Selling Property NSW
Here is a summary of what you can expect when you sell Property.
Step 1 -Sales Contract
The first step in selling a property is to have a Contract prepared by a Conveyancer. The Contract sets out the terms and conditions of the sale. We will be required to order mandatory searches and certificates for the Contract. The Agent can now start marketing the property.
Step 2- Signing
You can proceed with signing the Contract once you have accepted the sale price. When Contracts are signed and dated by both Purchaser and Vendor, the Contracts are now 'exchanged'.
Step 3 Cooling Off Period
If the property is not sold at Auction, a buyer is generally entitled to a 5 business day cooling off period. Buyers will engage their representative and start the negotiation process. Allied Conveyancing will assist you with the contract negotiation process.
Step 4- Unconditional
Once the cooling off period has expired, Contracts are now unconditional and binding on all parties.
Our Conveyancers will prepare the forms required for settlement and advise you of the next steps.
During this time we will inform your lender of the sale and start the discharge of mortgage process.
You should also provide notice for the disconnection of utilities to take effect one settlement has been completed.
Step 5 Settlement
In the days before Settlement, we will review settlement figures and advise you of the funds due to you on settlement.
Allied Conveyancing will attend to the settlement on your behalf.
Buying Property NSW
Here is a summary of what you can expect when you buy Property (outside of Auction).
Step 1 - Pre Approval
A loan pre-approval will guide you on how much you can borrow.
Getting pre-approved early signifies to the Vendor that you are a serious buyer and allows you to negotiate more favourable terms.
Step 2 - Review of Contract
Allied Conveyancing will carefully review the Contract, advising you of any risky terms and negotiating amendments on your behalf.
If you sign the Contract at Auction or without a cooling off period, you will be locked into the Contract and will be bound to complete the contract regardless of whether you are happy with the condition of the property or the terms of the Contract.
Step 3- Signing
When Contracts are signed and dated by both Purchaser and Vendor, the Contracts are now 'exchanged'. You will be required to pay the 0.25% deposit at the time of signing.
Buyers are generally entitled to a 5 business day cooling off period. If you elect to not proceed with the purchase during the cooling off period, you will forfeit the 0.25% deposit.
Step 4 - Cooling Off Period
The cooling off period can be an intense period for many. The purpose of the cooling off period is to ensure that you are satisfied with your loan approvals, the terms of the contract and the condition of the property before you get locked into the Contract.
Step 5 During the Cooling Off Period
What we advise should take placing during the 5 business day cooling off period:
Conduct a pest & building inspection to unveil any hidden structural defects and pest issues. Our conveyancers will assist you with arranging this.
Conduct your own inspection of the property and ensure that all inclusions (stove, air conditioning, garage doors etc.) are in working order.
Finalise the contract negotiations;
If you intend to borrow funds to complete your purchase, obtaining unconditional loan approval is essential to ensuring that you will have the funds to complete your purchase.
We advise against continuing with the purchase unless you are satisfied with the terms of the Contract, the property and it's current condition and you have obtained unconditional loan approval.
Step 6- Unconditional
Once the cooling off period has expired, Contracts are now unconditional and binding on all parties.
Allied Conveyancing will prepare the forms required for settlement, advise you of the next steps and order the required searches.
During this time you will be required to sign your loan documents, arrange for building insurance, arrange for removalists and arrange for the connection of utilities.
We will continue to work alongside your lender and the seller to organise settlement.
Step 7 The Week Before Settlement
Our Conveyancers will prepare settlement figures and advise you of the funds required for settlement.
You should also contact the agent to organise a final inspection of the property to ensure that the property is in the same state as when you first inspected.
Day of Settlement
Once you are satisfied with the final inspection of the property, Allied Conveyancing will attend to settlement on your behalf including the payment of stamp duty.
Congratulations on your purchase! you may now collect the keys from the agent.
Settle With Confidence
Quality Service | Affordable Fixed Fees
Simplified Stress Free Conveyancing
SMS 0405 511 587
✉ info@alliedconveyancing.com.au