Sealing the deal
Eventually, you and the vendor agree on the sale price and settlement terms and sign the contract. You’ll then receive a copy of the ‘Offer and Acceptance’ document. This details the sale conditions including the final price, settlement date and information about the settlement agent who will be taking care of all legal documentation.
Now it’s time to pay the deposit — usually 10% of the purchase price.
The balance of the property price, including stamp duty, is paid on settlement day. This is when you break open the champagne and get the keys to your new house.