A complete guide to purchasing a property interstate
Whether you’re diving in for the first time or, you’re adding to a fruitful portfolio, the prospect of purchasing a property can be both exhilarating and daunting. With so many factors to carefully consider, navigating a foreign road-map to investing can present an overwhelming, yet life-memorable moment.
This year, we’ve seen a complete upheaval of the property landscape as our nation battles the effects of a global pandemic reaching our shores. We’ve witnessed a huge adaptation across most industries, with many transitions presenting positive disruption and shifting our view from a previously known ‘normal’. Across the nation, an evident ability to maintain or increase productivity where possible, has been widely noted across many corporate fields, resulting in a continued opportunity for remote working environments to remain part of our ‘COVID normal’ landscape.
With this in mind, many families and individuals have embraced the remote connectivity, and are confidently exploring the potential of transitioning their lifestyle interstate, knowing their job security remains.
We’ve put together a brief guide to purchasing property interstate, to help navigate the differences within the real estate industry, across all states and territories, in an effort to demystify the process and provide much needed clarity.
Northern Territory
Settlement period: Typically, 35 days
Finance period: 14 – 21 days
Building and pest period: 10 days (also undertaken within this period: Sacred Site search, Body Corporation record inspections)
Cooling-off period: Agent contract exchange – 4 working days. Conveyancer contract exchange – No cooling off
Section 32: No, buyer beware.
Negotiation process: Typically, verbal or written with contract created upon agreement between vendor and buyer
Queensland
Settlement period: Typically, 30, 60 days
Finance period: 14 – 21 days
Building and pest period: 7 – 14 days
Cooling-off period: 5 business days
Section 32: No, buyer beware
Negotiation process: Contract negotiation, bound upon real estate agents date and signature
New South Wales
Settlement period: Typically, 42 days
Finance period: Negotiable
Building and pest period: Generally recommended within cooling-off period
Cooling-off period: Agent contract exchange – 5 working days. Conveyancer can issue ‘66W’ to revoke cooling-off
Section 32: No, buyer beware
Negotiation process: Typically, verbal or written with contract created upon agreement between vendor and buyer
Victoria
Settlement period: Generally 30, 60 or 90 days
Finance period: 14 – 21 days
Building and pest period: 7 days
Cooling-off period: 3 business days
Section 32: Yes
Negotiation process: Typically verbal or written, with contract created upon agreement between vendor and buyer
South Australia
Settlement period: 45 days
Finance period: 21 days
Building and pest period: 7 days
Cooling-off period: 48 business hours
Section 32: Otherwise known as a ‘Form1’, not required until contract has been signed
Negotiation process: Typically, verbal or written with contract created upon agreement between vendor and buyer
Western Australia
Settlement period: 42 days
Finance period: 21 days
Building and pest period: 7 days
Cooling-off period: No cooling-off period
Section 32: No. Agent provides information to buyer at time of offer
Negotiation process: Typically, completed using draft contract and bound once vendor signs off
How we can help
The above guideline is intended as a brief and generalised guide to help purchasers begin to understand the differences between each State and Territory’s sale process, throughout Australia. When purchasing a property, direct discussions with the relevant real estate agent will provide a further detailed and specific understanding of exact processes required.
If you’re contemplating a sea-change, a tree change, or even a complete upheaval of your current lifestyle and you’re considering an interstate transition, our nation-wide team can certainly help to clarify confusion and guide you through the process.
With Eview Group Proud Member agencies across all major cities, you’ll be in safe hands as you manoeuvre your next move. Click here to view the entire list of Eview Group Proud Member agencies; our friendly and well-versed agents will help combat any hurdles you may encounter.
