The Complete Buying Property Checklist
A practical checklist covering every stage of buying property in Victoria, from pre-approval and inspections to contract signing and settlement day.
Your Roadmap to Buying Property in Victoria
Buying a property is one of the largest financial commitments you will make. With so many moving parts — from finance and inspections to contracts and settlement — it is easy to overlook something important. This checklist walks you through every stage of the buying process in Victoria, so nothing falls through the cracks.
Use this as a practical reference alongside the guidance of your conveyancer, mortgage broker, and other advisers.
Before You Start
Preparation is the foundation of a successful property purchase.
Taking the time to get your finances sorted and your team in place before you start looking will save you stress and put you in a stronger position when you find the right property.
- Get pre-approval from your lender so you know your borrowing capacity
- Set a realistic budget that includes stamp duty, conveyancing fees, building inspections, and moving costs
- Research the areas you want to live in — consider commute times, schools, amenities, and future development
- Engage a conveyancer early so they are ready to review contracts when you find a property
- Understand the difference between buying at auction and by private sale
- Check your eligibility for the First Home Owner Grant or stamp duty concessions if applicable
Property Search and Inspections
Due diligence during the search phase can save you from costly surprises after signing. Never sign a contract or bid at auction without having the documents professionally reviewed first.
- Attend open inspections and take notes on each property
- Research recent comparable sales in the area to understand market values
- Arrange a building and pest inspection for any property you are serious about
- Request the contract of sale and Section 32 vendor statement from the agent
- Have your conveyancer review the Section 32 and contract before you commit
- Check the planning zone and any overlays that may restrict future use or development
- If buying an apartment, review the owners corporation financials and rules
Making an Offer or Bidding at Auction
Whether you are making a private offer or bidding at auction, understanding the contract terms before you commit is critical. Your conveyancer can advise on the implications of every clause and help you negotiate conditions that protect your interests.
- If buying by private sale, submit your offer in writing through the agent
- Negotiate conditions such as subject to finance, subject to building inspection, or a longer settlement period
- If buying at auction, ensure the contract and Section 32 have been reviewed beforehand — there is no cooling-off period
- Set a firm maximum price before auction day and stick to it
- Understand that a 10% deposit is typically required upon signing the contract
- Ask your conveyancer to explain any special conditions before you agree to them
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Request a ReviewAfter Signing the Contract
The period after signing is when the real work begins behind the scenes. Your conveyancer and lender will be working in parallel to ensure everything is in order for settlement. Stay responsive and keep communication lines open.
- Note the cooling-off period end date (3 clear business days for private sales — no cooling off for auction)
- Formally apply for finance with your lender if you have not already
- Arrange building insurance immediately — you have an insurable interest from the date of signing
- Provide your conveyancer with a copy of the signed contract and deposit receipt
- Your conveyancer will conduct title searches, council and water certificate checks, and other due diligence
- Respond promptly to any requests from your lender for additional documents
- Monitor the finance condition deadline and communicate with your broker
Approaching Settlement
The pre-settlement inspection is your last opportunity to verify the property before ownership transfers. Do not skip it. If you identify any problems, your conveyancer can negotiate a resolution with the vendor before settlement proceeds.
- Conduct your final inspection of the property 7 to 10 days before settlement
- Confirm that all fixtures, fittings, and inclusions listed in the contract are present
- Check that the property is in the same condition as when you signed the contract
- Notify your conveyancer of any issues found during the inspection
- Confirm your settlement date with your conveyancer and lender
- Ensure your lender has everything they need to settle on time
- Arrange for utilities to be connected from the settlement date
After Settlement
Settlement is complete — the property is yours. While the excitement of getting the keys is well deserved, there are a few important administrative steps to take care of in the first week.
Your conveyancer handles the legal notifications, but updating your personal records and arranging services is up to you.
- Collect your keys from the estate agent once your conveyancer confirms settlement is complete
- Set up your utilities — electricity, gas, water, internet, and phone
- Update your address with relevant institutions: banks, insurance, Medicare, electoral roll, vehicle registration
- Review your home and contents insurance to ensure adequate coverage
- Keep copies of all settlement documents provided by your conveyancer
- Your conveyancer will notify council and water authorities of the ownership change on your behalf
- If applicable, submit your First Home Owner Grant application through your lender
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