Step-by-step process in a purchase transaction

before an exchange of Contracts takes place.

Step 1: Have us review the contract for sale and negotiate any terms on your behalf.

Step 2: Ensure you have your finance arrangements in order and if a valuation report is required by your bank ensure it is underway as this can take time to arrange.

Step 3: Arrange a pest and building report by a licensed, reputable builder. If buying strata, we will order a strata report on your behalf.

Step 4: Arrange your deposit cheque to be ready, usually payable to the selling real estate firm.

Contracts are exchanged by the vendors conveyancer/solicitor. After exchange of contracts, which means contracts are now binding, we will forward to you our firm's checklist with the next steps.

What does a 5 day cool off period mean?

A 5 day cooling-off period means a purchaser has 5 business days to arrange finance, pest, building and/or strata reports. Only the purchaser may cancel the contract. If a buyer pulls out during this 5 day period they forfeit 0.25% of the purchase price to the seller (for eg. $2000 would be forfeited on a $800,000 property).

 Public holidays, bank holidays and weekends are not included in the cooling-off period. 

Purchasing Strata Title

 

When purchasing strata title, ensure you carry out a strata inspection report for a background check which includes:

* how much funds held in the

   scheme

* pending building works

* special levies

* past history of works to building

* past expenses

* general information on

   insurances, keeping of pets, 

   bylaws, disputes etc

 

Stamp Duty

 

How much stamp duty will I need to pay?

 

Click on NSW Office of State Revenue below: