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Property Conveyancing Sydney | Buying A Residential or Commercial Property

We know that when you want to put an offer in on a property there is often a lot of pressure to get it in quickly so it can be considered, and you do not miss out. This contributes to more people signing contracts before seeking independent legal advice which can result in buyers not foreseeing complications or potential risks.

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Given this time pressure, our team has identified that we must accommodate this need and review your contract promptly. From there we can identify any elements that might pose a problem for you. If required, we can negotiate special conditions in the contract to alleviate any issues that we may find.

Before buying any property, the best approach is to engage a solicitor to review the contract. Then, you can move forward with your decision without having to face any nasty surprises.

Selling a property? Go to this page.

Property Conveyancing Sydney

Buying A Residential Property

There are five key phases in the buying (or selling) of a residential or commercial property:

  1. Pre-contract – This is when a contract for the sale of a property is prepared and a title search is undertaken to verify the owner of the property.
  2. Pre-Exchange – You may need to pay a holding deposit to the real estate agent which is non-refundable if you do not proceed. You are given a cooling off period during this time which is when you get all of your inspections done (pest, building, strata are the most common). Ensure you have unconditional loan approval. It is highly recommended at this stage that you obtain expert legal advice to have your contract reviewed and the terms negotiated.
  3. Exchange – This is the legal process where the contract for sale becomes binding between the buyer and seller. You can exchange conditionally or unconditionally. You have a cooling off period unless you waive this. When the cooling off period ends, the remainder of the 10% balance is due unless it is agreed for a lower amount to be paid.
  4. Settlement – This is when the purchaser takes possession of the property and all remaining finances are settled and the transaction concluded.
  5. After Settlement – This is when buyers secure their rights on a new mortgage and all transfer and title documents are signed and the transfer is registered.

PROPERTY CONVEYANCING SYDNEY

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SCB Legal Services | Property Conveyancing Sydney

Investment Properties

Whilst buying or selling an investment property involves the same steps as set out above, there are important things to remember when buying an investment property to make sure it is a good decision, and to make the process smoother:

  • Speak with your bank or a broker to ensure your finances are in order;
  • Consider obtaining a new loan or refinancing your current loan (if you have one) depending on the interest rates;
  • If this is your first property and you intend to rent/lease it out, take into account that you may not be entitled to any first home owner grants or concessions;
  • If the property is currently tenanted, enquire about the existing property management fees before signing;
  • If the property is not currently tenanted, get an up to date appraisal about the current demand for this type of property in that location and estimated rent return. Ensure you have sufficient finances to cover any shortfall on the mortgage.

Buying And Selling Around The Same Time?

When selling and buying at the same time, special conditions can be added to residential contracts to alleviate the issue of needing to finance or gaps in time between the sale of your property and the settlement on your new property. To avoid the additional costs that come with settlement dates not matching up, this can sometimes be negotiated to have what is called a ‘simultaneous settlement’.

The cost of moving house, temporary accommodation and storage of your belongings is considerably more if these negotiations are not attempted. Our team can work with the sellers and your potential buyers to help you enjoy a smoother transition from your current property into your new home.

“We engaged Sionea for conveyancing services for a simultaneous sale and purchase of our old/new homes. Sionea was on top of the process every step of the way and incredibly responsive. Even when difficulties arose with one of the parties involved, Sionea was there in every way representing us, listening to our needs as her client and making the process less stressful. I highly recommend her services and will definitely use her in the future should we need another solicitor. Thanks again Sionea!” – Online Review

PROPERTY CONVEYANCING SYDNEY

Prompt Contract Review Service

Before you place an offer, have us review your contract and provide a quick turnaround time.

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Selling A
Residential Property

Off The Plan
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Commercial
Leasing

Property Conveyancing Sydney

Our team provides residential property conveyancing services to buyers and sellers across greater Sydney. We look forward to assisting you with a prompt review and a smooth transaction.