Yes, unexpected delays can arise but we pride ourselves on settling nearly all conveyancing transactions on time.
No, you don't need to attend settlement. We have experienced agents who collect the documentation from us and settle the matter on your behalf, usually in the Sydney CBD.
We notify the agents of settlement. You can usually collect the keys on the afternoon of the settlement day.
The balance of the purchase price, subject to pro-rata adjustments for rates and levies, is payable on the completion date specified in the contract. We work out those adjustments and agree them with the other party's conveyancer about 3 or 4 days before completion. Then, for a purchase, we will let you and/or your bank know what bank cheques we require in order to settle on time or, for a sale, we direct the purchaser's conveyancer what bank cheques are required.
Yes, you are entitled to a final inspection in the final three days before completion. This needs to be arranged with the agent. You buy the property as you inspected it prior to exchange of contracts. Should there be any issues found when you inspect the property, you should raise these with the agent.
It is up to you to, if selling, to cancel your gas, phone and electricity accounts. Similarly, if purchasing, you must establish your new accounts for gas, phone and electricity.
At settlement we hand over a Notice of Sale which is lodged at the NSW Land and Property Information office with the title documents. This will result in the Valuer General, Water Board, and Council automatically receiving notice of your sale or purchase. If purchasing, notices will come to the address which you tell us to nominate.
Unless taking occupation prior to settlement, your insurance needs to start from the date of settlement. Make sure that your mortgagee is noted on the policy. Strata title properties are a little different. The owners corporation holds insurance for the building. You only need insurance for your individual unit.
Yes, settlement cheques must be bank cheques.
Stamp duty must usually be paid on settlement or within 3 months of exchange of contracts. Owner occupies of off-the-plan properties may be eligible for a 12 month delay for the payment of stamp dty. We will advise you in each case.
We will write to you confirming exchange and when settlement is due. We also ask for the stamp duty. There are a number of steps that we carry out as your conveyancer between exchange of contracts and settlement. If any delays occur in relation to settlement, it is usually because finance is not available for a purchaser or the bank is not ready to discharge its mortgage for a seller. There may be penalty interest if you do not settle a purchase on time. This is why it is essential to make your finance application quickly and sign your lender's loan and mortgage documents promptly on receipt. If you are selling, you must make application to your lender for a discharge of mortgage. In all cases, give our details to your bank.
The vendor will normally accept either a 5% or 10% deposit. The cheque can be a personal cheque, and you may speak to the agent to see if you can transfer the deposit electronically. Should you not have the funds, an application can be made for a deposit bond. Not all vendors will accept a deposit bond.
A purchaser of a strata title property should apply for a strata records inspection report and if that discloses any building condition issues then a pest and building report may be necessary.
It is important to have your conveyancer examine the contract before auction, to make sure that everything is in order. It is also important to have your finance arranged with unconditional approval. Also make sure all necessary building inspection have been completed. You cannot complain about any of these issues after you purchase at an auction. Talk to the estate agent about auction registration and procedures. If you are successful, you must then sign the contract and pay a deposit. A personal cheque is acceptable. Note there is no cooling off period for an auction purchase.
It is important to make sure that your finance is approved in writing, and you have carried out your due diligence in getting a pest and building report if buying a house, or a strata records inspection report if buying a strata title apartment. If you need additional time then you could ask to sign the contract under "cooling-off" but if you pull out before the end of the cooling-off period then you will lose 0.25% of the price. Cooling-off does not apply to auction purchases.
You need to find an agent and sign an agency agreement. We can recommend good agents in most areas. Then you need to instruct us to draw up a draft Contract for sale. We will have a number of questions to ask, so that we can prepare the contract.
The agent will send through a sales advice to us and to the conveyancer for the purchaser. We will discuss the contract with you in some detail, including any changes that may be necessary. Many clients prefer a face-to-face meeting at our office and we are happy to accommodate you for this purpose.
We organise with the purchaser’s conveyancer to exchange contracts and either a 5% or 10% deposit is handed over, usually with a section 66W Certificate, making the contract unconditional. Settlement normally take place 42 days after the exchange.
The most important aspect at this stage, if you are selling, is to apply to your bank to organise a discharge of such mortgage. If necessary, we will send you a discharge authority to sign, or ask your mortgagee to discharge of the mortgage.
We will calculate and agree the settlement figures with the other conveyancer. If you are selling, we will obtain a loan payout figure from your mortgagee. You need to advise us how you wish to draw the balance of the proceeds. All rates and levies are adjusted as at the date of settlement and if a proportion is unpaid these will come out of the sale proceeds. Please do not pay rates/levies very close to the settlement date as this may not be picked up.
We will have everything arranged, usually on the day before settlement. We will notify you as soon as we have work of the completion of your settlement. We will notify the agent so that the deposit can be released to the vendor and the keys can be released to the purchaser.