The Buying Process
A focused learning module to guide you step-by-step on your home journey.
Buying a home involves several legal and financial steps. Understanding this timeline helps reduce stress.
1. The Timeline
Offer to Purchase (OTP)
A legally binding contract between buyer and seller detailing the sale terms. Once signed by both parties, you cannot simply change your mind without penalty.
Bond Approval
Securing the finance needed to pay for the property. You typically have a set number of days (e.g., 21 days) to get this approved.
Lodgement & Registration
Documents are lodged at the Deeds Office. After 7-10 days, the property is officially registered in your name.
2. Understanding Conveyancers (Attorneys)
Three different attorneys are typically involved in a property transaction:
Transfer Attorney
Appointed by the Seller, but paid by the Buyer. They handle the transfer of the property.
Bond Attorney
Appointed by the Bank, paid by the Buyer. They register the bond over the property.
Cancellation Attorney
Appointed by the Seller's Bank, paid by the Seller. They cancel the seller's existing bond.
Don't Forget Transfer Costs!
Remember that as a buyer, you are responsible for paying Transfer Duty, Transfer Fees, and Bond Registration Fees. Check out our Transfer Costs module for a detailed breakdown.
Toolkit
Interactive resources at your fingertips
Essential resources, templates, and checklists to help you on your home buying journey. Click View to explore each resource in detail.
Offer to Purchase (OTP) Template
TemplateSee what a typical Offer to Purchase document looks like
Buying Process Timeline Checklist
ChecklistTrack your progress through each step of the buying process
Conveyancer Checklist
ChecklistUnderstanding the three attorneys involved in your transaction