The astute property purchaser always wants to ensure that they are as well informed as possible in relation to their responsibilities when purchasing a property.

Finding the right property and employing a Solicitor to conduct the legal necessities only encompasses some of your obligations as a Purchaser.

Many Purchasers are not aware that pursuant to the Contract there are other duties that must be performed to protect their interests.

Upon signing the Contract of Sale:-

• The Listing Agent will usually forward a copy of the Contract to your Solicitor on your behalf and in most cases your Solicitor will contact you to discuss the important points of the Contract.
• If the contract provides that a further deposit be paid, you need to ensure that you provide the deposit monies to the Listing Agent or Deposit Holder by the date stipulated on the Contract.
• If you are seeking finance to purchase the property, you should immediately contact your finance broker or bank and provide them with a copy of the contract.  They must be informed of the date on which the finance clause must be fulfilled and the date on which settlement is due to be effected. 
• It is imperative that you advise your Solicitor in relation to the outcome of your application for finance before 5pm on the finance date noted on the Contract.
• If the Contract is subject to a Building and Pest Inspection, then you must instruct a Building and Pest Inspector to conduct the Inspection on your behalf.  It is important to ensure that your chosen Building and Pest Inspector is able to provide a Report to you at least one day prior to the date for Inspections as noted on the Contract.  It is imperative that you advise your Solicitor of your satisfaction with the Report (or otherwise) prior to 5pm on the Inspection date.
• If you are buying a home as opposed to land, you should immediately obtain insurance over the house as is it considered to be at your risk from the day after you sign the Contract.
• You should arrange with the Agent to conduct a final inspection on the property.  This can usually be done the day before settlement is to occur which provides you with time to advise your Solicitors in relation to any problems.
• You should be aware that should you cause a delay and thereby fail to comply with any requirements under the Contract you may be liable for default interest.