– Buyer pays 0.25% holding deposit and signs the contract with cooling off period (usually a week but please request 10 days if possible).
– A copy of the contract and holding deposit receipt to be forwarded to us asap.
– During cooling off period both parties negotiate contract and the building/ pest/ strata report is conducted by the conveyancer/solicitor.
– During this time the bank does the valuation, credit check and organises mortgage insurance: unconditional approval is then received.
– If all is fine the buyer pays the 10% deposit (or negotiate 5% if you do not have enough deposit) or a deposit bond is required.
– Wait for settlement which is usually in the next 4/6 weeks.
NOTE- If you purchase in an auction you need to pay a 10% deposit as soon as the bid is won.
