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 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 – Verification of Identity
- STEP 11 – Signing a counterpart Contract
- STEP 12 – Exchange of Contracts
- STEP 13 – Paying the Deposit
- STEP 14 – Deciding Whether or Not to Cool Off
- STEP 15 – Loan and Mortgage Documents
- STEP 16 – Protecting your Unregistered Interests
- STEP 17 – Searches & Enquiries
- STEP 18 – Requisitions
- STEP 19 – Preparing a Transfer
- STEP 20 – Stamping the Contract and Transfer
- STEP 21 – Submitting a Transfer
- STEP 22 – Clearance Certificates & Withholding Obligations
- STEP 23 – Settlement Adjustments
- STEP 24 – Organising Home and Contents Insurance
- STEP 25 – Cheque Directions
- STEP 26 – Preparing for Settlement
- STEP 27 – Final Inspection
- STEP 28 – Final Search
- STEP 29 – Attending Settlement
- STEP 30 – Collecting the Keys
- STEP 31 – Moving In
- STEP 32 – Notifications of Authorities of Change of Ownership.