems are discovered, you will be able to cool off the contract.

An auction contract does not allow for cooling off. Therefore, inspections must be completed before the auction.

Services and Utilities

As part of the property settlement process in Victoria, the seller shall transfer or terminate his or her services and utilities. This ensures a smooth transition for both parties involved. As a result, starting on the settlement date, you are responsible for setting up your utilities and services. This includes gas, water, electricity, phone, and internet.

Insurance

As of the settlement date, the seller will terminate their insurance policy. As a result, starting on the settlement date, you must have your insurance policy for the building and its contents. If you are purchasing a property from the owner's corporation, they will hold a building insurance policy. You should nonetheless get insurance.

Make duplicate keys for your new home.

If you have purchased more than simply land, you will need to pick up the keys. It is usually advisable to make arrangements as soon as possible to have extra replacement keys cut.

Change the address on your mail

Ideally, complete the request form. Have your mail diverted to the new address before you move into your new residence. After all, it may take a few days for mail from past locations to arrive at your new address. 

Although it's better late than never, if you haven't already, submit your request. Choose the duration for which you would like your mail to be formally rerouted.

Remember to get in touch with each of the significant businesses and utility providers that require your updated address. You can cease paying mail redirection costs sooner if your mail arrives at your address directly.

Final Words

We advise you to have a look at the contract of sale in Victoria. This will help before making any offers or bids at a future auction. To obtain a thorough contract evaluation before committing to purchase, you can submit your contract of sale on our website at Westgate Conveyancing. We are just a phone call away, so hurry up and book your appointment today.