Buying a house in South Australia: a 7-step guide from offer to settlement
Buying a home in South Australia has a rhythm shaped by two things: the Form 1 vendor statement, which can arrive before or after you sign, and whether you buy privately or at auction. This guide walks through the whole purchase in seven steps, from working out what you can afford to getting the keys, and links to the detailed South Australian guides on cost, duty and cooling-off rather than repeating them.
Step 1: Work out your budget and total cost
Before inspecting, get a realistic picture of what a purchase costs beyond the price. The largest added cost for most buyers is stamp duty (South Australia's stamp duty): on a $700,000 established home the standard duty is $32,330, and South Australia has no lower rate for owner-occupiers the way some other states do. On top of duty, budget for your conveyancer's fee and disbursements, the Land Services SA fee, a building and pest inspection, and loan costs. The full breakdown at several prices is in the conveyancing cost South Australia guide.
If this is your first home, check your duty savings early: an eligible first home buyer pays no stamp duty at all, with no value cap, on a new home, an off-the-plan apartment or vacant land, and a new home can also attract a $15,000 grant. Buying an established home instead gets neither. See the first home buyer South Australia guide.
Step 2: Review the Form 1 and contract, whichever comes first
In South Australia the seller's Form 1 vendor statement (section 7) can legally be given to you before or after you sign the contract. It discloses the property's encumbrances, mortgages and charges, easements, zoning and planning code overlay information, and other prescribed matters. Whenever it arrives, have your conveyancer or lawyer review it as soon as possible, because it is also the document that starts your cooling-off clock if it comes after signing. The full sequence is in the South Australian conveyancing process guide, and every disclosure in the statement is explained in the Form 1 vendor statement guide.
Step 3: Make an offer or bid at auction
How you commit depends on how the property is sold:
- Private treaty: you make an offer through the agent and negotiate price and terms. A private treaty sale carries a cooling-off period.
- Auction: if you are the successful bidder you sign on the spot with no cooling-off period. The Form 1 must be on public display before the auction, so your contract review, finance and inspections must all be finished before you raise your hand.
Decide which path you are on early, because it changes how much has to be done before you commit.
Step 4: Sign the contract and pay the deposit
When terms are agreed, you sign the contract of sale and pay the deposit. In South Australia signing the contract is the point of commitment, subject to your cooling-off rights. Make sure your building insurance and finance are lined up, because from here the transaction moves toward settlement.
Step 5: Use your cooling-off period
On a private treaty sale you then have 2 clear business days to change your mind, but the clock's start date depends on step 2: if the Form 1 was served before you signed, it starts at signing; if the Form 1 comes after signing, it starts when the Form 1 is actually served. If you withdraw within the period, the vendor may keep up to $100 of any deposit, and the rest of any money paid is returned. There is no cooling-off period at auction. The mechanics and the full list of exceptions are in the cooling-off period South Australia guide.
Step 6: Prepare for settlement
Once the cooling-off period passes, your conveyancer works through the run-up to settlement:
- Assessing stamp duty and lodging any first home buyer relief.
- Confirming the Form 1 (if not already served) reaches you at least 10 clear days before settlement, as the law requires.
- Running a final title search to confirm nothing new is registered against the property.
- Coordinating your lender so loan funds are ready, and calculating rates adjustments.
- Booking the settlement date and time in the electronic settlement workspace.
Arrange a pre-settlement inspection in the days before settlement to confirm the property is in the condition it was in when you signed.
Step 7: Settlement day and the keys
Settlement is the day ownership passes to you. Most South Australian settlements complete electronically through the PEXA platform: the conveyancers transfer the price to the seller after discharging their mortgage, the stamp duty is paid, and the transfer of title is lodged with Land Services SA. When settlement confirms, the agent releases the keys. Afterwards, the title is updated to your name, your lender registers its mortgage if you borrowed, and you transfer utility and council accounts across.
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Conveyancing Explained provides general information about property transactions in Australia. It is not legal advice and does not create a client relationship. For advice on your situation, engage a licensed conveyancer, settlement agent, or property solicitor in your state or territory.