Settlement date?
If you are using funds from the sale of another property, make your offer to purchase settlement date to coincide with the settlement of your sale.  This means your purchase cannot settle until your sale settles.  This will save you having to take out a costly bridging loan.

Also if you have a set settlement date on your purchase you may incur penalty interest if your sale is overdue by more than 3 working days. Penalty Interest is calculated at 9% on the purchase price less deposit.

Changing banks, refinancing existing loans?
Before your current lender will prepare a Discharge of Mortgage they must receive a signed Request to Release Security 10 working days prior to settlement.  If the bank you are refinancing is not ready with the Discharge you may incur penalties for late settlement.

Do you want your offer to purchase to be subject to any of the following?

• Termite Clearance Report.
  Depending on the wording of the contract, should any live termites be found, the seller has to pay for the area to be treated.  Any damage found you have the right to ask the seller to repair or you may wish to withdraw from the contract.
• Good Working Order
  Its worth requesting that all gas, electrical, plumbing, reticulation, air conditioning, pool and equipment be in good working order. This gives you the opportunity to complete a final inspection of the property 7 days prior to settlement.  If any item needs repairing your can negotiate through the real estate agent for the repairs to be done before settlement or to be compensated to attend to yourself after settlement.  It’s worth obtaining quotes to back up your negotiations for any compensation.
• Building Report, depending on the wording of the contract, should the report highlight any structural concerns, you can negotiate for the seller to either complete repairs before settlement or compensate you.
• Vacant Possession, if the seller resides in the property they have until 12 O’clock the day after settlement to tidy up and move out.  If you want the seller to give you possession on the day of settlement you need to state in the contract that you want vacant possession.