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Navigating the Property Purchase Process

Purchasing a new property is an exhilarating journey, but it can also be fraught with complexities, especially between the moment your offer is accepted and the final settlement day. 

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To demystify this process, we’ve put together a comprehensive checklist to guide you through each stage, ensuring a smooth transition to owning your new home.

Before Contracts are Exchanged

This initial phase lays the groundwork for a successful property purchase. Here are the key steps:

  • Discuss Extended Cooling-Off Period: Contact your lender or broker to discuss the need for an extended cooling-off period. This could be crucial in giving you the necessary time to finalize your decision.
  • Notify Your Conveyancer/Solicitor: If an extended cooling-off period is needed, inform your conveyancer or solicitor promptly.
  • Review of Contract: Have your conveyancer or solicitor review the contract thoroughly. They should negotiate terms on your behalf, ensuring your interests are protected.
  • Sign the Contract: Once your conveyancer or solicitor gives the go-ahead, sign the contract with the selling agent and pay 0.25% of the purchase price as a non-refundable deposit.

During Cooling Off

This period allows you to reassess and confirm your decision without major financial implications. Follow these steps:

  • Pest and Building Report: Order and review these reports. They are crucial in identifying any potential issues with the property.
  • Negotiate Repairs or Price Adjustments: Based on the pest and building reports, negotiate any necessary repairs or adjustments to the purchase price.
  • Check Contract Inclusions: Visit the property to ensure all inclusions listed in the contract are present and in order.
  • Organise Access Tools: Ensure keys, fobs, remotes, and alarms are accounted for and functioning.
  • Secure Unconditional Loan Approval: Obtain this from your lender or broker. It’s vital for the contract to progress.
  • Deposit Balance Payment: Pay the balance of the deposit to the selling agent as confirmed by your conveyancer or solicitor.

Your contract is now unconditional.

After Exchange of Contracts

Post-exchange, your conveyancer or solicitor will handle the majority of the tasks, including:

  • Conducting Government Enquiries: Your conveyancer or solicitor will liaise with various departments and handle Requisitions on Title.
  • Stamp Duty Assessment: Your contract will be assessed for any stamp duty liabilities.
  • Documentation Completion: You’ll need to complete, sign, and return documents like the Purchaser Declaration, Client Authorisation form, First Home Buyers Stamp Duty application, and identification documents.
  • Loan Documents: Sign your loan documents within 10 business days of receiving unconditional loan approval and inform your conveyancer or solicitor.
  • Authority to Bank for Additional Funds: Provide the necessary authorisations for settlement funds and confirm with your conveyancer or solicitor.
  • Building Insurance: If applicable, organize this and provide a copy to both your lender and conveyancer or solicitor.


Preparation is key in the lead-up to settlement day:

  • Insurance: Ensure that your building insurance is in place and acknowledged by your lender.
  • Check in: with your conveyancer/solicitor and Lender/Broker to ensure all documents are ready for settlement.
  • Settlement Figures: Receive and review settlement figures and other required amounts from your conveyancer/solicitor.
  • Additional Funds: Ensure additional funds needed for settlement are in your nominated bank account.
  • Services Connection: Organise connection of services like gas, electricity, telephone, and internet.
  • Final Inspection: Schedule your Final Pre-Settlement Inspection with the agent.
  • Removalist Booking: Organise your move. Booking a removalist in advance can alleviate last-minute stress.

Settlement Day

The big day has arrived! While most of the work is handled by your conveyancer or solicitor, it’s important to stay informed.

Conduct your pre-settlement final inspection and communicate any concerns to your conveyancer/solicitor.

Your conveyancer/solicitor will ensure all legal and financial obligations are met, and the property is officially transferred to your name.

Congratulations, you are now the new owner!

Final Thoughts

Navigating the journey from offer acceptance to settlement can be complex, but with this step-by-step guide and the support of your conveyancer or solicitor, you can approach each phase with confidence and clarity.

Download Your Free Checklist!

To make your journey even smoother, download our FREE New Property Purchase Checklist today. It includes all these steps and more, ensuring you don’t miss any crucial details in your property purchase journey.

Download the Checklist

Embarking on the path to property ownership is a significant milestone. With this guide and checklist in hand, you’re well-equipped to navigate the intricacies of the property purchase process. Here’s to a successful and smooth settlement!

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Amato Property, together with their directors, officers, employees and agents have used their best endeavours to ensure the information passed on in this document is accurate. However, you must make your own enquiries in relation to the information contained in this document and seek advice from your financial advisor, broker or accountant to ascertain its application to your circumstances.

Tony Amato

Tony purchased his first investment property in the early 90's in an inner city suburb of Sydney. He enjoyed a successful career in sales and marketing within the pharmaceutical industry where he was able to grow as a communicator and negotiator. His passion for property is matched by his wife, Sarah's, and together they have spent the last two decades buying, renovating and selling properties. His passion for property and serving others culminated in the founding of Amato Property, a buyers agency that treats its clients like family. With a history in real estate, sales, negotiating and small business, Tony has been able to apply his experience to deliver a truly unique buyers experience.

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