You should deposit 10% of the house price within 5 working days of acceptance of the purchase agreement. The 10% figure may be negotiable (5-10%) as well as the number of the working days. These purchase terms should be part of your Sales Agreement.

Make sure your cheque is paid into the Real Estate Agency TRUST FUND and make the cheque NOT NEGOTIABLE. Obtain a receipt. If it is a private sale, make your cheque out to the vendor's lawyer, again specifying TRUST FUND and NOT NEGOTIABLE. The Real Estate Agent will hold the deposit in a trust account that is protected by law.

When you make an offer to purchase a property, the contract will include a "Possession date" and "Settlement date". You must reach agreement with the seller on what is to be the "possession date" (the date by which the seller must have left the property and you, the buyer, can move in), and the "settlement date" (the date on which you will pay the remaining balance to the vendor and the documents enabling transfer of the property are exchanged). The settlement and possession dates are usually set for the same date.

In the time between paying your deposit and settlement day, your lawyer will:

• prepare your mortgage documents. The mortgage is a legal document that gives your lender security for the money that you owe them.
• prepare the Memorandum of Transfer - which transfers ownership to you
• check that the rates and other costs are paid and up to date
• check that you have arranged insurance for your new home from settlement date
• carry out a 'guaranteed search of title' from the Land Information Office. This protects you from anyone else having a claim over your property for 2 weeks before and 6 weeks after settlement date
• make arrangements with you and the bank for payment of your loan and your remaining share of the purchase price (excluding your deposit)

Your lawyer / solicitor will also require their account to be settled. Make sure that you have budgeted for this extra cost.

Final inspection:
You have the right to make a final inspection of the property prior to settlement to ensure it is in the same condition as when you first inspected it. This can be arranged through the Real Estate Agent.

A number of Lending Institutions now offer house insurance packages at discounted prices. Ask your insurance broker to price insurance cover for you as a comparison.

Before settlement date your lawyer / solicitor may want to see a copy of the insurance policy for their documentation.

The house insurance premium is calculated by a number of factors including the registered value of your home and floor area of your home. Insurance policies and costs vary between insurance companies. As a general rule of thumb, estimate the annual policy to cost between 0.1% and 0.15% of the value of the house.

Life Insurance:
In addition to house insurance you may also want to consider life insurance to cover your mortgage in the event that you die. This is especially important if you have a wife and children.

Life Insurance costs vary greatly depending upon whether you are female or male, smoker or non-smoker and your age. Sometimes your lending institution can offer life insurance through a third party at competitive rates.

Now is a good time to make sure you have an up to date will in the event of your early death. Talk to your lawyer about a will when signing the house settlement papers.

Among other things, a will is a document that records your instructions about what is to be done with your property after death. A will is particularly important if two, or more, people jointly own your house.

If you do not have a will, or if your will is not up-to-date, your lawyer can draft a new will for you at the same time as doing your house conveyancing (and there might be no charge).

By settlement day, your lawyer should have organised with the Real Estate Agency a time and place for them to hand over the keys to your new house. If the house has a security alarm you need to make sure the previous owner gives you the necessary arming and disarming codes.

Electricity, phone and water connections:
You will need to ensure that the electricity meter is read on the day of settlement. Talk to your electricity supply authority. Arrange a new account in you name. In addition, check that the telephone has been disconnected. You may want to set up a new phone account at this time. If you have a water meter, arrange with your local Council for it to be read. 

Electricity:
Find out where Electricity Mains box is located and locate the master on / off switch. Always use this switch to disable the electric power supply to your house.

Hot Water:
Check the thermostat settings on your hot water cylinder. The ideal temperature setting at the hot water cylinder is 60 C (or 140 F). Higher temperatures only increase your power bill and can scald children (it only takes one second at 70 C). You will find the thermostat under the protective lid on the side of or underneath the cylinder. It can usually be adjusted with a screwdriver. Many thermostats are not very accurate. Test that the water comes out of the tap within +/- 5 C (+/-12 F) of the temperature setting.

Consider wrapping the hot water cylinder in a thermal blanket. Hot water cylinders that are not A-grade cylinders (check if there is an 'A' sticker on the side of the cylinder) will benefit from extra insulation. The older the cylinder, the more it will benefit, as insulation levels have increased over the years. A cylinder wrap is easy to install yourself.

Security evaluation:
Do the past owners of your home still have keys to one or more doors? Call a local locksmith and change the locks. At the same time, consider other safety issues such as dead bolts, sliding door locks, window safety stays, window locks, and safety mesh screen doors

Alarm System:
Does the house have an alarm? Test it to see that it works. If it won't operate, call the installer as it may need a new battery. Note, that this eventuality should be covered in the "Offer subject to all electrical and plumbing fixtures being in sound working condition" clause on your Sale Agreement.