The buying process in South Australia

Three things set the South Australian sequence apart. The cooling-off clock starts when the Form 1 vendor's statement is served, not simply when the contract is signed. The deposit at signing is a token sum capped by law, with the balance paid only after cooling-off ends. And both sides are represented by a conveyancer at settlement, drawn from the same Consumer and Business Services register that licenses the agents.

The steps in order

1. Settle the budget and get pre-approval. The stamp duty page covers the duty and fees; the borrowing calculator shows what a lender may offer.
2. Check the agent on the CBS register. Land agents and sales representatives must be licensed; the register is described below.
3. Engage a conveyancer or lawyer before making an offer, and check them on the same register. They read the contract and the Form 1 inside two clear business days, so they must be in place first.
4. Inspect, and build the range from the sales. Recorded comparable sales support a fair-value range; the price guide is a floor. Arrange a building and pest inspection.
5. Make the offer. The agent may ask for a holding deposit of up to $100, returned if the offer is not accepted. Ask when the Form 1 will be served.
6. Sign the contract. The deposit on signing is capped at $100. The cooling-off period runs to the end of the second clear business day after the Form 1 is served or the contract is signed, whichever is later.
7. Use the cooling-off period. The conveyancer reads the Form 1: title, mortgages, easements, zoning and outgoings. To withdraw, give written notice to the vendor or agent; any deposit over $100 is refunded.
8. Pay the balance of the deposit once cooling-off expires; it is held in trust until settlement. Finance and inspection conditions run to the dates in the contract.
9. Settle. Usually 30 days after the contract, and up to about three months by agreement. The conveyancer settles electronically, duty and registration fees are paid, and the keys change hands.
10. Meet the move-in rules. First-home duty relief for an eligible buyer needs six continuous months in the home, starting within 12 months of settlement. The First Home Owner Grant needs six months too, and its application closes 12 months after settlement or completion.

Who does the legal work

conveyancing in South Australia is done by registered conveyancers or by lawyers; both are registered practitioners under the national electronic conveyancing framework the state joined in 2016. At settlement both purchaser and vendor are represented by a conveyancer, who prepares the transfer documents.

This research did not cover professional indemnity insurance for conveyancers; ask the practitioner what cover they hold. Give them the contract and the Form 1 before signing. They also need identity documents for the electronic workspace, the lender's details and the settlement date as soon as each is known.

Checking the agent

The CBS online licensing register, Find a licence holder, lists licensed land agents, sales representatives, conveyancers and property managers, alongside builders and other trades. To search it you need the licence number, the surname or the trading name; SA.GOV.AU notes these should be on the business card, quote or website. A land agent and a sales representative are registered separately, so check both the agency and the person handling the sale.

If something goes wrong

Problems with an agent, or with the real estate services they provided, go to Consumer and Business Services: report a business online or call 131 882. CBS asks buyers to raise the problem with the business first, with the paperwork to hand. It explains fair-trading rights and offers free conciliation, generally only after reasonable attempts to resolve the dispute with the trader. It cannot force a trader to provide a remedy; if no agreement is reached, the next step is the court.

SA.GOV.AU also publishes a page on claims against a real estate agent or conveyancer and a sample complaint letter. A tribunal or legal services commissioner route was not returned in this research.

How long it takes

The usual time for settlement is 30 days, though it can run to about three months to allow for other events. SA.GOV.AU gives four to twelve weeks, negotiated between buyer and vendor; auction conditions are generally 30-day settlement. The two clear business days of cooling-off sit inside that period.

Settlement has been electronic since 2016: practitioners and lenders settle and lodge in a workspace run by an Electronic Lodgement Network Operator, which lodges with the Lands Titles Office. A few transactions, such as registering the death of a joint proprietor, stay on paper. What stretches the timetable is finance approval, a longer settlement negotiated by the vendor, or building completion on a new home.