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Buying a Property
A real estate agent must hold a contract for sale accessible to all prospective buyers of residential property advertised for sale. It contains information such as the seller and agent details, full property address, nature of improvements made to the property, and inclusions that are part of the sale. This allows a buyer and their lawyer to review the information concerning the property and the terms of sale. The contract is required to include certain documents.
We suggest you arrange formal approval for finance before you begin your property search so that you are in the best position to purchase when the time comes.
We can Help
One Law have a team of expert property lawyers who can help guide you through the legal process to buy your new home or other property.
It’s important to get legal advice as soon as you can so that you are you are provided with all the information you need to ensure that the purchase takes place smoothly.
The steps below explain how we can help you.
We make it simple
Our property law team is here to help. We would love to hear from you. You can get in touch with one of our lawyers by completing the online enquiry form below or by calling us on free call 1800 ONE LAW (663 529).
1
Find your property
Arrange your formal finance approval and locate the property you wish to purchase. Obtain a copy of the contract for sale and negotiate on price. Once instructed we will review the contract for sale and advise on the terms to ensure that you understand it and negotiate any changes as required. We will also facilitate inspections including pest, building, survey and strata reports as required.2
Meet with us in person or over the phone
Identical copies of the contracts are signed and dated by you and the seller and physically exchanged. You will pay the 10% deposit or balance of the holding deposit already paid to the agent if applicable. It is at this time that the contract becomes binding.3
Exchange the contract
Promptly arrange your property insurance because in New South Wales, any insurance risk passes to you once settlement occurs. Complete your mortgage documents and return them to your financier. Provide us with proof of identity for each purchaser and a stamp duty cheque. Make arrangements regarding collection of keys and arrange your final inspection just before settlement. Make arrangements regarding utility connections including electricity, internet and phone.4
Preparing for settlement
After you have completed your final inspection of the property, immediately advise us should you have any concerns. During settlement we will give to the seller's representatives bank cheque/s for the purchase price in exchange for the Certificate of Title, Transfer document and a Discharge of Mortgage (if applicable). Ensure you can be contacted easily for any last minute questions we may have and wait for us to contact you to confirm that settlement has occurred.5
Settlement
Review our final letter of advice and confirmation of settlement. If you borrowed funds to purchase, your financier will lodge the transfer documents with the land titles office, otherwise we will do this on your behalf. We will notify relevant organisations (such as the Council) that you are the new owner of the property.Do you need to speak to a lawyer?
Call us on our free advice line or leave your details and we'll call you back.
1800 663 529
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