At Hunter Legal & Conveyancing we understand that conveyancing process nsw purchase can be an overwhelming and stressful time. We aim to assist you every step of the way.
Below we have detailed the process from start to finish so you always know the next step throughout the property transaction:-
Steps Of Conveyancing Process NSW Purchase
1. Offer and acceptance
The first step of purchasing is making an offer through the real estate agent. Once the seller has accepted your offer the real estate agent will issue our office with the details of the seller’s legal representative so we may request a copy of the Contract.
At this time we recommend you obtain Pest and Building Reports. If the property you are purchasing is strata we recommend obtaining a Strata Report also. Let your conveyancer know should you require us to order these Reports on your behalf.
2. Reviewing your Contract
The seller’s legal representative is responsible for providing a complete copy of the Contract. Once received, we will contact you to arrange an appointment to review the Contract together and discuss any request for changes or any queries or concerns you have. During this appointment, you can sign the Contract. We note that signing does not mean you are bound to the Contract.
If you are obtaining a home loan and you haven’t already done so, it is during this time that you should endeavor to obtain formal finance approval. We will also communicate with your broker or banker on your behalf to ensure all requirements are met in a timely manner.
3. Deposit
Unless otherwise specified 10% of the purchase price is required as the deposit. Should you require a reduced deposit please inform your conveyancer.
An alternative to a cash deposit is a Deposit Bond which is a guarantee that an insurance company will pay the 10% deposit required under the Contract should you default. We can assist in obtaining a Deposit Bond. Please speak to your conveyancer if you would like more information.
4. Cooling-off period
As a purchaser, you have the option to exercise your right to a cooling-off period which allows you five business days to finalise Pest and Building Reports and obtain formal finance approval.
If you choose to exchange with a cooling-off period a 0.25% deposit is required to be paid before exchange. Should you rescind during the cooling-off period you will forfeit the 0.25% deposit to the seller.
Alternatively, if all pre-exchange requirements have been met beforeexchange we may provide the seller’s legal representative with a 66w Certificate on your behalf which waives your rights to a cooling-off period.
5. Exchange
Once you are satisfied with the Pest and Building Report, you have obtained formal finance approval (if required), the Contract has been signed and you are ready to secure the property you can authorise us to submit the Contract to the seller’s legal representative for the exchange to occur.
The seller’s legal representative will attend to exchange of Contracts. During the exchange, Contracts are checked to make sure they are identical and the date is written on the front page. At this point, the Contract becomes legally binding.
6. Stamp duty
Stamp duty becomes payable within three months from the exchange of Contracts. Stamp duty can be paid on settlement.
If you are purchasing unregistered land or off the plan it is common for stamp duty to fall due before settlement occurs.
You may be entitled to an exemption of stamp duty should you be a first home buyer. Please discuss this with your conveyancer.
7. Preparing for settlement
Following exchange, we will order property enquiries on your behalf to ensure there is no land tax payable on the property and to ensure the council and water rates are paid up to date on settlement.
We will book a time and date for settlement with all relevant parties and we will provide you with a statement detailing funds required for settlement.
1. Settlement
The settlement of your property will take place on PEXA which is an electronic settlement platform. Gone are the days of attending banks for cheques, PEXA has simplified the settlement process and provides for a fast, safe and secure transfer of Title.
2. Registration of documents
During settlement, the Certificate of Title will be transferred from the seller’s name to your name.
If you have any further questions about the conveyancing process nsw purchase please do not hesitate to contact us on 1300 224 828 or you can click the link below to take you to our contact form:-https://hunterlegal.com.au/contact/
