Purchasing Process

Purchasing Process


Step 1: Reservation Agreement

Complete and sign the Reservation Agreement. This document provides particulars of the terms and conditions upon which the nominated apartment will be reserved.

Please deposit $1000 into the Prime Property Trust Account. If you do not proceed with the purchase, your deposit is refunded in full.

On receipt of the signed Reservation Agreement and deposit paid, a draft set of the contracts will be sent to you. It is our practice not to send out a set of contracts to your solicitor until you are happy with the commercial terms, and you agree with the deposit and finance step in the process.

Step 2: Organise Finance

We can refer you to our mortgage brokers or banks we work with. Alternatively, we can work with your Bank or Mortgage Broker.

It is imperative that NO client moves forward with a property purchase unless it clear on how finance is organised.

Step 3: Organise Solicitors

You will need to engage a solicitor to settle the contract for the purchase of the Apartment and coordinate the conveyance of legal title of the property to the purchaser.  Your solicitor is your choice. Prime Property Investment however has a policy to brief our panel of solicitors and ensures that our panel will assist you and not overcharge you for their services.

Step 4: Final Property Inspection

We encourage prospective purchasers to inspect the apartment prior to entering into a contract to purchase. We also recommend at least a final inspection be undertaken of the Apartment by the purchaser prior to settlement.

Step 5: Payment of the Deposit

We will work with you to ascertain the most appropriate method (Cash, Deposit Bond, or a Bank Guarantee).

Step 6: Formation of a Contract

We allow 10 working days from the date of the contract being received by your solicitor for you to sign the contract and have your solicitor acknowledge that the contract is now signed and they are awaiting finalisation of the deposit arrangements. If there is some difficulty with that period of 10 days, then the Vendor may on a written request extend this period.

We at Prime Property understand that it always takes time to get contracts organised – we ask therefore that you ask us any questions prior to having contracts issued. As part of our procedure – we will always issue you a draft set of the contracts to speed up the process.

Contracts can be exchanged with an initial $1,000.00 cash deposit with the balance of the 10% deposit being paid within 28 working days from exchange.

Two sets of the contract will be sent to your solicitor. You should contact your solicitor to go over the contracts and sign both sets of contracts. Once signed the contracts will be sent to the Vendors’ Solicitor – signed by the Vendor and a signed copy returned and retained by your solicitor awaiting settlement.

It is important for you to check with your solicitor to ensure that your deposit is properly invested in an interest-bearing account. The stakeholder for your deposit will always be the Vendors’ solicitor.

Step 7: Settlement

At the settlement of the property, we ensure that all parties work on the settlement of the purchase without delay or complication. You will need to enter the PRM lease prior to settlement.