Buying A Property
Buying a property can be stressful and confusing, especially if you haven’t done it in a while or purchased at all.
We’ve put together some information that will help provide you with a better understanding of the process. Scroll down to read more and download our FREE information.
Here's what to do next.
To help you know what to do AFTER the offer has been accepted, we’ve created a timeline to make the process easier.
So we can act as your legal team, we need you to fill in our Buyer Questionnaire. Click on the button below and our questionnaire will automatically open for you. Simply fill in the details and click SUBMIT, and we’ll look after the rest for you.
We need to verify who you are!
From the 1st of July 2016, the NSW Government requires all buyer and sellers of property to be verified. The legal industry refers to this as VOI (Verification of Identity). You can find out more about the verification process and what you need to be verified below.
Stamp Duty Calculator
As a purchaser, you will be required to pay stamp duty at settlement. To calculate how much stamp duty you will need to pay, click on the button below & fill in the details on the NSW Office of State Revenue calculator.
Download our FREE booklet on buying a property
Download our handy guide on purchasing a property.
The process of buying a property can be stressful and confusing. RM Legal & Conveyancing will ensure that your interests are protected while securing your dream home or the perfect investment property – all in a personal and timely manner. RM Legal & Conveyancing understands that buying a property is an enormous decision deserving of our undivided attention which is what you’ll get from us. We pride ourselves on our service and won’t disappoint.
The first step in buying any property is to find the property that is right for you and at the price that is right for you. This will be done with the help of the Agent. Sometimes an owner will advertise their property for sale privately – in this case you will negotiate the sale price directly with the owner of the property. We request a Contract from the Vendor and will let you know as soon as we receive it. We will advise you in relation to the Contract and negotiate any amendments so that the Contract to purchase is on terms specific to your requirements.
Exchange Contracts as soon as possible is a prime objective – so that the property is secured for you. At this the point, subject to any cooling-off period, you are fully committed to the purchase of property. A Cooling off Period does not apply to the Vendor.
The Cooling off Period is typically 5 business days starting from the date of exchange within which time you can rescind (cancel) the Contract and pay to the Vendor the amount equal to 0.25% of the purchase price. The Cooling off Period was enacted to help stop gazumping. However, some Vendors will ask that you waive the Cooling off Period. We will give you advice regarding the Cooling off Period.
The Cooling-off Period is only available for purchase of residential property. The Vendor does not have a Cooling-off Period and there is no Cooling-off Period when you purchase property at auction.
The deposit must be paid on exchange.
Before settlement RM Legal & Conveyancing will order government/statutory searches to ensure the Vendors have no interest in the property; arrange a title insurance policy for you, prepare the form of Transfer for the property and submit to the Vendor for signing; stamp the Transfer; prepare settlement figures and receive a direction of settlement cheques from the Vendor. If you are not borrowing to purchase, provide you with a direction of cheques, book settlement time & venue. If borrowing to purchase, provide title particulars to your lender, book settlement time & venue with lender, provide cheque direction to lender. Before settlement you should arrange for home (and contents) insurance of the property book your removalist contact the utility providers e.g. electricity & telephone and carry out a final inspection of the property.
Settlement is the point at which you pay the balance of the purchase moneys and you receive title to the property. We attend and effect settlement at the time and venue appointed. RM Legal & Conveyancing will notify you and the Agent immediately following settlement to confirm you can collect the keys from the Agent. We will notify the authorities of the change of ownership of the property so that all notices are forwarded to you e.g. council rates, water rates, strata title levies, rural land rates.
In summary, the process of buying property can be simplified into the following steps:
1. Find your property
2. Contact RM Legal & Conveyancing receive advice in relation to the Contract and pre-purchase inspection reports. We negotiate the terms of the Contract with the Vendor’s Solicitor or Conveyancer;
3. You sign the contract, pay the deposit and we exchange Contracts;
4. We order pre-settlement enquiries, prepare the Transfer, stamp the Contract, liaise with your bank and meet their requirements, prepare settlement adjustments and settlement booking;
5. Settlement: pay for the property and receive title; and
6. Post settlement – collect keys; notify authorities.