PURCHASING REAL ESTATE IN NEW SOUTH WALES
Take the stress and risk out of buying residential property in New South Wales by using the services of The Norton Law Group.
In the case of residential properties (and excluding properties purchased under auction conditions) contracts must provide for a “cooling off” period of five days from exchange of contracts, during which time the purchaser may withdraw from a contract. If a purchase withdraws from a contact the purchase will forfeit 0 .25% of the purchase price. This “cooling off” period is designed to allow the purchase to “take the property off the market” and thus avoid being gazumped while the purchaser has time to undertake some preliminary searches including obtain a survey, building and/or pest report and confirm finance approval, secure in the knowledge that the vendor cannot sell to another party at a higher price.
Following exchange we proceed to carry out any relevant searches as may be necessary to ensure you get good title free of any surprises. We liaise with your lending body and ensure that their specific requirements are met.
In most situations stamp duty on the contract is payable on or before settlement. If you qualify as a first home purchaser for a stamp duty discount or a grant, we will process your application at no extra cost. Conveyancing Calculators
Typically contracts call for settlement in six weeks after exchange of contracts, though this may be varied by agreement. On settlement we make adjustments to the purchase price for such matters as Land Tax, Strata Levies , Council or water rates, so as to ensure that the vendor is fully paid up, and avoiding the risk of your taking over any unpaid accounts.
We attend settlement to complete your purchase on your behalf, which often involves liaising with your lending body and yourself to coordinate suitable times. Your attendance is not required at the settlement, although we always have a pre settlement conference to ensure everything meets with your approval.
If you are a cash purchase we collect and register the transfer of property into your name and otherwise this will be undertaken by your lending body.
Following settlement we recommend that you consider updating your Will so as to ensure that it meet with your continued requirements. Wills, Powers of Attorney & Deceased Estates
If at any time you need to talk about any part of the matter. We are always happy to take your call and to assist you.