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Buying a property in NSW
A typical conveyancing transaction has two major parts:
Contract review and negotiating amendments
which then leads to exchangeof contracts
Post exchange including:
Investigation of title, Government checks
Finalising stamp duty and/or any applicable Grants
Finalising mortgage arrangements
Calculating final figures and adjustments, final inspection
which then leads to final payment orcompletion(also called settlement).
What is a Contract?
The Contract is an important legal document which sets out information about the property you are buying and also sets out the terms on which the seller is prepared to sell the property to you – for example:
The legal description of the property (title)
How much you have to pay for the property
How much deposit the seller is willing to accept
How much time the seller will give you to pay the final amount (the settlement date)
What is included in the sale (inclusions and exclusions)
And much more....
As buyers you should be aware that the majority of Contracts in NSW are drafted very much in favour of the seller.
At Prompt Conveyancing we will negotiate on your behalf to ensure that the terms are fairer to you.
What is exchange?
Exchange happens when both copies of the Contract are brought together, checked to make sure they are identical, then “exchanged” (or swapped).
This is the point in time when they are legally binding.
What happens between exchange and settlement?
Prompt Conveyancing will investigate the title thoroughly, check if there are any affectations with numerous Government department and submit a list of questions to the vendor's conveyancer regarding the property. Prompt Conveyancing will also liaise with your lender to make sure they will be ready for settlement. What should I do between exchange and settlement? You must pay your stamp duty or apply for your exemptions and grant, sign your mortgage documents and make sure that you are ready with the balance of funds in time for settlement.
What is settlement?
Completion (usually referred to as settlement) is the final step in the conveyancing process. This is when the full balance of the payment owing to the seller is made.
This is the moment you become the new legal owner of the property and your name goes on the title deed (ownership document).