Buying a Home

Conveyancing Services

What is involved when buying a home?

  • Review of contracts (up to 4);
  • Organising pre-purchase inspection reports i.e. building and pest inspections and strata inspection reports;
  • Assisting lender in obtaining formal loan approval if required;
  • Carry out an identification check(s) as required under Legislation;
  • Payment of stamp duty;
  • Obtaining all necessary searches and certificates in readiness for settlement;
  • Liaising with the Vendor’s solicitor/conveyancer and financial institution in organising settlement, calculating settlement figures, and bringing the matter to a successful completion.

$1,745

inclusive of GST professional fees, etc.

First home buyer? Get $100 off our professional fees.

 

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    Do I need a building and pest report?

    It is highly recommended that these reports are obtained. A building inspector will check for items such as leaking showers, the condition and structural soundness of the property and any other items that may potentially become problematic. A pest inspector will check for any termite or pest activity that could be affecting the property. Both reports will advise their recommendation(s) regarding any issues that require attention i.e. further pest treatment or the need to consult a plumber. These reports provide you with piece of mind that you are purchasing a property at a fair and reasonable price.

    What report do I need when purchasing a Home Unit?
    When buying a home unit, townhouse or villa, you are buying into a ‘strata scheme’. A strata inspection is an examination of the books and records of the Owners’ Corporation and will provide you with details of the current strata levies, insurances, minutes of meetings, etc.
    Should I get finance pre-approval?
    This is extremely important to obtain before making an offer on a property. You need to ensure that you are going to have the funds to complete your purchase, so a pre-approval through a broker/lender is highly recommended as it will give you a guide of what you can and can’t afford to buy. Don’t forget to calculate stamp duty and legal fees into your budget.
    What happens when the Vendor accepts my offer?
    When the Vendor accepts your offer it means that both parties have reached an ‘agreement” and the Contract for Sale can now been signed by all parties.
    When is a Contract dated?
    A contract is dated and exchanged (“swapped”) when both the Vendor and the Purchaser have signed the Contract after reaching an agreement. The Contract will be in identical terms and will include the sale price, the length of the contract and any other special conditions that both parties agree to.
    When is the deposit paid?
    The deposit is paid on or before the Contracts are dated. If you are exchanging with a cooling off period it is the normal practice to pay 0.25% deposit of the purchase price and the balance of the deposit to be paid before the cooling off period expires. You would only pay the balance of the deposit if you are happy with your building and pest inspections (or strata report) and you know that you are going to the money to complete your purchase.
    Can I pull out of the Contract before the cooling off period expires?
    You can pull out of the Contract, but only before the cooling off period expires, if you get a bad pre-purchase inspection report or you cannot get the funds to complete the purchase. However, you will lose the 0.25% deposit that you have paid.
    Can the Vendor pull out of a Contract exchanged with a cooling off period?
    The Vendor cannot pull out of the Contract that has been exchanged with a cooling off period. It is not a reciprocal right. The vendor is also not allowed to show the property or accept another offer once Contracts are exchanged with a cooling off period.
    How long is the cooling off period?
    Under legislation the Purchasers have the benefit of a 5 business day cooling off period. However, it is the common practice that this is extended to 10 business days, which allows the Purchasers more time to obtain formal loan approval and pre-purchase inspections. This cooling off period can be extended by way of mutual agreement.
    How much is stamp duty?

    Stamp duty is a government charge that is payable by the Purchaser and is calculated on the purchase price and is assessed on a scale rate.
    Click on the following link to see how much stamp duty will need to be paid on your purchase.

    https://www.apps09.revenue.nsw.gov.au/erevenue/calculators/landsalesimple.php

    If you are a First Home Buyer, you may be entitled to an exemption or concession from duty under the First Home New Home Scheme or the First Home Buyers Assistance Scheme. Click on the following link to access Revenue NSW’s factsheets and stamp duty calculator.

    https://www.revenue.nsw.gov.au/help-centre/calculators

    When is settlement?
    Settlement is when the Contract is completed by both parties. It is normally 6 weeks after the date of the contracts, however this can be negotiated to either a later settlement date or earlier settlement date between both parties. Any negotiations regarding the settlement date should be negotiated at the same time as negotiating the purchase price.
    Do I attend settlement?
    Your attendance at settlement is not required. This is carried out by your Conveyancer.
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