This article is for general information purposes only and reflects the state of information at the time of publication. It is not legal or financial advice. Always seek professional advice tailored to your specific circumstances before making decisions.
Contracts Have Been Exchanged – Now What?
Now it’s a waiting game. Sit back, take a deep breath, and relax — you’ve earned it.
The pace slows a little now as your licensed conveyancer takes over. For roughly the next six weeks until the settlement date, your conveyancer will make after-exchange enquiries about the property. Government and local authorities will be contacted, heritage orders inspected if applicable, and council checks performed. In other words, much of the work is out of your hands.
This is usually when buyers and sellers get the jitters. Buyers keep their fingers crossed that everything about the property will be fine and runs according to schedule, while the vendor hopes the sale goes ahead smoothly so they can access their funds.
Final Inspection
You are entitled to a final inspection of the property before taking possession. We recommend conducting this inspection a day before settlement to allow time to address any issues. This ensures that inclusions are still present and that nothing has been damaged or altered beyond normal wear and tear since you agreed to purchase the property.
Settlement Day
Settlement day is when you pay the balance of the purchase price, take possession of the property, and receive the keys. Title deeds are handed over as well. If you pay cash, you keep the title deeds; if the property is financed, the deeds go to the financier until your home loan is repaid. Your conveyancer will notify the relevant government departments of the change in ownership.
Enjoy the feeling!
You are now the proud owner of your new home and officially in the property market. Buying your first home is a major achievement that requires time and effort.
Congratulations!
