Your Compete Property Buying Guide 12 After your offer is accepted If your offer is accepted, and all parties have signed the contract, you will be asked to pay a deposit. This usually equates to 10%of the purchase price. Once paid, this deposit is held in a trust account until settlement. Selecting a solicitor/conveyancer It is recommended that you have a solicitor or conveyancer review any agreement before you sign it. Property insurance Once you sign the contract you will need to take out insurance on the property. Your Harcourts sales consultant can refer you to a Mortgage Express adviser who can assist with all your insurance needs. This service can save you hours spent researching themany insurance providers in themarket today. Property purchase costs Financial fees vary greatly depending on factors such as the percentage of the property value that you will be borrowing, the amount of the loan, the amount of the purchase and which bank you are borrowing funds from. Your local Mortgage Express adviser can quickly determine the approximate costs for your particular circumstances. Possible expenses youmay incur: • Bank fees • Home protection insurance • Solicitor’s or conveyancer’s charges which may include legal searches (please consult your solicitor) • Stamp duty on purchase • Miscellaneous costs (building inspection, rates, removals etc). Completing the purchase Before the settlement day, your solicitor or conveyancer will undertake the necessary searches with respect to the property and your lender will prepare themortgage documentation. On the day of settlement, your solicitor or conveyancer will exchangemonies and transfer documentation with the seller’s solicitor. You will receive the keys to the property from your Harcourts sales consultant upon confirmation from your solicitor or conveyancer that payment has been received.* Once settlement has been completed, the seller’s solicitor or conveyancer will register their discharge of mortgage and transfer and your solicitor or conveyancer will register the necessary documentation. CONTRACTS &SETTLEMENT * InWestern Australia, as per the joint formof general conditions, if the property was the principal place of residence, then keys are exchanged bymidday the following day.
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