Our aim at City Legal Solicitors is to ensure the transaction is effected as smoothly and efficiently as possible. We have qualified Lawyers and Conveyancers looking after your property purchase at every stage of the conveyancing process and will provide you with updates throughout the process. Whether you're a first time purchaser or savvy investor, our communication will be clear, simple and regular, keeping you well informed.

FIRST HOME OWNERS

• If you are buying or building your first home, you may be eligible for benefits under the First Home Owner Grant Scheme and/or the First Home Plus Scheme.
• The First Home Owner Grant Scheme is a joint Australian and NSW Government initiative offering eligible NSW first home buyers a $7000 grant. The grant applies to residential dwellings only and does not apply to vacant land. This may vary so contact City Legal Solicitors for the most accurate advice on (02) 9687 5850.
• The scheme is administered by the Office of State Revenue to help first home buyers in NSW to purchase or build their first home.
• Eligible first home owners can receive the grant regardless of their income, the area in which they are planning to buy or build, or the value of their first home. The grant is not means tested and no tax is payable on it.
• Eligible first home buyers will receive an exemption on transfer duty on homes valued up to $500,000.00 and concessions on duty for homes valued between $500,000.00 and $600,000.00.
  
  

Work we do includes:

• Providing professional advice on terms of the contract or the process that you do not understand;
• Conducting negotiations with the vendor on terms of the contract;
• Arrange required reports such as Pest & Building, strata or survey reports;
• Arrange valuations;
• Drafting Special conditions on your behalf;
• Providing advice regarding caveats in light of Black v Garnock;
• Exchanging the contract with the vendor/seller;
• Liaising with the lender in relation to pre-settlement requirements; and
• Stamp the contract with Stamp Duty or exemption for First Home Buyer.
  
  

Preparations for settlement including:

• Obtaining searches/enquiries required for settlement utilising our modern online software;
• Booking settlement attendance with the lender or bank;
• Preparation of settlement figures so that you know who is paid and how much they are paid;
• Attending settlement on your behalf in person or via an agent;
• Providing you with post-settlement reporting on the settlement process and follow up on any outstanding matters arising from the conveyancing work; and
• Preparation of all forms required for title to be registered in your name.

FAQ's -

What should I do before I buy?

• Obtain a copy of the Contract and let us provide you with advice
• Negotiate terms of the contract with the vendor
• Arrange your Building, Pest and/or Strata reports
• Contact your lender with details of the property
• Make an offer and negotiate a price
• Make sure your finance is approved and unconditional
• Have your deposit ready
• Inspect the property
• Go to the Local Council & speak to the planning department; check on any nearby development, previous renovations etc.

ARE THERE DIFFERENT WAYS OF BUYING PROPERTY?

YES. A brief overview is set out below.

Private Treaty

Private treaty is when you negotiate with the seller through the agent (or the seller direct if there is no agent) then agree on a price. Once you are ready, Contracts are then exchanged. The property is not sold at auction and you may retain or waive the "cooling off period".

What is a cooling off period?

Cooling off is a right you have at law to exchange Contracts and usually have 5 business days from the date of exchange to change your mind and pull out of the Contract WHICH IS known as rescinding the contract. If you rescind, you usually will lose 0.25% of the price but any other deposit you have paid is refundable.

Waiving your cooling off rights - Section 66W Certificates

You may be asked to waive (give up) your cooling off right, that is, be contractually bound to Purchase the property. To do this you will be asked to provide a 66W Certificate, which is a certificate signed by your solicitor or conveyancer to say that you are prepared to give up this right.

Naturally, whether you retain your cooling off rights or not, it is critical that you are fully advised before you sign the Contract.

At an auction if you are the lucky bidder you will be required to sign and exchange Contracts straight away. Naturally it is important that you make sure you have your deposit ready and have received adequate legal advice regarding the Contract.

IMPORTANT: There is no cooling off period when you buy at auction. Once you are the successful bidder, there is no turning back and this is why it is critical that you have had the Contract checked, made your enquiries and arranged your finance before you go to the Auction itself.

Are there things Contracts don't tell us?

The Contract gives us a lot of information about the title to the property but nothing about the quality of the building on it. This is what is commonly known as Caveat Emptor, Latin for "let the buyer beware". It is therefore very important to have carried out inspections of the property prior to exchanging Contracts.

WHAT ARE THE STEPS IN THE CONVEYANCING PROCESS?

Exchange - what is it?

This is when the Contracts are checked to make sure they are identical, signed by all parties then "swapped" and dated. At this point they become legally binding.

What happens between exchange and settlement?

Investigations regarding the title, questions are submitted to the vendor's legal practitioner and we will liaise with your lender to make sure they will be ready for settlement.

Is there anything I should do between exchange and settlement?

You must consider your stamp duty obligations if applicable, sign your mortgage documents and make sure that you are ready with the balance of funds in time for settlement.

What if there are two Purchasers?

You must decide whether you are buying as joint tenants or tenants in common. Joint tenancy is basically when you buy a property together and there is no actual share, and if one party becomes deceased, the whole property passes to the survivor. This is also known as the right of survivorship.

In tenancy in common, each person will own an actual share in the property which may pass as set out in a Will if one person becomes deceased.

SHOULD I TAKE INSURANCE?

If you are buying a freestanding property, make sure you arrange your insurance well before settlement as your lender will need to see it before providing funds and there is an element of risk to you if something happens to the property before settlement. If you are buying a strata unit, the building will be insured by the Owners Corporation.

For professional advice and service contact our property team at City Legal Solicitors by going to our website or by giving us a call.