Purchaser Conveyancing Faqs
Purchaser Conveyancing FAQs
Buying a property is by far the single largest financial decision that you will make. To assist you, Newhouse & Arnold Solicitors lawyers have prepared some frequently asked questions to assist you.
It is a decision that requires careful consideration, research and advice from many different people – your solicitor, your accountant, your bank or financial institution, real estate agent, property inspection specialist to friends and family. It is essential that you can trust your advisors and can access them at any time to ensure that they provide you with quality advice when you need it. Newhouse & Arnold Solicitors will provide you with quality service at a competitive price and offers same day reply to any need.
We will work with you to secure your property by turning your contract around as fast as possible, provide you with practical suggestions and can assist you to implement various strategies to help you secure your property, even before auction! Timing is crucial, you need to ensure that you secure your property and that the property settles on the correct day. We will assist you to ensure settlement goes smoothly, as you will have removalists, cleaners, banks, insurance all booked in and ready to go.
We are conveniently located in Sydney’s Eastern Suburbs (Bondi Junction) and Lower North Shore (McMahons Point) servicing all Metropolitan Sydney from the Eastern Suburbs, Inner City, Southern Suburbs and Shire, Western Suburbs to the Lower North Shore and Upper North Shore and Northern Beaches.
What are the steps in purchasing a property?
There are essentially 5 steps in purchasing a property:
• Property Search
• Contracts Exchange
• Post Exchange
• Post Settlement
Should I get a building and pest report?
Knowing as much as you can about the condition of the property before you buy will help you avoid problems and extra costs down the track. The best way of doing this is to get a pre-purchase property inspection report, commonly known as a building inspection and pest report. There are three good reasons to get a building and pest report, so you can:
• understand the problems;
• use the report to try to negotiate a lower price; and
• get specialist advice about any major problems
What is a cooling off period and why didn’t I get one?
When you buy a residential property in NSW there is normally a five business-day cooling-off period after you exchange sale contracts. During this period you have the option to withdraw from the contract as long as you give written notice, although often there is a financial penalty. A cooling-off period does not apply if you buy a property at auction or exchange contracts on the same day as the auction after it is passed in.
You can waive the cooling-off period by giving the seller a ‘66W certificate’. This is a certificate that complies with Section 66W of the Conveyancing Act 1919. The certificate needs to be signed by your solicitor and is often requested by the seller.
When do I need to contact the bank?
It is essential that you speak with your bank or financial institution prior to negotiating with a real estate agent. Many banks and financial institutions can provide you with a loan approval which allows you to negotiate up to the approved loan amount.
Remember that loan approvals usually have a time limit placed on them.
What happens if I do not settle on time?
If you are unable to settle on the contract settlement date, then usually under the contract, you will have to pay penalty interest on a daily basis until you settle. Other legal rights may be available by the seller if you do not settle within 14 days of the contract date. We can explain this to you in more detail.
Contact us to arrange a consultation with one of our experienced lawyers.