Complete conveyancing solutions for buying, selling property in Sydney & across NSW.

Pre-purchase contract review, feedback & amendments

BUYING PROPERTY

 

Have you found a property that ticks all boxes & are you ready to put in an offer?

Buying a property conveyancing

Once you have located and decided to purchase your property within your financial & other considerations, we will usually follow the following steps:

  • a thorough examination of the terms and conditions of the draft contract which is important & essential. 
  • providing contract review feedback to them, answering their questions/concerns, seeking further information regarding the property & seeking amendments to the contract as required
  • assist our clients in carrying due diligence including any property inspections as per our clients discretion to establish if an encumbrances are applicable.
  • assist in signing and exchange of contracts.
  • carry out required searches, liaise with your bank to book & attend settlement on your behalf
  • work closely with our clients to get these initial steps done in a timely and prompt fashion especially in a scenario where they are attending an auction or purchasing a property in a pre-auction offer.

As the purchaser you should not sign the contract and pay deposit up until the contract has been thoroughly reviewed, all requirement amendments are negotiated, you receive feedback/consultation from a Licensed Conveyancer and all your questions/concerns have been answered.

It is also important that you have a pre-approval from your bank before you enter the contract if a cooling off period applies. If you intend to purchase the property in a scenario where cooling off period does not apply such as at auction or via a pre auction offer then you must discuss this with your your banker or broker before hand.

We provide a complete solution to our clients purchasing property from reviewing contract(s), providing feedback, negotiating amendments to the contract all the way to attending settlement and beyond. At Sydney Conveyancing your satisfaction is the measure of success.

Are you attending an auction or considering purchasing a property at auction?

We strongly suggest that you get thorough professional advice prior to attending auction. One of the important aspects of sale of property by auction is that there will be no cooling off period i.e. if you are the successful bidder, the contract will become binding upon you as soon as you sign it. In that case, please speak to the auctioning agent to arrange how you would pay the deposit if you were the successful bidder and how much deposit they expect you to pay – the standard is 10%, but  can be negotiated and will usually require written confirmation from Vendor’s Solicitor/Conveyancer. We strongly recommend that you satisfy yourself in respect of all these matters prior to signing the contract or at least before the cooling off period expires (if applicable):

  1. to secure written, unconditional finance approval
  2. to negotiate the terms & conditions of the proposed Contract of Sale
  3. to request the Vendor to provide additional information or documents
  4. to obtain building, pest and/or strata records inspection reports (as applicable)
  5. to personally make any further inquiries, for example at Council, with neighbors, other real estate agents, a builder, architect or other professional, or
  6. to simply decide whether you wish to buy this property or rather keep looking for another one or none.
  7. to take photos of the entire property to be able to provide sufficient evidence in the event that any pre-settlement claim for damages arises. We strongly recommend this and suggest that you do this prior to signing the contract is possible.

Prior legal advice from Sydney Covneyancing could help you in understanding, negotiating the terms & conditions of the contact and cover avoidable risks. We will review the Contract of Sale, provide detailed feedback to you prior to attending auction and if required negotiate any aspects of the contract with Vendor's Conveyancer or Solicitor.

Buyers and Sellers Consideration in an Auction Process

If you are the buyer, you need to analyse certain aspects before you decide to purchase a property in an auction. Since there is no ‘cooling-off period’ when you buy a property at an auction, you need to:

  • pre-approved finance prior to the auction date and understand properly the actual worth of the property you propose to buy. You should also have accessibility to deposit funds as you may need to pay a minimum deposit on the auction date in case you turn out to be the successful bidder;
  • conduct pre-purchase searches of the property before the auction date;
  • obtain from a licensed valuer the correct valuation of the property; and
  • choose and select a conveyance before the auction date in the event you are named as the highest bidder at the auction.

Auction in New South Wales (NSW)

If you are purchasing a property in NSW, you cannot bid at an auction till you give the selling agent your relevant details along with a proof of your identity. The details so given will be entered in the Bidders Record and a bidder’s number will be assigned to you. Registration is required if you are bidding on behalf of a:

  • Person: When you are bidding on behalf of a person, you need to give a letter of authority from him/her along with his/her identity proof; or
  • Company: An authorising letter on the company’s letter head and the Australian Business Number (ABN) should be recorded in the Bidders Record.

Are you thinking of purchasing "Off the plan" property?

'off the plan' purchases are quite popular as people buy apartments or retirement village homes that are not yet completely built. There are advantages & disadvantages of purchasing "Off the plan" property.

Advantages of purchasing 'Off the plan' property

  • Government grants and exemptions may be applicable on brand new properties.
  • The purchaser secures a brand new property at a given price that will hopefully grow in value over while it's being built.
  • The purchaser usually does not need the entire price of the property and is usually able to secure the property by paying 5 to 10% deposit.
  • The remainder of the price in only payable at settlement when the proeperty is completed.

Disadvantages and risks of purchasing 'Off the plan' property

  • The property is not exactly what you were expecting i.e. the property is bigger/smaller/different to what you though it would be.
  • The builder does not complete the property at the time you expected
  • You don't like the property when it's finished

Checklist for 'Off the plan' property purchasers

  • Check the builder's/developer's reputation. Ask the builder for their previous projects and try to speak to people who have purchased from the builder previously. These days online research can greatly help.
  • Check details such as size of the property & every room, ceiling height, balconies, parking (if any parking spaces are part of the purchase), storage, special connections such as TV & internet, materials such as carpets, tiles, kitchen & bathroom fittings etc. Also establish how much change can the builder/developer make to the property i.e. from the plan plans that you have received?
  • Visit the actual location of the property to ensure you're satisfied with possibility of future developments affecting your property.
  • Check the Sunset Clause or the Sunset Date - which is the amount of time that the builder/developer have to complete the project and what happens extra time is required?
  • Check if the plans have council approval.
  • Check how much the proposed strata levies are and any strata management arrangements such as maintenance.

We provide complete solution to our clients purchasing "off the plan" properties.

Are you a first home buyer ready to purchase your first property?

We understand that you are quite likely new to purchasing property. Purchasing your fist home is probably one of the most important decisions you would have made thus far. Buying a home requires financial planning, market research especially when it's your first home. We assist our clients who are buying their first home very closely as they can be new to this process.

Financial planning: mortgage approval

This could be the first step that you should take. Speak to your banker/broker about your intention to purchase your first home.

There are government grants that you should be aware of and that you could be eligible for. The First Home - New Hoem Scheme provides that eligible purchasers will be exempt from transfer duty on new homes valuded upto $550,000 and concession for new homes between $550,000 and $650,000.

Eligible purchasers buying a vacant block of residential land to build their home will pay no duty on vacant land valuded upto $350,000 and will receive concession for vacant land valuded between $350,000 and $450,000. It is important to keep mind that these grants vary and it is thus important that you understand exactly what your eligiblity is before comitting to purchasing a given proeprty.

If you are an eligbile first home buyer your application must be accompanied by all supporting documents as and when you have exchanged contracts to purchase the new home or vacant block of land. To be eligible fo rthe duty concession or excemption:

  • at least one buyer must be an Australian citizen or permanent resident;
  • the agreement must be for the purchase of whole property;
  • you must be a natural person i.e. not a company or trust;
  • you must be over 18 years old;
  • you or your partner have not previously owned a property in any state or territory;
  • at least one purchaser must occupy the home within 12 months and needs to live in the home for a continuous period of at least 6 months.

You can apply for the exemption or concession through your financial institution or bank or directly through Office of State Revenue (NSW). Again, the application must be accompanied by supporting documents and you must have already exchanged contracts to purchase the new home. if applying directly with Office of State Revenue (NSW), the house must be complete and you must registered on title. The application must be lodged within 12 months of completion or settlement of yoru new home. We can help you to lodge your application and supporting documents.

Find a property that ticks all boxes & conveyancing

Once you have found a property that you would like to purchase, you make an offer and this is where Sydney Conveyancing comes in. We suggest that once your offer has been accepted but before you sign the contract and pay a deposit, you ask for the real estate agent to give you a copy of the contract which you forward onto us. If you want we can assit you by getting this contract directly from the real estate agent. We review this contract thoroughly and assist you in understand the entire conveyancing process starting with reviewing the contract, giving you contract review feedback, seeking amendments to the contract as required, liaising with your financial institution, attending settlement and beyond.

How long does it take to complete conveyancing of a proeprty?

The number of days between signing/exchange of contracts and settlement day is 42 days as a standard. This is however negotiable and we will negotiate this on your behalf as per your requirement.

What is final inspection or pre-settlement inspection?

On the day of settlement or a day before settlement, the buyer visits the property for a pre-settlemnt property inspection to ensure that it is in a state that you expect it to be or how you saw it when you signed the conract. Also the property should be reasonably clean, all inclusions (fixtures and fittings) are still there. Which underlines the importance of a thorough contrat review at the start of the purchase process whereby you should be made aware of the inclusions so you know exactly what to expect.

Sydney Conveyancing provide a complete conveyancing solution for our clients purchasing their first home. From revewing the contract, explaining the entire process to you, keeping you well informed at every step all the way to settlement and beyond. Our experienced conveyancers will assist you promptly, always keeping your legal interests in mind.

Conveyancing process for buying a property in NSW

Buying a property is an important investment decision for you. Sydney Conveyancing will work closely with you through entire conveyancing process for buying a property. The conveyancing process for buying a property is explained below for your understanding.

Pre exchange

  • Offer and acceptance

    Once an offer has been put by you and accepted by the vendor , we will advise you to get the contract to us from the agent by post or email for our review.

  • Contract

    The Contract of sale has all the details of the property like the settlement period which is usually 42 days, the description of all the inclusions being sold with the property, Title Search stating any mortgages, easements, restrictions, etc that effect the use of the property.

    Further a zoning certificate is annexed to the contract which states the zoning, whether the property is under commercial or a residential zone, the density of the area, etc. Lastly, the contract consists of a drainage diagram which shows , if and where the main sewer crosses the property.

  • Pre-exchange reports

    The contract only covers aspects like title searches, etc but does not disclose the structural quality of the house. We will advise and assist you in obtaining a Pest, Building or a Strata Report (for Strata properties) if required for the property.

    A building report can reveal what an untrained eye cannot e.g. problems with the drainage, extensions, etc. A pest report can show if the property is infected by termite, white ants, etc. A building and a pest inspector will be able to determine how serious the problems are and will be able to provide a rough estimate of the costs involved to rectify the above problems which in return can help you in renegotiating the purchase price if required.

  • Strata Report

    A Strata Report is carried out for Strata Properties, i.e. for Units, Townhouses, or villas and provides information like any problems that other lots/units might have in the strata, insurance, any special levies being charged.

  • Finance

    Before you sign the contract, we suggest that you apply for the loan approval which you can get from the banks, finance brokers, credit unions, etc as per your requirement and have it in place to move forward for exchange of the contracts. We further advice our clients to do budgeting and to know roughly how much their monthly repayment would be and to shop around a bit for the best deal that they can get.

Exchange

  • Exchanging the contract

    Once we have reviewed the contract and the inspection reports, we will advice you of any amendments that we will require to negotiate with the vendor’s solicitor/conveyancer for your benefit and will proceed to exchange of the contracts with your approval. We will advise the real estate agent and you as soon as the contracts are exchanged.

  • Cooling off Period

    Every contract for the residential property has a five business day cooling off period which means that the purchaser has a five business days time to decide whether he wants to proceed with the purchase of the property or not. The vendor does not have the cooling off period and the contract is binding on the vendor once exchanged.

    The decision of the purchaser to proceed or not largely depends upon factors like obtaining a final loan approval from the bank, getting pest and building reports organised if not done earlier and relying on those reports, getting the contract reviewed by the conveyancer if not done previously and seeking their advice. The cooling off period also gives time to the purchaser to get hold of 10% deposit payable before 5:00 pm on the fifth business day. The cooling off period can be extended with the consent of both the purchaser and the vendor if required. If the purchaser decided not to proceed with the contracts, the purchaser looses their .25% to the vendor.

    If the purchaser proceeds with the purchase and the cooling off period expires, the contract becomes binding between both the parties. If after the cooling off period the purchaser is not able to complete the purchase for some reason and decided to rescind the contract, the purchaser loses his 10% deposit to the vendor. Incase the purchaser waives his right to cooling off period at the time of exchange under Sec 66W certificate, the contracts become binding on both the parties.

  • Stamp Duty

    Stamp duty is payable on the contract within 3 months of the exchange of the contract or before settlement if there is an incoming mortgagee. Stamp duty depends upon the purchase price, higher the price, higher is the stamp duty. We will advise you how much the stamp duty is as soon as the contracts are exchanged. The First Home Buyers are exempted to pay the stamp duty if buying properties less than $500,000.00 and get concessions on the stamp duty if the purchase price is between $500,000.00 to $600,000.00.

  • Searches

    Once the contracts have become binding on both the parties, we will carry out the various relevant government searches like Council certificate, water certificate, etc and any other information that your lender may require. The searches will help to calculating any outstanding bills by the vendor, purchaser’s part of the adjustment for the bills and to check if any government authority has any proposal to acquire the property.

Settlement

  • Booking settlement

    Once the settlement date has approached which is usually 42 days from the date of the exchange of the contract or as agreed upon between the vendor and the purchaser and the mortgage documents have been signed and returned to the lender, we will liaise with the lender and the vendor’s solicitor to book settlement date, time and place. We will confirm the same with you in order for you to arrange the removalist if occupying the property, arranging a final inspection of the property, arranging insurance, etc. We will also inform the agent so that he can help you with the final inspection and organise arranging keys to the property on time.

  • Notice to Complete

    If for some reason you are unable to proceed to settlement or your lender is not ready to settle, the vendor’s solicitor have a right to issue a Notice to Complete which means that we will have to settle the matter within 14 days, otherwise you will lose your 10% deposit. In addition to this, you will have to pay interest on the balance of the purchase price which is usually 10%per annum to the vendor starting from the day when the Notice was issued till the day settlement occurs.

    We have the same right of issuing the Notice to Complete, incase the vendor is not ready to settle the matter but do not have the right to charge penalty interest.

  • Adjustments

    As soon as the settlement is booked, we will draft a settlement statement adjusting the water, council and strata (if applicable) rates for vendor’s approval and request for the information relating to the cheques to be drawn for settlement. On receipt of the information we will request your lender to draw the bank cheques for settlement. We will request you to provide us with a bank cheque if there is a shortfall from the lender.

  • Attending settlement

    We will attend the settlement on your behalf and advice you that the property is yours once settlement is completed. We will forward an “Order on Agent” to the real estate agent which authorises him to release the keys to you and the deposit to the vendor. On the other hand, your lender will submit all the documents at the Department of Lands so that the property could be transferred under your name.

    Department of Lands will advise Council and Sydney Water of the change of ownership. We will after a week, send all the documents and other necessary correspondence to you for your safekeeping in relation to your purchase.

SELLLING PROPERTY

 

Are you ready to sell your property? Wondering where to start?

Selling a property conveyancing

Once you have decided to sell your property we can assist you through the entire process. When you contact us we:

  • ask you for information about the property such as inclusions, exclusions, any specific special conditions for the contract such as specific settlement period. We then promptly prepare the draft contract of sale and email it to you for a brief review and for you to clarify all your queries and/or concerns.
  • upon your approval the contract is emailed to your nominated real estate agent so they can start marketing the property. If you're selling your property without involving a real estate agency, we email the complete contract to you and you can issue it to any potential purchaser for their review & due diligence. Usually contract is ready within 5 - 7 work days but depends on how quickly we receive the Planning Certificate from the local council.
  • once a purchaser is found we can assist in signing and exchange of contracts.
  • we promptly respond to any communication from potential purchasers.
  • work closely with you to get these initial steps done in a timely and prompt fashion especially in a scenario where they are attending an auction or purchasing a property in a pre-auction offer.
  • we assist you during the entire process starting with contract preparation all the way to settlement and beyond.

Mortgage discharge

As the seller or vendor if you have a mortgage on your property, it is important to begin the mortgage discharge process early so your financial institution or bank is ready for settlement in time. We will assist you to discharge your mortgage.

We provide a complete solution to our clients selling property from contract preparation all the way to attending settlement and beyond. At Sydney Conveyancing your satisfaction is the most fundamental measure of success. Our experienced conveyancers will assist you promptly, always keeping your legal interests in mind.

Are you considering selling your property at auction?

We strongly suggest that you get thorough professional advice prior to selling property at auction. Timely and professional advice from Sydney Conveyancing can assist you with making the most of selling your property at auction. 

One of the important aspects of sale of property by auction is that there will be no cooling off period. Given that the potential bidders or purchasers will want to complete their due diligence often including property inspections, finance approval, contract review & amendments before attending auction, we prepare in advance for this phase whereby we're encourage all potential purchasers and/or bidders by promptly assisting them get ready for auction.

Sydney Conveyancing provide a complete conveyancing solution for our clients selling property at auction. From preparing the contract, explaining the entire process to you, keeping you well informed at every step all the way to settlement and beyond. Our experienced conveyancers will assist you promptly, always keeping your legal interests in mind.

Conveyancing process for selling a property in NSW

Selling a property is an important investment decision. Sydney Conveyancing will work closely with you through every step of Conveyancing process for selling a property. The conveyancing process is described below for your understanding.

Pre exchange

  • Drafting Contract

    Before marketing your property yourself or via an agent, a Contract for the sale of land is required, which we start preparing on the same day of receiving your instructions. We aim to have the contracts prepared by annexing the prescribed documents and forwarding the same to you or the agent without delay.

    The contract has all the details of the property like the following:

    • Settlement period (usually 42 days)
    • Description of all the inclusions being sold with the property
    • Title Search stating any mortgages, easements, restrictions, etc that effect the use of the property
    • Zoning certificate which states the zoning, whether the property is under commercial or a residential zone, the density of the area, etc.
    • Drainage diagram which shows if and where the main sewer crosses the property.
  • Agency Agreement

    You as a vendor sign an agency agreement with an agent to enable them to market and sell your property by auction or a private treaty. We suggest that you do a recent sales study in your area to get a better idea of your property price before entering into the agreement and also shop around to find out about the agent, their commissions, their recent sale history, etc.

    You should review their marketing plan to understand that they have a good knowledge of your area and a good understanding of the marketing strategies to be used.

Exchange

  • Offer and Acceptance

    Once the agent has started marketing your property, the contract for the sale of land is to be available for every prospective purchaser. If an offer is accepted by you, the agent needs to advise our office immediately to enable us to proceed to exchange of the contracts.

  • Exchanging the contract

    Once we have received a sales advice from the agent, we will confirm the same with you. The contracts can be exchanged in two ways: by the agent or by our office. The agent can exchange the contract if authorised by you and the purchaser with a cooling off period. After exchanging the contracts, the agent will forward the contract signed by the purchaser to our office and will forward the counterpart signed by you to purchaser's Conveyancer office.

    If you wish for us to exchange the contract, we can exchange the contract as soon as we receive the contract signed by the purchaser with an authority to exchange. We will also advice you of any amendments that the purchaser’s conveyancer will request to be inserted in the contract.

  • Cooling off Period

    Every contract for the residential property has a five business day cooling off period which means that the purchaser has a five business days time to decide whether he wants to proceed with the purchase of the property or not. The vendor does not have the cooling off period and the contract is binding on the vendor once exchanged.

    The decision of the purchaser to proceed or not largely depends upon factors like obtaining a final loan approval from the bank, getting pest and building reports organised if not done earlier and relying on those reports, getting the contract reviewed by the conveyancer if not done previously and seeking their advice. The cooling off period also gives time to the purchaser to get hold of 10% deposit payable before 5:00 pm on the fifth business day. The cooling off period can be extended with the consent of both the purchaser and the vendor if required. If the purchaser decided not to proceed with the contracts, the purchaser looses their .25% to the vendor. If the purchaser proceeds with the purchase and the cooling off period expires, the contract becomes binding between both the parties.

    If after the cooling off period the purchaser is not able to complete the purchase for some reason and decided to rescind the contract, the purchaser loses his 10% deposit to the vendor. Incase the purchaser waives his right to cooling off period at the time of exchange under Sec 66W certificate, the contracts become binding on both the parties.

  • Lender

    Once the contracts have become binding on both the parties, we will contact your lender to prepare a discharge of the mortgage and to provide us with a payout figure for the day of settlement.

Settlement

  • Booking settlement

    Once the settlement date has approached which is usually 42 days from the date of the exchange of the contract or as agreed upon between the vendor and the purchaser and the discharging mortgagee is ready to settle, we will liaise with the lender and the purchaser’s solicitor to book settlement date, time and place. We will confirm the same with you in order for you to arrange the removalist, insurance, etc. We will also inform the agent.

  • Notice to Complete

    If for some reason the purchaser is unable to proceed to settlement, we have a right to issue a Notice to Complete which means the purchaser will have to settle the matter within 14 days, otherwise they will lose their 10% deposit. In addition to this, the purchaser will have to pay interest on the balance of the purchase price which is usually 10%per annum to you starting from the day when the Notice was issued till the day settlement occurs. The purchaser has the same right of issuing the Notice to Complete, incase the vendor is not ready to settle the matter but do not have the right to charge penalty interest.

  • Adjustments

    As soon as the settlement is booked, the purchaser’s conveyancer will draft a settlement statement adjusting the water, council and strata (if applicable) rates for vendor’s approval and request for the information relating to the cheques to be drawn for settlement. On receipt of the information we will request your lender for the payout figure for the day of settlement. We will then request you to provide us with the cheque details as to how you wish the cheques to be drawn if there is a surplus amount after paying off the loan money to the bank. We will request you to provide with bank cheque if there is a shortfall for paying the lender.

  • Attending settlement

    We will attend the settlement on your behalf and advice you once settlement occurs. We will forward an “Order on Agent” to the real estate agent which authorises him to release the keys to the purchaser and the deposit to the vendor after deducting their commission. On the other hand, your lender will submit all the documents at the Department of Lands so that the property could be transferred under the purchaser’s name. Department of Lands will advise Council and Sydney Water of the change of ownership. We will after a week, send all the documents and other necessary correspondence to you for your safekeeping in relation to your sale.

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