I bought a house with a shop front which is zoned as "low residential LDRZ" in Upwey, VIC. This property is now used as the primary residence at the moment. 1. inspect the property and request for section 32. 2. once feel certain that I like to live in this property and the location/area and it fits my budget (spared some for renovation), i paid $275 to conveyancing lawyer for pre-purchase advice. 3. made decision to buy or not to buy on the lawyer's advice and etc. 4. I prepared the contract myself using the pre-purchase advice from the lawyer. Never let vendor, vendor's solicitor and or the agent(s) dictate this. Free download the standard form of contract from REIV? I added special conditions to the contract: Special condition 1. This contract is subject to the purchaser's satisfaction on building and pest inspection reports .... Special condition 2. This contract is subject to finance aporoval .... 5. made an offer in writing Hi vendor's agent, I (my name) of my rental address would like to offer $ (total purchase price) for the address of the property to b purchased under the following conditions: 1. this offer is valid until 7 pm 14 Apr 2015; 2. the deposit is 10% of the purchase price of the property and must be paid by funds transfer/ direct deposit on the date of the contract exchange. The balance is paid on settlement date; and 3. This offer is subject to building, pest, electrical and plumbing inspections (Please see more info on the signed contract attached herewith). Here's my best offer for payment plan: Total Payment or Purchasing Price $ xxx excluding stamp duty Deposit $ xxx on the date of the contract exchange Balance $ xxx by 13/05/2015 The signed copies of the vendor’ section 32, due deligence and the sale contracts are attached herewith. Regards, 6. as soon as my offer was accepted by the vendor, i paid deposit and arranged the pest and building inspection. 7. coordinate with the inspectors and vendor's agent for the time and date. 8. be there at the property before the inspectors came. let them work and do not interfere but i hv to check if they do the check thoroughly and properly. Before ended, ask them for any concern and make note. 9. on the very same date, check the land dimensions. i didn't hire a surveyor. 10. made decision to buy or not to buy based on the inspection reports. what to fix? how much? fix it/them yourself? within my renovation budget? time? negotiate for discount from the vendor? 11. i paid around $800 for conveyancing lawyer. this amount was payable on settlement date. 13. once negotiation fit my requirements and budgets, let the vendor's agent know about my decision which i chose to proceed in this case. 14. before settlement date, i did calculate everything myself even if i used lawyer. Never trust anyone because it's my MY MONEY.... For ex: the settlement was on says 20 june 2015 and the total purchase price says was $492,000 i. i already paid 10% deposit which was $49200 into agent's trust which generates no interest. ii) I received says $1300 reduction from the vendor for me to accept all the inspection reports as satisfactory. iii) therefore the balance to be paid on settlement was $441500. iv) transfer fee $1342 payable to registrar of titles Stamp Duty Calculator for state tas on property price $63,035 - PropertyPriceHistory.Com v) stamp duty for 1st home buyer, primary place of residence and old house $10745 payable to SRO vic vi) the adjustment of rates and taxes outgoings rates & taxes wil be transfered. The vendor is responsible for these up to and including the date of settlement. (to be continued later) vii) as per the contract, the purchaser is responsible for fees up to 3 cheques. viii) To my surprise and i couldnt locate it anywhere on the contract, i have to pay around $110 for settlement room. this $110 was payable to the vendor. ix) i additionally paid to have a caveat lodging before settlement $ 75.35 + lawyer fee of $ 110. These amt to be paid on settlement.