We’ve Got You Covered
When it comes to buying one of life’s biggest assets, it goes without saying that you want a smooth and successful process. The Conveyancing Team at Coutts has over 25 years of experience in the stress-free, seamless buying of properties across New South Wales and interstate.
Step 1: Talk To Us
Reach out to Coutts Lawyers via our website, phone, or in person for a consultation on how we can help you sell your property stress-free!
Step 2: Get a Quote
No Bill Shock. Know exactly what your stress-free conveyancing will cost from start to finish.
Step 3: We Get to Work. You Relax!
At Coutts, our objective is the seamless sale of your property, stress-free! We’ll get to work, you organise the furniture truck and let us take care of settlement.
Understanding The Buying Process
Embarking on the journey to purchase a property is an exciting yet complex process. When you’ve found the perfect property, understanding the buying process becomes essential. This guide will walk you through the crucial steps involved in acquiring your new property, ensuring that you are well informed and prepared every step of the way.
Start Your Property Purchase Journey Today
When you find the right property to purchase, a copy of the “Contract of Sale” is obtained from the Real Estate agent and is sent to us. We will review the Contract and explain the terms of the Contract to you to ensure that it meets your expectations, needs and requirements.
Expressing An Interest In The Property
Most Real Estate agents will ask you to pay an initial deposit as a sign of good faith. If you have not signed the Contract and it has not been exchanged by the agent this payment does not take the property off the market and the deposit is refunded to you if you decide to not proceed with the purchase. Please note that if another interested party exchanges the Contract before you, you will miss out on the purchase.
You can make arrangements through the agent or our office to exchange the Contracts in a cooling off period (minimum period is five business days) in order to secure the property. If you do this, you will be required to make payment of a deposit being 0.25% of the purchase price. If you decide not to proceed during the cooling off period, the 0.25% deposit is forfeited to the Vendor.
Conveyancing Help You Can Trust
Our 11 steps to buying your property
- Obtain pre-approval
- Find your property
- Make an offer
- Exchange Contracts – 0.25% may be payable by you to the agent
- Review of the Contract and obtain inspection reports
- Receive unconditional loan approval
- Pay the balance of the agreed deposit to the agent
- Your Contract becomes unconditional and binding.
- Mortgage documents are issued by your bank for you to sign and return
- Pay Transfer Duty (if applicable)
- Settlement! The balance of the purchase price is paid to the vendor and the property is yours!
Cooling off Period
After the agent has exchanged the Contracts, the legislation provides for a minimum five business day cooling off period. This means you can change your mind and withdraw (rescind) the Contract. However, please be aware that you will forfeit the 0.25% deposit to the Vendor.
There is no cooling off period if:
- You instruct us to sign a section 66W Certificate which waives your cooling off rights
- You are a successful bidder at auction
- The land size is over 2.5 hectares
- The property is a Commercial Property
It is important you are satisfied with the state of the property you are purchasing and have obtained formal/unconditional loan approval, before:
- A Contract becomes completely binding on you; or
- Attending an auction; or
- Waiving your cooling off rights.
We can always advise and organise the following if requested by you:
- Pest and Building Inspections
- If you are buying a Strata property, a Strata report
- Any other reports that may be required
Your Experienced Lawyer
Meet Adriana, The Managing Partner at Coutts Lawyers & Conveyancers, and the head of our esteemed Property and Commercial Law teams. With over twenty years of expertise, Adriana’s profound experience has fostered unwavering trust among her clients and solidified her esteemed standing within the Macarthur community. Her stature as an authority in Property and Commercial law is well-established.
Connect with Adriana Today
The Buying Process FAQ’s
Coutts can guide you through every step of your property purchase journey, offering expert advice and legal assistance, reviewing your Contract of Sale, advising on cooling-off periods, organising necessary inspections, and ensuring a smooth, informed, and stress-free buying experience.
The Exchange of Contracts is crucial as it marks the formation of a legally binding relationship between the Vendor and the Purchaser. Both parties are then obligated to abide by the terms stipulated in the Contract for Sale, making this a pivotal point in the property acquisition process.
The Cooling Off period is typically five business days post-contract exchange, allowing buyers to reconsider the purchase and, if necessary, withdraw from the contract. However, withdrawal results in the forfeiture of the 0.25% deposit to the Vendor. It’s crucial to be fully satisfied with the property and have formal loan approval before this period ends.
Yes, buyers are obligated to pay Transfer Duty to Revenue NSW based on the property’s value. This must be paid at the earlier of settlement or three months from exchange. First Home Buyers might be eligible for concessions or exemptions, and Coutts can advise you on your Transfer Duty obligations and potential exemptions.
The standard settlement period is 42 days (6 weeks) from the date of exchange until settlement. During this time, various inquiries and searches are made, and documents are prepared on behalf of the buyer to facilitate the transfer of ownership and ensure all legal and contractual obligations are met.
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