Protect your most significant asset
Buying a property in Sydney or anywhere in NSW is, for many, a once-in-a-lifetime experience. Although exciting, the unfamiliarity of the process, the size of the financial commitment, and the complicated legal terms can be daunting and stressful. There can be significant consequences for getting it wrong, making it crucial to seek expert guidance throughout the process.
At Paul Denny Conveyancing, we understand the complexities and challenges associated with buying property in NSW. Our team of experienced conveyancers is dedicated to providing you with clear and legally accurate advice from the moment you identify a property to the moment you're handed the keys. Whether you're buying property in Sydney or anywhere else in NSW, we are here to ensure a smooth and transparent transaction.
Contract ReviewComprehensive Assistance for Buying a NSW Property
We offer comprehensive assistance for various types of property transactions, including:
What You Can Expect From Us Through the Buying Process
Contract Review
Once you have identified a property and have made an offer or are considering making an offer, it is important to have the contract reviewed before you sign.
We offer a comprehensive and timely review service. Typically, reviews are completed within 24 hours, but this can be expedited if you find yourself in a ‘race to exchange’ or you’ve located the ideal property hours before auction.
Our review service includes:
- A written succinct contract review highlighting the most salient points of the contract, unusual terms, restrictions and covenants on title, disclosures, zoning and so on.
- Providing recommendations for contract changes and explaining the consequences of adverse clauses.
- Requesting contract changes and explaining the responses.
- Discussing any queries or concerns you have about the contract or property.
- Referring you to third party experts and liaising with service providers to complete pre-purchase enquiries.
- Guiding you through the pre-purchase process and ensuring you are ready to make an offer or bid at auction.
Making Offers, Private Treaty & Auctions
Properties are marketed for sale in a variety and confusing array of ways: off-market, private treaty, auction, expressions of interest. In a competitive and supply-short market, you are also likely to be placed under considerable pressure to act quickly, to make an offer, waive your cooling off period, provide a 66W certificate, pay a deposit or sign a contract. What does all this mean and how do you know what you should be doing next?
We are here to explain the different processes, unpack the legal implications of each and give you the best chance of securing the property. We offer comprehensive guidance when buying a property in NSW, including advice on:
- Making offers.
- Essential due diligence before making an offer or attending an auction.
- Following the correct procedure.
- Preparing for auction.
- Preparing 66W Certificate and explaining the consequences of waiving your cooling off rights.
- Paying deposits.
Exchange
Contract exchange is the point at which you and the vendor enter into the legally binding contract.
When you purchase at auction you are bound when the hammer falls (your bid is accepted); the contract is signed and dated immediately following the auction to record your agreement. You are also required to pay the deposit.
With private treaty sales, you and the vendor may sign separate but identical contracts (‘counterpart contracts'). The contract is exchanged when the vendor’s conveyancer or the real estate agent dates the identical contracts. You will need to pay a deposit and may be asked to waive your cooling off rights (provide a 66W Certificate).
When you engage our services, we guide you through exchange, ensuring that whatever the mechanism or process of exchange, you understand the terms and obligations, the contract is accurate, correctly executed and validly exchanged.
Following exchange, and in instances where you have a cooling off period, we liaise with you, your bank or broker, expert building or strata inspectors and the vendor's legal representative to ensure you have all the information you need to make an informed decision about proceeding with the purchase or not.
Settlement Preparations
Between exchange of contracts and settlement, you and the vendor will need to complete various tasks both to ensure you are ready to settle and to fulfil essential legal obligations.
As the Purchaser, you will be subject to legal ‘penalties’ for not being able to settle on time. Within a few days of exchange, we therefore prepare the paperwork and engage with you about the tasks that need doing, ensuring that you are ready well ahead of the settlement date.
Amongst other things, we:
- Prepare Purchaser/Transferee Declarations to fulfil NSW Revenue requirements.
- Lodge your duties return for your Stamp/Transfer duty.
- Obtain your written authority to transfer the property.
- Prepare your application and lodge your return for First Home Benefits (if applicable).
- Liaise with your banker/broker and book settlement with your lender.
- Prepare and provide to you Settlement Statements.
- Ensure the vendor has fulfilled their legal obligations with regard to GST, Land and Capital Gains Tax.
We communicate with your regularly during this phase so that you can be confident that all legal obligations have been met and you can prepare for settlement with certainty.
Settlement
Settlement occurs when all funds owing for the purchase are transferred (financial settlement) and the legal title for the property is lodged at NSW Land Registry Services and transferred into your name.
This is your purchase finally coming to fruition and we are very focused on ensuring this important event happens smoothly and on-time.
On multiple occasions in the lead up to settlement we will confirm the settlement date and time to you and remind you of pre-settlement requirements.
As soon as settlement is completed, usually 30 – 60 minutes after the scheduled time, we will contact you to confirm that your purchase has settled and that we have authorised the agent to the release the keys to you.