When do I get the keys to my new home?

Exciting times: the seller has accepted your offer and you’re already envisioning life in your new digs. This is a big deal! But the hard yards aren’t over yet. You’ll have paperwork coming at you from left, right and centre as well as a couple more administrative issues to nail down before you can make that vision your reality.

Your autograph, please

Train those hand muscles, because you’ll have a lot to sign. Numerous documents will require your signature, but don’t let these intimidate you. Once the seller accepts your offer, your solicitor or conveyancer will scour the contract of sale before you sign and enter into the ‘exchange of contracts’.

This exchange differs depending on whether you bought the house at auction or privately. When you buy at auction, you have to sign and exchange contracts then and there; usually, though, you receive a copy of the contract before the auction, so be sure you and your legal team review it before you bid. You’ll also have to supply your deposit at this time.

You’ll need to supply the deposit at a private sale as well, though it’s generally less than a deposit at auction. At this point, you can also put in some conditions of sale, such as a pest inspection or valuation, to ensure that you’re protecting your best interests. Additionally, this is the time to make any revisions to the contract.

Cooling off

It’s important to note that there’s also a cooling-off period for non-auction sales. During this time, you or the seller may decide not to proceed with the purchase. This time frame differs from state to state, and there can be exceptions, so make sure you do the research on your area. Generally, the cooling-off period ranges from two days in South Australia and three days in Victoria and Northern Territory to five days in New South Wales and Queensland. Note that in Western Australia and Tasmania, contracts need not contain a cooling-off period.

You should also note that before exchanging contracts, you may be gazumped by another buyer who’s waving a bigger, better deal under the seller’s nose. To protect yourself, try to make sure you have all of your finances sorted and have your conveyancer or solicitor ready.

Settling in

At last, your legal representative has done all the legwork, and you’re ready for settlement. Usually this settlement period takes from four to six weeks (beginning from the day you sign the contract), though it can differ depending on what the clause on your contract says. Your solicitor or conveyancer will organise the settlement date, so you’ll need to have all of your funds ready well before then to make sure you don’t exceed the settlement date and potentially incur extra fees.

On settlement day, you and the seller’s legal representatives will meet and finalise the sale. At this stage, you’ll pay any outstanding money to the seller and nab the title deeds; most importantly, you’ll finally be able to call this property your new home.