SETTLEMENT

When you have signed the copy of the Contract for Sale, the agent will deliver this to the vendor and will deliver to you the original Contract which has been signed by the vendor. This process - known as exchange - results in each party holding a Contract signed by the other party.

Following the signing, both parties become legally obliged to proceed with the purchase of the property, subject to your cooling-off rights.

There is normally a period of between 60 -120 days between the date the Contract of Sale is signed and the date of settlement of the sale. This is to allow time for the vendor's exit from the property and for the legal processes to be completed.

At settlement, purchasers are required to pay the balance of the purchase price. Mortgage financing usually takes four to six weeks and you will need to ensure this is finalised prior to purchase.

It is advisable to consult and engage a solicitor when purchasing property.