The First Three Things You Should Do After Signing A Contract

21 February 2024

Kyleigh Barnes | Rees R & Sydney Jones

Kyleigh Barnes

Solicitor, Conveyancing

The process of buying a property can be somewhat of a mystery. Our Conveyancing team can help.

For many first-time property buyers, the process of buying a property is somewhat of a mystery. It isn’t until you’ve signed on the dotted line that you learn the exact details of the process.

If you’re not diligent in taking care of the details as soon as you sign a contract, you could find yourself in some messy situations. Here are the first three things you should do as soon as you sign a contract to purchase a property.

1.     Pay your deposit

In most cases, the initial deposit is due when you sign the contract to buy the property. It is important you pay the deposit by the date stated in the contract, or you will be in default, and the contract may be terminated. If there is a real estate agent managing the sale, the deposit is usually payable to their trust account. Remember to always telephone the agent to confirm bank account details before transferring any funds.

2.     Get insurance

Did you know the buyer is responsible for insurance on their new property? From 5.00pm on the first business day after you sign the contract, any property damage that occurs between the first business day after the Contract is dated and the settlement date may be your responsibility. Don’t tempt fate – make sure you have appropriate insurance in place as soon as you are under contract.

3.     Get a conveyancer

The ins-and-outs of purchasing a property are complex, and mistakes can be costly. A conveyancer can guide you through the process and help you to avoid pitfalls, ensuring your purchase goes as smoothly as possible.

If you need support in the purchase of a property, our dedicated Conveyancing team are ready to help you through the process. Get in touch with us today.

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