Purchasing Process

Purchasing Process

Step 1: Reservation Agreement
Complete and sign the Reservation Agreement and complete the relevant details. This document provides particulars of the terms and conditions upon which the nominated apartment will be reserved.

Deposit $1000 into the Prime Property Trust Account
In the event that you do not proceed with the purchase of the reservation, your deposit is refunded in full.
On receipt of the signed reservation form and deposit paid a draft set of the contracts will be sent to you. It is our usual practice not to send out a set of contracts to your solicitor until you are happy with the commercial terms of the contract and that you are happy with the deposit/finance step in the process.

Step 2: Organise Finance

We can assist

For off the plan purchases – this step can be left to three months before settlement. However, it is imperative to us that NO client moves forward with a property purchase unless it very clear on how finance is to be organised. We would like you as part of this process to complete an application for Finance. One of our consultants will then work with you and provide a financial strategy to assist you to understand this investment. Alternatively we are very happy to work with your Bank or Broker.

For Completed Property Purchases –
You will need to decide on which Bank to be used for financing your purchase:-Through Australian Finance Group. We have access to over 40 lenders, including – NAB, St. George, Westpac or CBA. Each of these financiers offers discounted products.

If you would like us to arrange finance on your behalf, we will need you to complete the Application for Finance Form. We will prepare a Finance and Acquisition Strategy Letter and attach the recommended Bank Application details.

Step 3: Organise Solicitors

We can assist

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 attempt to ensure that our panel will assist you and not overcharge you for their services.

Step 4: Final Property Inspection
We encourage prospective purchasers to inspect property sites prior to entering into the 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
A reasonable time, 10 working days is allowed 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 to enter into the contract, then the Vendor may on a written request to extend the period. We at Prime understand that it always takes time to get contracts organised – we ask therefore that you square away any commercial questions with your consultant 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 on an initial $1,000.00 cash deposit with the balance of the 10% deposit 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 of your 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  settlement  of  the  property,  we  ensure that  all  parties  are  on  track  to  settle  the purchase without delay or complication. You will need to enter into the PRM lease prior to settlement.