Final Inspection
When you have purchased a home you are entitled to conduct a final inspection on the property you have purchased within 7 days prior to settlement.
Owners Corporation
I you are purchasing a unit it is good practice to request a copy of the minutes of the most recent owner corporation meeting as this will disclose and upcoming works that could add to the expenses.
Statement of Information
It is mandatory for all agents to display a Statement of Information (This statement confirms the quoted price range and 3 comparative sales within 6 months if available)this is for each residential property advertised or must be given to a buyer within 48 hours of their request..This is also for Auctions, now buyers can check the quoted range through this statement rather than contacting the agent.
Subject to Finance
When signing a contract and your bank has requested you must insert a special condition pending finance, it is important to ask your bank how long will it take for you to receive unconditional approval. This date is written on the contract note which will be the bank approval date.
Settlement Day
This day is the day you nominate to settle ie: the date you take possession of the property you have purchased, either by way of vacant possession or to collect the rent if leased. Your solicitor or conveyancer sets a specific time for this which they would notify you.