Buying Property

BUYING PROPERTY


East Maitland Conveyancing can assist you with purchasing property in NSW and advise you of any grants available.

Below is an overview of a buyers guide to the conveyancing process.

Making an offer

Once you’ve made the decision to purchase a property you will need to make an offer to the agent. Once the seller has accepted your offer the conveyancers are notified by the agent by way of a sales advice.


We will receive a contract from the sellers conveyancer with your details, purchase price and any special conditions.

PRE-PURCHASE INSPECTIONS

Once we have received the sales advise from the agent we will contact you to obtain your instructions if you require any pre-purchase building and/or pest reports.


The inspections are preformed by qualified inspectors and provide you a detailed report about the condition of the property and potentially identify any costly issues.


If extensive issues are identified you may be able to use this information to negotiate a reduction in the purchase price. We can arrange these inspections on your behalf.

FINANCE

Before making an offer you should obtain pre approval from a broker or financial institution. Brokers can assist you in obtaining the best deal that suits you from a range of lenders.


Once your offer has been accepted you should advise your broker or lender the details of your property and your conveyancers details. Your broker or lender will conduct a valuation of the property before providing you with unconditional loan approval.


Generally, it is not wise to exchange a contract without unconditional loan approval, as you don’t want to get caught purchasing a property without any finance.

DEPOSIT AND EXCHANGE

Upon receipt of the Contract from the buyers conveyancer we will provide you with a letter of advice on the property and arrange with you a convenient time to provide you with advice on the contract.


At this appointment we will discuss with you payment of a deposit for the purchase, which is normally 10% of the purchase price, if you qualify for any of the Government Grants and discuss the contents of the contract with you. Contracts are exchanged by the sellers conveyancer once the deposit has been paid and the contract has been signed by both the buyer and seller.


Once exchange of contracts takes place we will provide you with the information in the next steps to ensure that you will be ready for settlement. We will liaise with your lender so they can provide the funds on settlement.

SETTLEMENT

Settlement is the final stage in the conveyancing transaction. The settlement date is in accordance with the completion date on contract, usually 5 or 6 weeks after contracts exchanged.


We will notify you prior to settlement of the amount owing on settlement after adjustment of council rates, water rates, water usage and strata levies, if applicable. In some instances, there may be other adjustments that will need to be made in accordance with the contract for sale.


Settlements can now be conducted electronically with Property Exchange Australia (PEXA). The best feature of e-conveyancing for a buyer is on settlement registration of ownership happens instantly giving you peace of mind that your name is on the title, with the ability to track your settlement process via a free app providing you with updates via sms or email about the status of your settlement.

Interested in our services? We’re here to help!

If you're interested in purchasing, leasing or selling; contact us today to see how we can assist in your future journey!

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