If you have gone through the process of agreeing to purchase a property through a real estate agent or apartment developer, it is time to follow these eight steps:

1. Ask for a contract and review it yourself or ask your conveyancer to review it."
   
2. If you are satisfied with the contract and there is a "cooling off period", you can sign the contract and pay a small holding deposit to solidify the sale while you source the funds. The cooling off clause allows you to break the contract if your circumstances change or you are unable to source the funds during the cooling off period. However, you may forfeit the holding deposit if you break the contract.
   
3. If the contract does not contain a cooling off clause, only sign it when you have secured the funds.
   
4. Ensure that your contract contains a "subject to FIRB approval" clause, which protects you if the FIRB rejects your application.
   
5. If you require a mortgage, forward a copy of the contract to your bank and obtain formal mortgage approval. If you are paying with a mortgage, your deposit will generally be 10 per cent of the purchase price.
   
6. When you have secured the necessary funds, exchange contracts with the seller.
   
7. With the contracts exchanged and the deposit (or full amount paid), it is time to seek FIRB approval. The process is usually completed within two weeks. Your "subject to FIRB approval" clause should allow 30 days for this process.
   
8. Once approval is granted, the sale is ready to be settled. This process involves the exchange of funds and title - and, finally, the keys.

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