Part 3 – Taking Ownership
Once the loan is approved and your conveyancer is happy, then you can exchange unconditionally.
To do the exchange, you will either need to supply a cash deposit or a Deposit Bond (typically ten percent). A Deposit Bond is used when you do not wish to use your cash at the time. A typical reason would be that the funds will be available for settlement but are not ready for the exchange.
After this stage, if you withdraw, you may forfeit your deposit.
During the next 4 to 6 weeks the conveyancer does the required searches and ensures that the property is unencumbered. They will also assist you with the signing of your loan offers, mortgage documents and preparing the applications for the First Home Buyer Grants if applicable.
When settlement nears they will co-ordinate the settlement and disburse the various cheques that need to be paid.
On settlement, the keys are yours!