Purchase PURCHASE STEPS FLOWCHART
The activities shown below (also available as a flow chart) are typical for a purchase with a mortgage loan.
These activities will vary depending upon the title, the disclosures, and other matters.
| Activity/Service | Details |
| Obtain Instructions | Obtain details and instructions regarding finance arrangements, I.D. requirements and any special requirements. Costs agreement. |
| Check Contract | Perform Title search. Check additional conditions, inclusions/exclusions and disclosures such as leases, etc. |
| Advise client on Contract | Advise on conditions and disclosures. Obtain formal loan approval. Order Land tax Certificate, Pest, and Building/Strata reports. |
| Negotiate with Vendor's Conveyancer | Ascertain any alterations to the contract terms and conditions. |
| EXCHANGE CONTRACTS | Arrange for Home Insurance and send Mortgage title details. |
| Order enquiries | Obtain Government Department enquiries for the property. |
| Requisitions on Title | Forward requisitions on Title to the Vendor's Conveyancer. |
| Prepare Transfer | Obtain stamp duty/ First Home Owner's forms. Pay Stamp Duty. |
| Transfer to the Vendor's Conveyancer | |
| Check Mortgage and Loan Documents | Explain to client and sign. |
| Mortgage Documents | Forward Mortgage documents and requirements to the Mortgagee's solicitor. |
| Prepare for Settlement | Calculate Rate adjustments. Provide to Vendor's Conveyancer. Order on Agent, Cheque directions and Notice of Sale. |
| Arrange Settlement | Agree on adjustments. Notify Mortgagee's solicitor. |
| Advise client of date | Request cheques. Arrange final inspection. Order final search. |
| SETTLEMENT | |
| After Settlement | Pay council and water Rates. Report and invoice to the client. |
A typical purchase of residential real estate is settled in 42 days (6 weeks) from Exchange of Contracts.
The time can be changed by agreement between the parties.
