Buying a property, conveyancing, property purchase - Shire Legal | Miranda | Sutherland Shire

Buying a property

Shire Legal can assist you in the purchase of your property by:

Before exchange

Reviewing the Contract - the property may be affected by rights of way, sewerage lines etc, restrictions which are disclosed in the Contract. It is recommended that the Contract be reviewed prior to exchange, otherwise it can be reviewed (and amended - see below) during the cooling-off period

Requesting amendments to the Contract - the Contract is drafted by the vendor's solicitor, therefore it tends to be more favourable to the vendor than the purchaser

Assisting you to arrange a pest and building inspection report and/or a strata inspection report

Attending to you signing the Contract

Arranging the exchange of Contracts - a deposit (usually 10% of the purchase price, although it can usually be negotiated down to 5%) is paid to the real estate agent to be held in the agent's trust account pending settlement (usually 6 weeks from the date of exchange, although again, this can be negotiated to be shorter or longer)

Following exchange

Liaising with your mortgagee for the mortgage to be prepared

Askings requisitions (ie questions about the property)

Preparing the Transfer, authorising the transfer of the ownership of the property from the vendor - the Transfer is sent to the vendor for signature, and is then handed over by the vendor's solicitor at settlement for registration at the Land & Property Information Service

Obtaining property searches

Calculating settlement adjustment figures

Arranging a suitable settlement date, time and location with all parties concerned

Attending settlement on your behalf - the title documents (usually held with the mortgagee - if applicable) are handed over to the purchaser in exchange for the balance of the purchase price

Following settlement

Liaising with the agent to confirm settlement has taken place and that the keys for the property can be handed to you

Paying any unpaid Council rates, water rates and/or strata levies, if provided for in the settlement figures

Cooling-off period

The Conveyancing Act allows purchasers a 5 business day "cooling-off period" after exchange of Contracts, during which time the Purchaser can arrange further inspections of the property, arrange inspection reports and obtain unconditional finance approval from their financier.

The cooling-off period can sometimes be negotiated with the Vendor's Solicitor to be extended if the Purchaser requires further time to finalise the inspections and/or obtain finance approval.

If the Purchaser decides before the expiry of the cooling-off period (5:00pm on the final business day) to not purchaser the property, the Contract is rescinded and the Purchaser forfeits 0.25% of the purchase price.

Stamp duty

Stamp duty is payable on property purchases to the NSW Office of State Revenue (unless you are entitled to a stamp duty exemption or concession).

A stamp duty calculator is available on the Office of State Revenue's website.

For more information about buying a property, visit the NSW Dept of Fair Trading's website.

Contact Shire Legal for a complimentary conveyancing information kit (including a Law Society booklet entitled "Buying or Selling a Home?") to be sent to you.

Suite 9
46-48 Urunga Parade
Miranda NSW 2228 Australia

Phone: 02 9526 3444
Fax: 02 9526 3499

Phone: 02 9526 3444 Fax: 02 9526 3499 Email: info@shirelegal.com.au