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The Settlement Process
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Conveyancing
The Standard Settlement Process
Week 1
Purchaser and Vendor agree on Purchase Price
Contracts exchange with a 5 day cooling off period and purchaser puts down 0.25% deposit
During the cooling off period, purchaser undertakes pest , building or strata reports, and submits loans for final approval
By the 5th working day, purchaser must make final decision to proceed or withdraw. Balance of deposit is required to be put down if purchaser decides to proceed.
Weeks 2 - 5
Lender sends out loan documents which need to e signed by the Purchaser and returned along with any other requirements of lender
Week 6
Purchaser undertakes final inspection of property to make sure everything is in order.
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