Buying a property
Buying a property can be one of the most difficult and stressful processes. There are many steps involved when purchasing a property, especially legal aspects, which can be overwhelming if you don’t know where to start and what questions to ask.
Below are some simple steps that would be involved in purchasing a property and we’ll show you where our conveyancing team would be of most assistance.
Deciding on purchasing a property
If you’ve come across a particular property that you’re interested in purchasing, then this is the perfect stage to consult with our team of conveyancers. There aren’t many people who realise that this is the best time to get in touch with a conveyancer prior to drafting any Contracts of Sale.
Assessing the Contract of Sale
If there is a particular property you’re interested in, whether it be for sale or at auction, you should always ask for the Contract of Sale from the real estate agent. It can be difficult to ask for amendments in a contract post signing, so be sure to obtain this before making any commitments. Our team of conveyancers will come in and thoroughly review the Contract of Sale for you, ensuring there are no issues on the buyer’s end. We will go back to the vendor solicitor on your behalf to discuss any amendments to be made and ensure everything is in order.
Make an offer
Once you’re happy with the contract, you would make an offer on the property. You may enter into negotiations with the vendor during this stage of the process.
Exchange of contracts
If the vendor has accepted your offer, then final contracts are exchanged. The contract will include all information from the property price, settlement date, tangible inclusions, zoning restrictions, caveats, easements, sewer and drainage diagram and any special considerations.
Cooling-off period
After exchange of contracts, there will be a cooling off period, usually up to 5 days. You can use this time to do final checks of the property and ensure everything is in order. If for whatever reason the vendor asks for a 66W certificate, note that this means you waive your right to a cooling-off period. Once your conveyancer or solicitor signs the 66W certificate, you are locked into the purchase.
Unfortunately, cooling off periods do not apply to auction sales.
Transfer of NSW property
Transfer of NSW property is the process of ensuring the new title of land has been transferred from the seller to the buyer. This step also includes the payment of stamp duty. Our conveyancing team will arrange for transfer documents to be stamped before settlement and look after the legal complexities. Read more on Transfer of NSW property here.
Settlement
At settlement, the purchaser will pay the balance of the property to the vendor.