Buying a Property with
U
lladulla
C
onveyancing
_____
| AVAILABLE 7 DAYS MOBILE SERVICE FLAT FEE CHARGED 0438 635 829 |
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| Ulladulla Conveyancing will complete ALL the legal work involved when buying a property and assist you every step of the way INCLUDED IN THE FLAT FEE Melanie will also lodge any applications for first home buyer grants/exemptions |
When you have found the perfect property to buy, Melanie will firstly advise
you on the Contract.
you on the Contract.
THE CONTRACT
The law states that there must be a contract in place before residential
property is offered for sale. This means that if you are shown a property
you can ask to see the contract before you make your decision to buy it.
The Contract contains all the legal obligations that you are committing to
and discloses any problems there may be with the property. It is my job as
a conveyancer to advise you in relation to all aspects of the Contract.
The law states that there must be a contract in place before residential
property is offered for sale. This means that if you are shown a property
you can ask to see the contract before you make your decision to buy it.
The Contract contains all the legal obligations that you are committing to
and discloses any problems there may be with the property. It is my job as
a conveyancer to advise you in relation to all aspects of the Contract.
PROPERTY INSPECTIONS
Melanie recommends that you get a property inspection report done by an
independent inspector.
There are many different types of inspections that can be carried out (all of
which are not compulsory) but can be arranged on your behalf:
Building Inspection Report - A building inspection report is a visual
inspection that looks at the structure of the home and will detail the defects
and advise if there are any repairs that are needed to the property (cost
approx. $275.00 - $330.00)
Pest Inspection Report - A pest inspection report is a visual inspection to
see if there is any evidence of termites, termite damage or conditions that
are conducive to termite attack (cost approx. $220.00)
Strata Inspection Report - If you are purchasing a unit/apartment within a
Strata, Community or Neighbourhood plan (where levies are paid for the
upkeep of common property) an inspection is carried out on the financial
and minuted records of the Body Corporate. This is necessary to
determine whether or not the Body Corporate is underfunded or may have
other risks that are not evident from just looking at the property. (cost
approx. $250.00)
Survey Report - A survey report will identify where the structures (i.e.
house, shed, swimming pool etc.) have been built on the land in
comparison to where the actual legal boundaries are. This is required in
case part of a structure is built on a neighbour's property and/or a
neighbour's structure is built on the land that you are buying. An up to date
survey is also required if you want to get a Building Certificate from the
Council. (cost approx. $450.00)
Building Certificate - A building certificate is obtained from the local
Council and is a certificate certifying that all of the buildings erected on the
property either have been approved or would be approved by the Council.
(cost approx. $150.00)
Title Insurance - The protection under a title insurance policy is broad,
providing cover for loss arising from certain unknown defects which are
pre-existing to your ownership. The policy would cover illegal structures
that have been erected, survey errors, boundary disputes, unregistered
easements, access problems, zoning problems, fraud etc. The premium is
a one-off payment of $360.00. If you would like further information about
this insurance visit the website Stewart Title or contact me and I will send
you a brochure.
Other Inspections - Other types of inspections and reports can be
obtained for a variety of things if it is deemed necessary. The other types of
reports (although not limited to these) are: Smoke tests; Engineers
certificate; Geotechnical Reports; Swimming Pool report.
For more information on property Inspections click here
Melanie recommends that you get a property inspection report done by an
independent inspector.
There are many different types of inspections that can be carried out (all of
which are not compulsory) but can be arranged on your behalf:
Building Inspection Report - A building inspection report is a visual
inspection that looks at the structure of the home and will detail the defects
and advise if there are any repairs that are needed to the property (cost
approx. $275.00 - $330.00)
Pest Inspection Report - A pest inspection report is a visual inspection to
see if there is any evidence of termites, termite damage or conditions that
are conducive to termite attack (cost approx. $220.00)
Strata Inspection Report - If you are purchasing a unit/apartment within a
Strata, Community or Neighbourhood plan (where levies are paid for the
upkeep of common property) an inspection is carried out on the financial
and minuted records of the Body Corporate. This is necessary to
determine whether or not the Body Corporate is underfunded or may have
other risks that are not evident from just looking at the property. (cost
approx. $250.00)
Survey Report - A survey report will identify where the structures (i.e.
house, shed, swimming pool etc.) have been built on the land in
comparison to where the actual legal boundaries are. This is required in
case part of a structure is built on a neighbour's property and/or a
neighbour's structure is built on the land that you are buying. An up to date
survey is also required if you want to get a Building Certificate from the
Council. (cost approx. $450.00)
Building Certificate - A building certificate is obtained from the local
Council and is a certificate certifying that all of the buildings erected on the
property either have been approved or would be approved by the Council.
(cost approx. $150.00)
Title Insurance - The protection under a title insurance policy is broad,
providing cover for loss arising from certain unknown defects which are
pre-existing to your ownership. The policy would cover illegal structures
that have been erected, survey errors, boundary disputes, unregistered
easements, access problems, zoning problems, fraud etc. The premium is
a one-off payment of $360.00. If you would like further information about
this insurance visit the website Stewart Title or contact me and I will send
you a brochure.
Other Inspections - Other types of inspections and reports can be
obtained for a variety of things if it is deemed necessary. The other types of
reports (although not limited to these) are: Smoke tests; Engineers
certificate; Geotechnical Reports; Swimming Pool report.
For more information on property Inspections click here
EXCHANGE
Once Melanie is satisfied that the property is legally and structurally OK to
buy and you have the money available to purchase (or if borrowing from a
Bank you have received an unconditional loan approval) contracts have
to be "exchanged" before there is any legally binding agreement. The
exchange takes place after both the owner and buyer have signed their
respective contracts and the buyer has handed over the deposit. To effect
an exchange Melanie will meet with the seller's solicitor/conveyancer to
compare both contracts to ensure they are identical and the contracts are
then swapped i.e. the owner is given the buyers contract and the buyer is
given the owners contract. The "exchange" has then taken place and the
contract is legally binding on both parties.
Once Melanie is satisfied that the property is legally and structurally OK to
buy and you have the money available to purchase (or if borrowing from a
Bank you have received an unconditional loan approval) contracts have
to be "exchanged" before there is any legally binding agreement. The
exchange takes place after both the owner and buyer have signed their
respective contracts and the buyer has handed over the deposit. To effect
an exchange Melanie will meet with the seller's solicitor/conveyancer to
compare both contracts to ensure they are identical and the contracts are
then swapped i.e. the owner is given the buyers contract and the buyer is
given the owners contract. The "exchange" has then taken place and the
contract is legally binding on both parties.
DEPOSIT / DEPOSIT BOND
The deposit which is required to be paid on exchange of contracts is 10% of
the purchase price. The deposit is normally paid by cheque, which can be a
personal cheque, and will be held by the agent in their trust account until
settlement.
If you do not have a 10% cash deposit you can order a Deposit Bond.
A Deposit Bond is basically an insurance policy in favour of the seller, for
which you pay a premium, and if you decide not to go ahead with the
purchase after exchange, the seller will then claim the 10% from the
insurance company. If you would like more information about deposit
bonds click here
The deposit which is required to be paid on exchange of contracts is 10% of
the purchase price. The deposit is normally paid by cheque, which can be a
personal cheque, and will be held by the agent in their trust account until
settlement.
If you do not have a 10% cash deposit you can order a Deposit Bond.
A Deposit Bond is basically an insurance policy in favour of the seller, for
which you pay a premium, and if you decide not to go ahead with the
purchase after exchange, the seller will then claim the 10% from the
insurance company. If you would like more information about deposit
bonds click here
STAMP DUTY
Stamp duty must be paid on or before settlement and is payable on all
contracts for the sale of property. It is paid to the NSW Government and is
based on a scaled formula. To work out how much stamp duty will be
payable on your purchase click here
If you are a First Home Buyer you may be eligible for benefits under the
First Home Owner Grant Scheme (FHOGS) and the First Home Plus
Scheme (FHP).
The FHOGS provides cash grants of $7,000, while the FHP scheme
provides an exemption from stamp duty on homes valued up to $500,000.
You will get a discount on the stamp duty if you are buying a house between
$500,000 and $600,000.
For more information on first home buyer benefits click here
Melanie will organise the application for the grant and exemptions at NO
EXTRA CHARGE!
Stamp duty must be paid on or before settlement and is payable on all
contracts for the sale of property. It is paid to the NSW Government and is
based on a scaled formula. To work out how much stamp duty will be
payable on your purchase click here
If you are a First Home Buyer you may be eligible for benefits under the
First Home Owner Grant Scheme (FHOGS) and the First Home Plus
Scheme (FHP).
The FHOGS provides cash grants of $7,000, while the FHP scheme
provides an exemption from stamp duty on homes valued up to $500,000.
You will get a discount on the stamp duty if you are buying a house between
$500,000 and $600,000.
For more information on first home buyer benefits click here
Melanie will organise the application for the grant and exemptions at NO
EXTRA CHARGE!
SETTLEMENT / COMPLETION
Your contract will have a completion period (normally 6 weeks) from the
date that it is exchanged. However, this period can be shortened or
lengthened by negotiation before you sign the contract.
On the completion date (also known as settlement) Melanie will meet with
the seller's conveyancer/solicitor and your bank / finance provider to hand
over the balance purchase price and receive the deeds to the property.
There is no need for you to attend settlement and you can collect the keys
and move in to the property immediately following settlement.
Your contract will have a completion period (normally 6 weeks) from the
date that it is exchanged. However, this period can be shortened or
lengthened by negotiation before you sign the contract.
On the completion date (also known as settlement) Melanie will meet with
the seller's conveyancer/solicitor and your bank / finance provider to hand
over the balance purchase price and receive the deeds to the property.
There is no need for you to attend settlement and you can collect the keys
and move in to the property immediately following settlement.
SIMULTANEOUS SALE & PURCHASE
If you are buying a house using the funds from the sale of your current house
this is called a Simultaneous Settlement. Melanie can act on your behalf
and will co-ordinate your sale and purchase settlement to go through
smoothly.
For more information on buying a property see the attached factsheet
If you are buying a house using the funds from the sale of your current house
this is called a Simultaneous Settlement. Melanie can act on your behalf
and will co-ordinate your sale and purchase settlement to go through
smoothly.
For more information on buying a property see the attached factsheet
