Property Purchase Advice and Conveyancing Services In Dubbo, NSW

Buying your first home, next home or investment property? This is an expensive and important decision to make so it pays to do your homework.

Ensure you get the right advice, call the experts on 02 6882 1133!

The important stages during the purchase of a property:

Initial Steps

Once you have decided that you would like to purchase property, the first step to take would be to talk yo your bank or broker.

They will calculate what you can afford to spend by adding the amount you have saved with the amount you can borrow.

You will also need to allow for stamp duty, lender's mortgage insurance, bank fees, legal fees and moving costs.

Once you have obtained pre-approval, then you can look for a property that suits your needs and your budget.

Contract Review

Once the contract for your property purchase has been drawn up, it will need to be reviewed to ensure it is compliant with existing rules and that it protects your interests.

This is where we can assist. We will discuss the contract with you and answer all your questions.

We always recommend you undertake a pest and building inspection before committing to a property to ensure you are getting the best deal.

Exchange of Contracts

Both the vendor and purchaser sign identical contracts and once these contracts are ‘exchanged’ both parties are legally bound to the contract.

When you Purchase residential property in NSW you will automatically have a 5 working day cooling off period where you can get out of the contract for whatever reason, however you will forfeit 0.25% of the purchase price to the vendor (this does not apply to properties sold at or on the day of auction).

A 10 working day cooling off period applies to off the plan purchases.

The cooling off period can be waived by giving the vendor a S66W Certificate and does not apply for land over 5 acres or commercial properties.

Settlement

Settlement usually occurs 42 days (6 weeks) after exchange of contracts however a shorter or longer settlement period can be negotiated between the parties. Most contracts will have a penalty interest clause if settlement is delayed by the purchaser or their lender.

On the day of settlement, the purchaser is entitled to do a final inspection of the property to ensure that the property is the same condition as when you made your offer. If everything is in order settlement will then proceed.

The balance of the purchase price is paid to the vendor and property is transferred into your name. The agent is then advised of settlement so you can collect your keys.