Purchasers have a period of 5 working days after exchange of contracts in which to “cool off”, if they do so they forfeit to the vendor 0.25% of the sale price. Where Purchasers have the choice of obtaining legal advice, finance approval and carrying out pre-purchase inspections, they may wish to exchange “unconditionally” (i.e. without a cooling-off period and a Section 66W Certificate would be signed by the Purchasers Conveyancer.
Fees and moneys paid by us on your behalf to conduct your conveyancing transaction. These amounts require reimbursement, detailed on our Tax Invoice.
A burden or charge registered on the title to the property such as a mortgage, Caveat, Lease.
This is the official making of the contract between the parties. Contracts are physically swapped and dated so that each party holds the contract signed by the other party. The deposit (or balance deposit in the case of a cooling-off Contract) It is at this point that the parties are bound to the transaction.
How you are going to pay for a property is a very important part of the process. You should have pre-approval before you look at property so that you are aware of the limit of your borrowing capacity. An inability to obtain finance approval, will not be an excuse for not completing a Contract. If you are unable to complete the purchase you stand to lose the deposit paid and also to be sued for any loss that the seller may incur.
The day before or on the day for settlement, the Purchaser should arrange to be accompanied by the Agent and attend the property to ensure that all inclusions are in place and in the same condition as when first inspected. If you do not carry out a final inspection or arrange for the agent to conduct one for you, you cannot complain if after settlement you discover a problem with the property.
FIRST HOME BUYERS GRANT
If you are buying or building your first home, or buying a vacant block of land to build your first home, you may be eligible for the First Home Buyers Government Grant. Visit the Office of State Revenue web page to ascertain your eligibility.
FIRST HOME PLUS
If you are buying your first home and the sale price is $500,000.00 or less you can have the stamp duty payment waived all together. If the price is between $500,000.00 and $600,000.00 you pay a discounted amount, the discount is reduced as the price increases until at $600,000.00 the full duty is payable. You should consult your licensed conveyancers or the Office of State Revenue to confirm that you qualify for the stamp duty concession.
FITTINGS & FIXTURES
Goods or articles that can be removed from the property without causing damage. Fixtures, include items like built-in cupboards, bath, toilet, stove etc. that cannot be removed without causing damage. It is wise to provide your conveyancer with clear instructions regarding what is staying in the property and what is going to be moved.
Title to property is held on one of two ways. Joint tenants , means that each person owns the property jointly and equally. In the event of one joint tenant surviving the other, the property automatically passes to the remaining joint tenant or tenants. Tenants in common , means that each person owns a share (can be 50/50, 70/30, 99/1 or any share you wish) in the property. On the death of one party that share passes to whoever inherits their estate, so having a current Will is essential. However, tenants in common can often be advantageous where parties to a transactions are contributing in unequal shares and wish to have these shares identified.
You should check with yoru accontant to ascertain wjether you are liable for Land Tax. Generally your principal palce of residence is exempt.
A team of helpful energetic people who dash from settlement to settlement in the CBD where most settlements take place. Frequently, Law Stationers are Law Students experiencing the practical aspects of Conveyancing. Law Stationers are often brokers for on-line services which link our office to Office of State Revenue, Department of Lands, Sydney Water, ASIC and many other authorities which we may need to access for information.
Are specialists in recommending the right loan for you and your circumstances. Mortgage brokers spend time to go through your financial details and ascertain your ability to service a loan in order for your to obtain pre-approval. When you have located a property you wish to buy, you should then contact the Broker who can then assist in ensuring that unconditional finance approval is available by the time Contracts are exchanged.
Is required by the lender to insure the loan when the amount of the loan compared to valuation is above a certain percentage. This insurance protects the lender against any loss through default of the borrower if the property, when sold, returns less than the loan amount outstanding at the date of sale. The premium paid is a once only premium and is determined by the amount borrowed and the loan to valuation ratio. Discuss this with your Mortgage Broker.
PREMIUM PROPERTY TAX
Currently Duty is payable on residential properties purchased with a purchase price exceeding $3million. See the Office of State Revenue webpage for further information.
This is the day on which all moneys are handed over in exchange for the title deeds and the day on which possession is given to the purchaser.
The amount of stamp duty payable on the contract is determined by the sale price of the property. The OSR Website can calculate the amount of Duty payable on a transaction. Stamp duty is paid within 3 months of the date of exchange and usually before settlement.