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Step 1
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Choosing your apartment.
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Your sales consultant will help you decide on the best location, size, style and design to suit your dreams – and budget.
HINT: Talk finance up front. Find out what you can afford and stick with it.
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Step 2
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The deposit.
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A $1,000 deposit is required to take the Apartment off the market. Next, you’ll complete a Purchase Application Form for AVJennings to draw up the Contract of Sale. You then pay the balance of the deposit (10% of total purchase price including GST) to your solicitor/conveyancer on exchange of contracts a few weeks later.
HINT: If you need legal representation call The Law Society of NSW or The Australian Institute of Conveyancing, NSW Division.
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Step 3
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Conveyancing.
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One of the first things to do is appoint a solicitor or conveyancing agent and advise your sales consultant. The solicitor/conveyancer will liaise with AVJennings solicitor and arrange for the transfer of property ownership and all necessary information required by your lending institution
HINT: Ask your legal representative to provide a conveyancing quote and what that includes.
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Step 4
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Financing.
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Its time to talk to your lending institution about money. Find out how your Stamp Duty can be included in your loan. Ask too about the First Home Owner’s Grant. If you are eligible, this joint initiative by the Federal and NSW Governments will provide you with a non-means tested gift of $21,000. Conditions do apply and you can check these at www.osr.nsw.gov.au
HINT: To estimate your Stamp Duty, visit the website above. First home buyers are exempt from Stamp Duty on property purchase.
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Step 5
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The contract.
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Make an appointment with your solicitor/conveyancer to discuss the contract. Take into account that it may take up to 5-7 working days for your solicitor/conveyancer to receive the contract. Make an appointment for a time after that.
Your solicitor/conveyancer will explain the contract to you.
Within 14 days of the contract being issued, you should exchange contracts. This involves signing the contract and paying the balance of the 10% deposit. Give the payment to your solicitor/conveyancer, who will forward it to the solicitor acting for AVJennings with the signed contract.
First Home Buyers who want to receive the $21,000 Grant should ensure they exchange by 30 June 2009.
HINT: Once you have exchanged contracts, there is no going back. So ask lots of questions and be very sure.
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Step 6
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After the exchange.
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Excitement is building. Depending on the apartment you choose, AVJennings may have a number of colour schemes available for you to choose. The sales consultant will be able to show you the colour schemes that are available.
Once you have exchanged and the property is close to completion, it is at this time that a customer service representative will call to arrange an inspection of your apartment prior to settlement. Remember, due to work safety regulations, access to your apartment can only occur when accompanied by an AVJennings representative.
HINT: At least 5 days before you move in, advise gas, electricity, telephone services and home contents insurance company of your occupancy date.
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Step 7
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Settlement.
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When building is completed and the plan of the subdivision is registered and approved by the Land Titles Office, its time to settle. The balance of payment is due on settlement, generally up to 4 weeks or 14 days after your solicitor/conveyancer has been issued with the subdivision registration and occupation certificate, which ever is later. Your solicitor/conveyancer will contact your lender to confirm settlement details and arrange transfer of funds.
HINT: Call the removalist, chill the champagne.
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Step 8
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Home.
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Once settlement has been finalized, your customer service representative will confirm a time for you to collect your keys from an AVJennings office.
HINT: Put out the welcome mat – welcome to your neighbourhood.
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