Buying Property in NSW
You Need a Contract of Sale
The contract must contain a copy of the title documents, drainage diagram and a current Zoning Certificate s149
Before Exchange of Contracts
It’s extremely important that before an exchange, the contract is checked by a lawyer for easements or covenants affecting the property.
The Zoning Certificate
This is necessary to ensure that the property may be used for residential purposes.
Sewer Diagram
Check that no building is erected over the sewer. The position of the sewer may affect plans you may have for renovations/extensions or for a pool.
Survey and Local Government Ordinances
It may be necessary to order a recent survey to identify the property
Cost Of Survey
The cost of this is estimated at $550.00 depending on the size and nature of the property.
Local Government Ordinances
The building may not comply with those ordinances, you may obtain a building certificate from the Council to put the matter beyond doubt.
Finance
If You Are Obtaining Finance
You should obtain a letter of approval from the lender setting out the terms and conditions of the loan.
The Letter of Approval
Provide your lawyer with a copy of the letter of approval to advise you on the conditions imposed by the lender and satisfy the conditions
Pest and Building Reports
It’s advisable to obtain a pest & building report to make sure that the property is not affected by any termite, white ant or borer activity or has any structural defects.
Strata Report
If you are purchasing a strata unit you will need to obtain a strata report to make sure that the strata scheme is well managed. Your lawyer can arrange these reports for you.
Before Exchange
The deal is not binding until the Contract is exchanged.
Contract Exchange
There will be two copies of the contract: one for you and one for the seller.You each sign one copy before they are swapped or ‘exchanged’.
Contract Exchange
Exchanging sale contracts
There will be two copies of the sale contract: one for you and one for the seller.
Important Documents
You each sign one copy before they are swapped or ‘exchanged’.
Contract Exchange
This can be done by hand or post and is usually arranged by your solicitor. At the time of the exchange the buyer will be required to pay a deposit usually 0.25% of purchase price.
Settlement
Settlement is the conclusion of the sale transaction and usually takes place six weeks after contracts are exchanged.
Your Conveyancing Team
A very experienced conveyancing team
Lighthouse Law Group
Progressive firm in the Inner West of Sydney offering sound advice, effective strategies and the best possible outcomes in all areas of law.
Tel: (02) 9744 9236
