P.O. Box 4096, Kingsway West NSW 2208

BUYING

There are two essential things you should deal with before you enter the property market:

– Ensure that you can afford it and have funds to complete the purchase

– Take into consideration the cost of Stamp duty; pre purchase inspection reports; legal costs; bank fees and other charges associated with your loan; property rates, levies and charges; Title Insurance, household insurance; removalist charges; and future  repairs to the property.

Have your loan pre-approved

It will reduce a great amount of stress if you have your loan “pre-approved” prior to entering the property market, having provided to your nominated lender all required financials to verify your income. Generally, the only matter your lender will then need to arrange is a property valuation when you locate the property you would like to purchase.

Then…

When you find the property, you would like to purchase and the vendor (seller) has accepted your offer, you should immediately notify your conveyancer and provide them with a copy of the contract. The contract will be reviewed, and they will advise you on the Contract.

Contracts may then be “exchanged” once you are satisfied with all the terms and conditions of the sale. Exchange occurs when the seller has signed the original Contract for Sale and the buyer has signed an identical copy. Contracts will then be compared to ensure they are identical and physically or electronically (exchanged) and the front page of each Contract will be dated. The Completion date will run from the Contract date.

Contracts may be exchanged with or without a cooling off period.

During the cooling off period we highly recommend that you have the property inspected by a qualified building and pest inspector or where you are buying into a strata/community scheme a Strata Inspection Report is extremely beneficial.
A building inspection report can also be of assistance when carrying out a final inspection of the property prior to completion. If you feel the property has been damaged since you exchanged Contracts, you can refer back to your building inspection report to verify the condition of the property.

A buyer of residential property can cancel a contract within (five) 5 business days of exchange. This is called a cooling-off period.

It is important to bear in mind that should you decide to withdraw from the contract during the cooling off period, for whatever reason, you will forfeit to the vendor 0.25% of the purchase price. Most sellers of a residential property want the cooling-off period waived so that the contract is bonding on you immediately. This is called a section 66W Certificate.

If you have decided not to proceed with the purchase, it is crucial that you notify your conveyancer well before the cooling off expiry so that the proper legal notice can be served on the vendors conveyancer otherwise you will be bound to complete the contract.

Buying at Auction

Should you intend to purchase a property at auction, be aware that if you are the successful bidder you will be required on the day of auction to sign an unconditional contract (no cooling off period) and pay the required deposit, usually 10% of the price.

As you will be immediately bound to the contract, it is important that prior to the auction you carry out pre purchase inspections, have your loan formally approved and have your conveyancer explain the terms of the Contract to you.

If you purchase at Auction or the exchange of Contracts was made by a Real Estate Agent and we have not had the opportunity of providing you with advice on the Contract, we cannot be held liable for any consequences. Please notify us immediately if Contracts are exchanged by an agent.

Feel free to contact us with any enquiries you may have about buying your First home or investment property.
We here to assist you and talk you through the process of a purchase transaction.

“ Learn from yesterday, live for today, hope for tomorrow ”

– Albert Einstein

Torrens and Strata title

Torrens title simply means the purchaser owns the land and building. This can also be known as ‘freehold

Off-the-plan property

Buying Real Estate ‘off the plan’ means committing to buying a property that hasn’t yet been built

Leases

A Commercial lease refers to the lease of a commercial property. This includes office space, industrial units,