Buying Property in NSW: Your Essential Guide

MCW Lawyers

7 days ago

Updated: 6 days ago

Buying property in NSW is a major investment. This guide simplifies the process, offering key information and advice for a smooth purchase. MCW Lawyers are here to help you every step of the way.

1. Contract Review & Signing: Protecting Your Interests

Expert Review: We'll review the contract from the vendor, providing clear advice and answering your questions. We'll negotiate changes to protect you.
Cooling-Off Period: You have five business days after signing to get legal advice. Contact us immediately if you've signed a contract with the agent. Don't delay!
Agent Contracts: Be cautious signing with the agent. Contact us before the cooling-off period ends.

2. Finance & Inspections: Due Diligence

Finance: Get pre-approval before exchanging contracts.
Inspections: Essential! Building, pest, strata (if applicable), survey, and council reports are vital. Use these to negotiate..

3. Exchange & Deposit: Making it Official

Exchange: Swapping signed contracts and paying the deposit (usually 10%). You're legally bound after exchange. This date starts key deadlines.
Stamp Duty: Payable within three months of exchange (often earlier with a mortgage). We'll advise on exemptions.
Transfer: The vendor must sign the transfer before settlement. We need two weeks' notice..

4. Property Checks: Ensuring Clear Title

We conduct searches for potential issues like road widening, planned infrastructure, outstanding debts, and land tax. Discovering these before settlement is crucial.

5. Mortgage Documents: Finalising Your Loan

Sign mortgage documents promptly to avoid settlement delays.

6. Settlement: Ownership Transfer

Settlement: Ownership transfers, and you pay the remaining balance.
Keys: You'll usually get keys from the agent.
Adjustments: We'll handle rate and levy adjustments.
Notifications: We notify relevant authorities.
Your Responsibility: Notify utility providers.

Property buying is complex. this is a general overview. Professional legal advice is essential. MCW Lawyers are here to guide you. Contact us for a consultation.