If you want to buy a property the team at Conveyancing Legal will be able to provide you with comprehensive, personalised advice. Their expertise will make your experience that much simpler.
The Buying Process
Pre Purchase Inspections
Before you purchase a property it is wise to organise an inspection of the property. The Contract for the Sale of Land does not cover the quality of the building. This means that what you see is what you get, making it advisable to ensure that everything about the property is properly inspected.
If you are buying a freestanding house you should consider:
- • A Pest inspection: This will advise on any past or current pest activity or problems affecting the building
- • A building inspection: This will provide a report detailing any structural problems.
- • We also recommend that you have the electrical wiring and plumbing examined, which is not covered in a building inspection.
If you are buying a unit, townhouse or villa we advise:
- • A strata report: This report will summarise an inspection of the strata records of the Owners Corporation identifying any insurances, quarterly levies, special levies, the financial position of the scheme, any ongoing maintenance problems, and any issues noted in the minutes of the Owners Corporation meetings.
The exchange of contracts is the legal process of buying a property. Two identical contracts will be produced, one for the buyer and one for the purchaser, to be signed and dated. The signed copies are then swapped, or ’exchanged’. Once this exchange has occurred the contracts are binding.
Before you exchange contracts your Conveyancing Legal lawyer will examine the contract and discuss your needs to determine whether any changes to the contract should be made. Before the contract of sale is signed the vendor must provide a Section 32 Certificate. This provides the purchaser with important information about their details and important information about the property including any easements, covenants, or mortgages.
Before exchanging contracts, it is wise to ensure that you have unconditional approval of your finance. This may involve your lending institution obtaining a valuation of the property which can take up to 5 days.
On exchange of contracts, typically a 10% deposit is required. Deposit bonds are frequently used in lieu of cheque deposit. Your broker/lending institution will arrange deposit bond.
After you have purchased your property and exchanged contracts you have a 5-business-day cooling off period in which you may change your mind about your purchase. If you do choose not to buy the property after all you will have to pay 0.25% of the purchase price of the property. This works out to be $250 for every $100,000. However, you can waive the cooling off period by obtaining a Section 66W Certificate.
The requirements for a Section 66W Certificate are:
- • It must be in writing.
- • It must be signed by a lawyer (but it cannot be by one acting for the seller).
- • It must indicate that the purpose of the certificate is to waive the cooling off period.
- • It must state that the lawyer properly explained the purpose of the certificate to the purchaser.
A member of our team at Conveyancing Legal will be able to explain professionally and accurately everything you want and need to know about your property purchase, making your purchase that much simpler.
Once the contracts have been exchanged, stamp duty must be paid.
Stamp duty is the tax levied by the state government on the legal recognition of legal documents. Essentially, this means that you must pay a fee for the government to recognise that your documents are legally valid.
Stamp duty is payable with on or before the settlement of the purchase or 3 months after the exchange of contracts, whichever one is the earliest. Penalties apply for the late lodgement of stamp duty.
A member of the expert property team at Conveyancing Legal will be ensure that your Contract and Transfer are lodged on time. We will also be able to calculate any adjustments that may need to be made in relation to the exact amount that is owed to the vendor. This many include council rates, water rates, and strata levies.
Settlement is the final step taken in the property conveyancing process, when the title is transferred to you and you receive the keys to start your new life.
You don’t need to present at the settlement in person. Your Conveyancing Legal lawyer will represent you and your interests with the Vendor and any incoming and discharging mortgagees. This gives you peace of mind, knowing that our high-quality, expert lawyers are attending to your matter.
Immediately after the settlement your Conveyancing Legal lawyer will register the change of title with the Land and Property Information and Valuer-General, the local council, the water authority, and the strata manager will be notified of the ownership change if necessary.
We will notify you of the finalisation and the agent will release the keys of the property to you.
Conveyancing Legal Conveyancing Lawyers is the best choice you can make when purchasing a property. Our specialised, personalised services will ensure that you understand the entire process.
Please note that the information on this page is for general use only and does not constitute legal advice.