Conveyancing Checklist: Your guide to buying or selling a property

Checklist: Buying a property

First steps

• Contact a mortgage broker and/or lender to determine your budget and seek pre-approval for finance (if applicable)

Before signing the Contract

• Once you find a suitable property, engage a lawyer to provide advice on the Contract and Section 32 Statement
• Decide on the time-frame you will need until settlement and, if purchasing with another person, decide whether you will own the property as joint tenants or tenants in common (you should discuss this with a lawyer and your lender)
• Consider making the Contract subject to finance and subject to a building and/or pest inspection (note that these conditions cannot apply if purchasing at auction)
• Make sure any additional conditions agreed between you and the Vendor are noted in the Contract
• If you are purchasing a property off-the-plan, there are numerous other factors to take into consideration, which you should discuss with your lawyer prior to signing any Contract
• Sign the Contract and Section 32 Statement

After signing the Contract

• Once you have a signed Contract, notify your mortgage broker and/or lender to prepare a mortgage application (if applicable)
• Speak with your lawyer who will prepare all necessary paperwork and arrange settlement on your behalf
• Your lawyer will arrange to have your identity formally verified (Verification of Identity) as a measure that assists with reducing fraud, and will also have you complete a Client Authorisation, which authorises for your lawyer or conveyancer to complete the transaction on your behalf through PEXA
• Your lawyer should lodge a protective Caveat over the property to record your interests on Title up until settlement has completed

Prior to settlement

• Contact utility providers to arrange connection to your new property
• Contact an insurer to insure the property (some banks will make this a requirement prior to settlement)
• Contact a removalist (if necessary) and ensure they are a member of the Australian Furniture Removers Association
• Contact the real estate agent to arrange a final inspection before settlement

After settlement

• Once settlement is complete, collect your keys from the real estate agent and you are ready to move in

If you are a first home buyer you may be entitled to various concessions. You should discuss your potential eligibility for these concessions with your lawyer prior to executing any contract.

Checklist: Selling a property

First Steps

• Engage a real estate agent to sell your property and complete all necessary paperwork
• Engage a lawyer to prepare your Contract and Section 32 Statement. You will need to disclose various details about your property
• Sign the Section 32 Statement with your real estate agent
• Once you have a Purchaser and are satisfied with any additional conditions, sign the Contract

After signing the Contract

• Your lawyer will seek to have the deposit released to you after the cooling off period
• Speak with your lawyer who will prepare all necessary paperwork, liaise with your bank (if applicable) and arrange settlement for you
• Your lawyer will arrange to have your identity formally verified (Verification of Identity) as a measure that assists with reducing fraud, and will also have you complete a Client Authorisation, which authorises for your lawyer or conveyancer to complete the transaction on your behalf through PEXA

Prior to settlement

• Set up mail redirection with Australia Post for after the settlement date
• Contact a removalist (if necessary) and ensure they are a member of the Australian Furniture Removers Association
• Contact utility providers to arrange disconnection on settlement date and arrange final water, electricity and gas meter readings
• Allow the Purchaser to complete a final inspection before settlement (usually organised by your real estate agent)

On or before the Settlement Date

• Leave all keys with the real estate agent

After settlement

• Congratulations! You have sold your property.

How can Sharrock Pitman Legal help?

If you are looking to buy or sell your property, please feel free to contact our Property Law team on 1300 205 506 or fill in the contact form below. We can answer any queries you may have regarding the sale or purchase of your property, and provide you with tailored advice to your unique circumstances.

The information contained in this article is intended to be of a general nature only and should not be relied upon as legal advice. Any legal matters should be discussed specifically with one of our lawyers.

Liability limited by a scheme approved under Professional Standards Legislation.