Who organises the valuation?

Just signed a contract to buy a property in QLD. The seller has signed it too. I have emailed a copy of the executed REIQ contract to my banker and another copy to my conveyancer. Both are gone for the day though.

I wonder if the lender organises the valuation process? (i.e. contact the seller's agent to book a valuation date/time etc.?)

In essence, I'd like to know if there is anything I should be doing regarding the valuation? Or will the whole valuation process organised by the lending bank?

Sorry if it's a stupid question, it's my first property purchase!
David

 

The bank or the broker

 

Incoming bank arranges the valuation, as they want to be satisfied the purchase price is within market.
Don't fret, unless you paid ridiculously high the valuation will be fine.

 

Either your bank or your broker should order this once you've signed the contract both should educate you on what the process is.

 

Ideally you want the valuation ordered prior to submitting your application for finance, but if you're going direct to bank then they will likely order it after you've applied, typically at the conditional approval stage

 

Bank does it if a broker isn't involved.