The buying process in the Northern Territory

Two things shape the sequence in the Northern Territory. The legal work can be done by a licensed conveyancing agent or a solicitor, and the agents are on a public register that takes a minute to search. And a private treaty contract carries a four-business-day cooling-off, while an auction contract has none. Settlement usually follows 30 to 90 days after the contract.

The steps in order

1. Finance first. Get a pre-approval and a borrowing figure, with the grants and the duty in view.
2. Check the licences. Search the agent, the agency and the conveyancing agent on the Licensing NT Public Register before dealing with them.
3. Engage a licensed conveyancing agent or a solicitor before making an offer, so the contract reaches them before signing.
4. Search and inspect. Read the listing against recorded sales, then arrange a building and pest inspection; at auction that happens before the day.
5. Make the offer in writing, with a lapse date. If the agent asks for an offer deposit, it is returned if the seller does not accept.
6. Sign the contract only after the conveyancer has read it. The cooling-off period is four business days from the last signature and exchange, unless waived or altered by agreement; at auction there is none.
7. Pay the deposit into the trust account of the licensed agent, conveyancing agent or lawyer named in the contract.
8. Satisfy the conditions written in, finance and inspections among them. After the cooling-off ends, an unconditional contract binds the buyer.
9. Settle. The conveyancer arranges the transfer and the duty and the Land Titles Office registers it; keys on settlement day.
10. Move in on time. A HomeGrown grant needs 12 months' residence after possession; the house and land exemption needs a move-in within 12 months and a six-month stay.

Who does the legal work

The Territory's page says the buyer can use a licensed conveyancing agent or a solicitor, or do the conveyancing themselves. Conveyancers can complete the legal work needed for the sale and transfer of real estate; solicitors can do all conveyancing work and can also act on other legal questions. Conveyancing agents are licensed under the Agents Licensing Act 1979, the same Act as real estate agents. The research behind this page did not cover the solicitors' register, so ask the solicitor which register they appear on.

Professional indemnity was not retrieved, so ask the practitioner what cover they hold. Give them the contract and every attachment before signing, then the finance approval, the inspection reports and identification for the lodgement as they arrive.

Checking the agent

A licence is needed to be a real estate, business or conveyancing agent, an agent's representative, or an auctioneer. All licensees are managed by the NT Agents Licensing Board, established under Part 11 of the Agents Licensing Act 1979. The Public Register on Licensing NT shows whether an individual, company or firm is licensed. That it covers conveyancing agents specifically is inferred from the licensing page, not stated. Licensing queries are handled by the Deputy Registrar.

If something goes wrong

Complaints about an agent or an agent's representative go to the Agents Licensing Board, an independent statutory authority that licenses agents and handles discipline. Before applying, try to resolve the matter with the agent or someone senior in the agency. An application for disciplinary action has to be in writing. It can cover any breach of the Agents Licensing Act: failure to perform duties, to carry out lawful instructions, or to exercise due skill, care and diligence.

The process is disciplinary, for serious acts or inactions rather than trivial matters. It is not a dispute resolution mechanism and cannot award compensation; for that, the Board's page points to the Northern Territory Civil and Administrative Tribunal (NTCAT). Applications are handled by Occupational Licensing and Associations on behalf of the Board. General consumer complaints go to NT Consumer Affairs. Complaints about a solicitor were not covered by the research behind this page.

How long it takes

The settlement period is usually between 30 and 90 days. The seller generally sets the date in the contract, and the buyer can negotiate a different one before signing. After the contract is signed and exchanged, the cooling-off adds four business days on a private-treaty sale. What stretches settlement: finance not approved in time, a title or search problem, or an off-the-plan completion. Electronic lodgement through an approved electronic lodgement network is live for mortgages and discharges; whether the transfer itself settles online was not confirmed, so ask the conveyancer which parts happen electronically.