Buy with confidence. Don’t get caught out.
Buying a property involves making one of the most important decisions that you will have to make in your lifetime and is not something that should be rushed into.
It typically involves making a commitment to repay hundreds of thousands of dollars and undertaking obligations to make repayments to a Lender over a number of decades.
The aim of this Guide is to:
- Assist Buyers to more fully understand the things they need to address before buying a property so that they are better
prepared and are more likely to be the successful Buyer when two (2) or more people are interested in purchasing a
particular property, and
- To educate Buyers in relation to the legal issues and procedures involved in buying property in NSW.
Once you have determined how you will own the property and arranged conditional finance approval, the following Steps to Buying Residential Property will usually follow.
These steps are covered in detail in The Ultimate Conveyancing Guide.
- STEP 1 – Finding a Property
- STEP 2 – Asking for a Contract for Sale and Purchase of Land
- STEP 3 – Negotiating a Price
- STEP 4 – Holding Deposit
- STEP 5 – Sales Advice
- STEP 6 – Contacting your Solicitor
- STEP 7 – Obtaining Unconditional Loan Approval
- STEP 8 – Pre-Purchase Inspections & Reports
- STEP 9 – Contract Review and Negotiations
- STEP 10 – Signing a counterpart Contract
- STEP 11 – Exchange of Contracts
- STEP 12 – Paying the Deposit
- STEP 13 – Deciding whether or not to Cool Off
- STEP 14 – Loan and Mortgage Documents
- STEP 15 – Protecting your Unregistered Interests
- STEP 16 – Searches & Enquiries
- STEP 17 – Requisitions
- STEP 18 – Preparing a Transfer
- STEP 19 – Stamping the Contract and Transfer
- STEP 20 – Submitting a Transfer
- STEP 21 – Settlement Adjustments
- STEP 22 – Organising Home and Contents Insurance
- STEP 23 – Cheque Directions
- STEP 24 – Preparing for Settlement
- STEP 25 – Final Inspection
- STEP 26 – Final Search
- STEP 27 – Attending Settlement
- STEP 28 – Collecting the Keys
- STEP 29 – Moving In
- STEP 30 – Notifications of Authorities of Change of Ownership.