Meehans Solicitors : Conveyancing : Pre Exchange : Exchange of Contracts : Settlements : Lawyers : Attorneys at Law : Campbelltown : Ingleburn : Macarthur

After you have found the property of your choice have the Agent provide Meehans with details of the purchase so we can immediately commence the necessary legal steps to enable you to successfully purchase your most important asset.

If you have made an offer and it is accepted at Meehans we are happy to peruse the contract for you before you sign anything. The contract contains important information about the property and often may make disclosures about the state of the property and its approvals. We have a helpline available 7 days a week and encourage you to call if you have any questions when in negotiations.

If your offer on the property is accepted there are two ways in which the matter may proceed:

1. You and the vendor sign the contract with the agent and you make a non-refundable deposit of an amount which at least equals .25% of the purchase price as deposit. The contract is then exchanged by the agent and by law you are entitled to a minimum 5 day cooling off period. The balance of the 10% deposit is payable at the expiration of the cooling off period.
   There is nothing wrong with signing a contract in this manner as the cooling off period is for the benefit of you the Purchaser. It gives you the opportunity to order reports and organize your finance without the fear of being ‘gazzumped’.
2. Alternatively, the agent provides Meehans with a sales advice after the parties have agreed to a price and the Purchaser has paid a refundable holding deposit to the agent.
   Once you are able to enter into the contract unconditionally, Meehans and the representative of the vendor will arrange an exchange of contracts. Exchange usually takes place (7) to (10) days after the placing of the holding deposit. At the time of exchange the balance of the 10% deposit is payable and there is no ‘Cooling off Period” as you have then had the benefit of legal advice prior to exchange.
   If the purchase proceeds in this manner then the property remains legally on the market until contracts are exchanged.

Call Meehans before exchanging contracts with an agent. However generally you should be aware that:

1. All the inclusions are noted on the contract. These are the items that you would expect to remain at the property;
2. Ensure your full name (including middle names) is correctly stated on the contract;
3. That the stated purchase price is what you have agreed to and is inclusive of GST;
4. That you will have a 10% deposit OR if you are arranging a Deposit Bond OR if a reduced deposit has been agreed, that the appropriate clause has been added;
5. That you are agreeable to the completion time stated in the contract (usually 42 days) and that monies to purchase will be available by that date;
6. That you are purchasing the property in the correct name for asset protection and tax purposes.

Before you are locked into proceeding with the purchase it is prudent that we arrange the following reports and make the following enquires:

1. Pest Report;
2. Building Report;
3. Survey Report;
4. Certificate of Compliance from the Local Council (i.e. Section 149A Certificate);
5. Unconditional Loan Approval from your lender.

If you discover any problems with the property during the cooling off period or should you elect not to proceed you will forfeit your 0.25% deposit to the vendor. You must rescind in writing prior to the end of the cooling off period.

After the five day cooling off period if you have not exercised your right to rescind, you are bound by the contract.

Not unless you want to. At Meehans we can happily arrange for all necessary inspections to be carried out on the property.

After your matter cools off various steps are taken to enable settlement to take place on time.

These include the signing of mortgage documents if necessary and liaising with your lender to ensure funds will be available.

Making further enquiries on the property and ensuring that the matter proceeds in accordance with the contract.

Settlement is the day that we hand over your money or arrange for the Lender to hand over the balance of the purchase price of the property and for you to obtain title to the property.

You should arrange a time with the agent to go and inspect the property and make sure that the property is in the same state of repair, subject to reasonable wear and tear as it was on exchange of contracts.

If there are any problems you should contact us immediately. You should ensure that all the stated inclusions marked on the contract remain at the property.

You need to arrange a valid insurance policy on the property to cover you from the day of settlement. Please note that many Lenders may set a minimum insurance amount and will require you to note them as mortgagee on the policy.

Any additional funds required for the purchase are payable at this time and bank cheques will be required. We can provide you with the required cheque details in the days before settlement. You need to make your own arrangement for telephone, electricity and gas connection and for the availability of those services upon settlement. These are personal accounts as such cannot be arranged by Meehans.

Congratulations the Property is yours… now what?

Upon obtaining title to the property, under normal terms, your first mortgage repayment is due in one month’s time. However this should be checked with your individual lender.

Usually your water and council rates will be paid up until at least the next quarter and we will advise you of dates they are paid to.

You need to make your own arrangement for telephone, electricity and gas connection and for the availability of those services upon settlement. These are personal accounts and as such cannot be arranged by Meehans.