Having your offer accepted is a great moment, but it isn't the finish line. There are still a few steps between here and moving in. Here's roughly what to expect.
1. Your lawyer takes the lead
Your lawyer works through the agreement with you, checks the legal side of the property and keeps you updated. Stay in close contact, and tell them straight away if anything changes.
2. Working through your conditions
Most agreements include conditions, which are things that need to happen before the sale becomes firm. Common ones include:
- Finance, where your lender confirms the loan
- A building report and other inspections
- Reviewing the LIM report
- Arranging insurance
Each condition has a date. Keep an eye on them, and ask your lawyer if you need more time for something.
3. Going unconditional
Once every condition is met, the agreement becomes unconditional. From this point the sale is binding, so it's important to be sure before you get there.
4. Getting ready for settlement
Now it's about the practical side: finalising your mortgage paperwork, organising insurance from settlement, arranging power and internet, and booking movers.
5. The pre-settlement inspection
Shortly before settlement you'll usually have a chance to walk through the property again. Check that everything in the agreement is still there and that the home is in the condition you expect.
6. Settlement day
On settlement day the money changes hands through the lawyers and you get the keys. Congratulations, you're a homeowner.
Quick tip
Timeframes and details vary and are set out in your sale and purchase agreement. Your lawyer is the best person to ask about your specific situation.
This is general information only, not legal, financial or building advice. Rules and market conditions change, so check the details with your lawyer, lender or the relevant authority before making decisions.
