The Conveyancing Process for Purchasers
The main steps in the property conveyancing process for properties purchased in New South Wales.
If you have any questions about the conveyancing process, please don’t hesitate to contact us on 02 8065 5051.
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Get pre approved finance. Simple process arranged through a mortgage broker, involves answering questions about income, other loans, employment and how much you want to spend.
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Take your time and find the place that suits all of your needs. When looking at prices don’t forget to factor in stamp duty, mortgage fees and other purchasing costs.
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Give your offer to the agent. At this stage you are not obliged to purchase the property, even if your offer is accepted. However, you are also not protected if someone puts in a higher offer.
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It is now time to have your solicitor review the contract. If things need to be changed this must be done before you sign the contract, pay the deposit and exchange.
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You can now pay a deposit and exchange contracts. This can be handled by your solicitor, although real estate agents will sometimes facilitate exchange.
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5 days to arrange building, pest and strata inspections. Note, if you decide not to proceed you will forfeit 0.25% of the purchase price to the seller.
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Usually 42 days from the date of exchange. During this time your solicitor will conduct searches and liaise with all parties and banks to arrange settlement.
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Before settlement you will do a final inspection to ensure the property is in the same condition as when you signed the contract. Check all fixtures and fittings listed in the contract are still in the property.
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The risk passes to the purchaser on settlement. Therefore, for non-strata properties, you may want to organise insurance before completion.
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Also called completion, is when ownership is officially transferred to the purchaser. Cheques and Title documents are passed between the parties and their banks.
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After settlement your solicitor will call to let you know everything has settled. They will also contact the agent to tell them to release the keys to you and release your deposit to the seller.
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Don’t forget to contact electricity and gas providers to open an account and change your address details with any organisation that corresponds with you via mail. Your solicitor will notify council, water & strata authorities that you are the new owner.
