Having your offer accepted is an exciting milestone when buying a property. But while it might feel like the biggest hurdle is behind you, there are still a few important steps to work through before the property officially becomes yours.

Exactly what happens next will depend on the conditions and timeframes included in your contract, but here’s a general guide to what you can expect.

The contract guides what happens next

Once the offer and acceptance has been signed by both the buyer and seller, the terms of the contract set out what needs to happen before settlement.

This includes important dates, the agreed settlement period and any conditions that need to be satisfied.

It’s worth becoming familiar with these dates early, as some conditions may need to be completed within specific timeframes.

Any conditions need to be satisfied

Your offer may have been made subject to certain conditions.

Common examples include finance approval, building or pest inspections, or other conditions agreed between you and the seller.

Each condition will have its own requirements and, potentially, a deadline. Your real estate agent can help you understand the property-related steps, while your settlement agent, finance broker or lender can guide you through their respective parts of the process.

Your finance moves forward

If your offer is subject to finance, your lender or finance broker will now work towards formal approval.

Depending on your lender, this may include a valuation of the property and providing any additional documentation required to finalise your loan.

Keeping in contact with your broker or lender during this stage can help ensure you know what is required and when.

Your settlement agent gets involved

Your settlement agent or conveyancer manages the legal and financial process involved in transferring ownership of the property.

They will prepare and review the necessary documentation, liaise with the relevant parties and help coordinate everything required for settlement.

If you haven’t already appointed a settlement agent, this is something you’ll need to arrange.

Complete any required inspections

If your contract includes building, pest or other inspections, these will need to be arranged within the timeframe specified in your contract.

The outcome of an inspection does not automatically mean a buyer can withdraw from a contract. What happens next will depend on the wording and conditions of your particular agreement, so seek appropriate advice if an issue arises.

Preparing for settlement

Once the conditions of the contract have been satisfied, the focus moves towards settlement.

Behind the scenes, your lender and settlement agent will be working through the financial and legal requirements necessary to transfer the property into your name.

Your settlement agent will keep you informed about anything they need from you along the way.

Your final inspection

Before settlement, buyers will have an opportunity to conduct a final inspection of the property.

This is your chance to check that the property is in the condition required under the contract and that any agreed items remain at the property.

If you notice something you’re concerned about, raise it with the selling agent or your settlement agent as soon as possible.

Settlement and the keys

Settlement is when the transfer of ownership is completed.

Once settlement has been confirmed, arrangements can be made for you to receive the keys and officially take possession of your new property.

Keep track of the people, conditions and dates

There can be quite a few moving parts between having your offer accepted and collecting the keys.

The important thing is to understand the conditions of your particular contract, keep track of important dates and stay in communication with the professionals helping you through the process.

Your real estate agent, settlement agent and lender or broker each have different roles to play, and together they can help you understand what needs to happen next.

Understanding the Buying Process

This article is part of our Understanding the Buying Process series, created to make each stage of buying a home a little easier to understand.

Next: How Long Does Settlement Usually Take?

If you’re considering buying a home in the Perth Hills and have questions about the process, the Provincial Real Estate team is always happy to help.

📲 (08) 9293 2200

💻 https://www.provincialrealestate.com.au/

👉 https://www.instagram.com/provincialrealestate

We’re ready to empower you to enjoy the journey. 🍃

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If selling is on your radar, whether soon or sometime down the track, we’re always happy to have a conversation.

A property appraisal can give you a clear understanding of where your home sits in the current market, along with practical guidance on how to prepare in a way that suits your timeline.

Pop through and book a no-obligation market appraisal with one of our valued team members to see where you stand today.