What you should do after signing a contract

Contact you solicitor immediately, so that you are advised as to your rights and obligations, as well as all critical dates under the contract.

If you are buying a Property:

• If your contract is subject to a building, pest and/or pool safety inspection report, be sure to book a licensed professional to conduct a report as soon as possible and at least a few days prior to the due date, as most inspectors take a day or two to provide the written report after conducting the inspection.
• If your contract is subject to finance, be sure to contact and apply for finance from your financier (broker/ bank manager) pursuant to the terms of the contract.   For example, if your contract states you are to obtain finance from a bank, for $300,000 within 14 days, you must take steps all steps to obtain that specified finance. 
• The risk of the Property passes to you from the first business day after the contract is signed.   Therefore you should take out adequate house and contents insurance immediately.

If you are selling a Property:

• If your property is subject to a mortgage, you should get in contact with your financier and fill out a discharge of mortgage form (and provide a copy to your solicitor), to ensure that you are able to hand over clear title on the settlement date.
• If the contract is not subject to a tenancy agreement, or a rent back provision, you must hand over vacant possession at the time settlement is booked in for.   This means you and all of your goods and possessions must be out of property prior to settlement.   If you fail to vacate the property by the time set down for settlement, the Buyer may be entitled to terminate the contract of sale.