Buying or selling property is a significant financial milestone. The property market has been highly competitive over recent years. For many, it has been daunting enough just getting into the market, let alone playing the “offer and acceptance” game and all that follows in the conveyancing journey.
We are qualified lawyers who specialise in property law and can assist with all types of conveyancing transactions in New South Wales. We can help whether you are buying, selling, or investing in residential, commercial, or retail property.
Selling residential property in New South Wales
You will need a written contract prepared before offering residential property for sale. You must also include certain disclosure material with your contract. This information provides details about the property that may not otherwise be apparent to a buyer from a physical inspection.
We can review your contract, explain your rights and responsibilities as a buyer and help you navigate each part of the conveyancing process.
Pre-purchase investigations
Entering a binding contract to buy property creates legal obligations, so you first need to know exactly what you are getting. Due diligence involves a series of investigations to ensure that the property may be used for its intended purpose, the implications of any easements or other restrictions on the property are understood, and that the structures are compliant. Due diligence should be carried out before entering binding contracts and we can assist with your investigations.
Mid transaction
Once contracts are exchanged, and subject to any cooling-off rights, the vendor and purchaser are legally bound to the transaction. The agreed deposit must be paid and stamp duty on the contract is payable (unless exempt). Exchange of contracts triggers the countdown to completion which might typically be 5–8 weeks later.
During this period, further enquiries are usually made, for example, to ascertain whether the property is affected by certain government proposals, and certificates from local council and water authorities are obtained so that rates can be adjusted for settlement. If there is a mortgage over the property, the lender needs to be notified so any loan may be repaid on settlement and the mortgage discharged.
We will liaise with all relevant parties, flag any issues with you, and keep you advised of how your matter is tracking.
Completion
Settlement statements are prepared showing the final balance owing on completion, taking into account the deposit, rates and other adjustments. Purchasers are entitled to a final inspection just before settlement and this is typically organised through the agent. Unless the contract provides otherwise, the property must be vacant and all items, rubbish, etc., removed in anticipation of completion. Online settlement arrangements are made through PEXA.
Settling your property transaction through PEXA
Traditionally, property settlements involved the physical meeting of the buyers’ and sellers’ representatives and financial institutions to check and swap documents and cheques. Documents would then need to be lodged with the relevant government departments to transfer ownership. A minor hiccup in settlement plans usually meant that completion needed to be rescheduled, figures recalculated, and cheques redrawn – a major inconvenience for all parties.
E-conveyancing has revolutionised this process through an electronic platform known as PEXA. Online settlements remove the location and time barriers of physical settlements, enabling all parties to transact online. We are PEXA certified and fully conversant with this system of conveyancing, which visually tracks the progress of each stage of your matter, facilitates the online lodgement of documents and faster access to sales funds.
How can we help with your conveyancing transaction?
We are experienced lawyers offering the full spectrum of property law services. There are benefits of having your conveyancing transaction managed by an experienced property lawyer. The complexity of a “routine” transaction is typically under-estimated and often involves drafting, reviewing, and explaining complex contracts and documents. Our expertise goes beyond processing conveyancing transactions, and clients can benefit from our broad base of knowledge and expertise in other areas of law.
If you need assistance, email [email protected] or call 02 8999 1080 for expert conveyancing and property law advice.