Services

Our team at Safe Conveyancing understand that buying or selling a residential or commercial property is a big decision, and a significant matter for most people. We aim to ensure that your property transactions proceed as smoothly and as stress free as possible.

We can assist you with the following:

Preparation of contracts for sale of residential and commercial property by individuals, companies and SMSF’s.
The purchase of residential and commercial property by individuals, companies and SMSF’s
Advice in regard to the sale or purchase of vacant land, units, strata and community title, rural land and “off the plan” purchases.
Transfers of property pursuant to Court Order (Family Law) or Financial Agreements.
Review of contracts, including retirement village contracts.
Assistance for first home owners.
Advice on lenders requirements.
Provision of independent legal advice in respect to guarantees.
Lodgement/Withdrawal of Caveats.

BUYING

Buying a home is one of the most stressful and expensive things you will ever do. It’s vital that you seek legal advice from someone experienced in property law and who knows the area.

BEFORE YOU START

The first round of decisions you will likely need to make is in regard to finance. Make sure you read everything thoroughly, from the pre-contractual statement which outlines the fees and charges to which you’ll be subject to the actual mortgage contract itself. Remember you are entitled to legal advice and are under no obligation to sign anything on the spot.

PRE-PURCHASE INSPECTIONS

Once you have found a property you like, you will need to arrange a pre-purchase building inspection report and perhaps a pest inspection report. These are written reports about the condition of the property and helps you find out any potentially costly problems. You may be able to use this information to negotiate a reduction in the purchase price.

We also recommend that a strata report be obtained if buying a unit/apartment in a strata complex. The strata report will provide you with relevant information such as information relating to the condition of the strata building, financial status, insurances, whether there has been or likely to be any special levies, and harmony within the strata complex.

MAKING AN OFFER

If you’re happy to proceed, you can make an offer. You might be asked to pay a small sum as an initial “holding” deposit, but this is fully refundable if you don’t end up signing the contract. It does not mean that the property is yours yet either, as the agent can take other offers.

COOLING OFF PERIOD

In NSW, unless the purchaser agrees to waive the Cooling Off period, the purchaser is entitled to a Cooling Off period of five days (where the property being purchased is residential property with an area of 2.5 ha or less). The Cooling Off period can sometimes be extended by agreement, for example to 10 days. A Cooling Off period does not apply if the property is sold at auction.

The Cooling Off period is intended to provide time for the purchaser to undertake its building and pest reports, or obtain a strata report, and for finance to be unconditionally approved. If the purchaser elects not to proceed with the purchase of the property during the Cooling Off period, the 0.25% deposit which is payable at the commencement of the Cooling Off period is required to be paid to the seller.

We can also provide you with advice during the Cooling Off period to seek changes to the contract which we consider to be for your benefit.

SIGNING THE CONTRACT

If your offer is accepted, we can provide you with advice about the contract before contracts are exchanged.

Exchange of contracts occurs when both the purchaser and the seller have each signed a copy of the contract, and the purchaser has paid the 0.25% deposit (where a Cooling Off period applies), or a 10% deposit where the Cooling Off period has been waived or does not apply. If you do not have a 10% deposit it may be possible to negotiate a smaller deposit (5%), or to obtain a deposit bond.

On exchange, the contracts are dated and the purchaser’s conveyancers receive a copy of the contract signed by the seller, and the sellers conveyancers receive a copy of the contract signed by the buyer.

Where a Cooling Off period applies, the balance of the deposit has to be paid on or before 5:00pm on the last day of the Cooling Off period. The deposit is held with the real estate agent and is released to the seller following settlement, after deduction of the agents commission and expenses.

SETTLEMENT

After the contract has become binding, there are a number of tasks to perform including:

Arranging payment of stamp duty.
Liaising with the lender in regard to the mortgage.
Checking with various government authorities to see if they have a vested interest in the property.
Checking to see if there are any outstanding debts to local council.
Calculating adjustments for council, water and strata rates.
Making final checks on the title.

Settlement (the day that the money is exchanged for the property and keys handed over) is scheduled in accordance with the contract, and is usually 6 weeks after signing contracts.

Before settlement the purchase price will be adjusted to reflect the council rates, water rates and strata fees that need to be shared between the parties. There may be other adjustments, based on the Contract for Sale. Once settlement takes place, the real estate agent will be be authorised to release the keys to you.

SELLING

THE CONTRACT

Once you’ve made the decision to sell your property, one of the first tasks is to have the Contract for Sale of Land drawn up.

The contract will include not only the legal terms and conditions of sale, but will also specify what items are included or excluded from the sale, and any other special requirements you might have like a longer or shorter settlement than usual, or perhaps that the contract be conditional upon another contract for you to buy your next property.

There are a lot of ways that a contract can be varied, so it’s important to discuss your situation in detail with our experienced conveyancers. You also need to know your disclosure responsibilities, as failing to disclose certain things can cause problems.

THE DEPOSIT

Once a purchaser has been found and the contract has been signed and exchanged, it is legally binding. The deposit which has been paid by the purchaser is usually held in the trust account of the selling agent.

DISCHARGE OF MORTGAGE

If you have a loan secured by a mortgage on your property you will need to sign documents to ensure that your mortgage is discharged at settlement. We can assist you with that process.

SETTLEMENT

Settlement (the day that the money is exchanged for the property and keys handed over) is scheduled in accordance with the contract, and is usually 6 weeks after signing contracts. During the wait for settlement we will liaise with your bank in relation to releasing any mortgage held on the property. In this time you should arrange disconnection of electricity and other services.

Once settlement takes place, the real estate agent will be be authorised to release the deposit to you, less their fees.