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 or part deposit as a sign of good faith. If you haven’t signed and exchanged the contract this payment does not ‘hold’ the property and is refundable if you change your mind.  The payment of this initial or part deposit only indicates that the agent may be less likely to show anyone else the property. However, if someone else exchanges contracts before you, you will miss out on the purchase.

You can make arrangements through us with the agent to exchange contracts with a five-day cooling off period in order to secure the property.

Exchange of Contracts

This is arguably the most important aspect of the transaction and is the point where the parties enter into a legally binding relationship and the contract is formed.

Five Day Cooling Off Period

After the exchange of contracts, there is a provision for a five-business day cooling off period. This means you can change your mind and cancel the contract without any limitations.

However, if during this five-day cooling off period you decide not to proceed with the purchase you will forfeit 0.25% of the purchase price to the seller.

There is no cooling off period if:

  • You instruct us to sign a section 66w Certification which waives your cooling off right; or
  • You are a successful bidder at an auction.

It is important you are satisfied with the state of the property you are purchasing and have obtained formal / unconditional approval, before:

  • A contract becomes completely binding on you; or
  • Attending an auction; or
  • Waiving your cooling off rights.

We always advise and organise, if requested by you, the following:

  • Pest and building inspections;
  • If you are buying a strata property, we can organise a strata inspection; and
  • Any other survey reports that may be required.

After Exchanging Contracts

It can take four to eight weeks (sometimes longer depending on the circumstances) between exchange and settlement. During this time enquiries and searches are made and documents are prepared by us on your behalf.

Stamp Duty

When purchasing a house or land package in NSW (other than first home buyers, refer to First Home Owner Grant (FHOG) Scheme section of this guide) you are required to pay stamp duty to the Office of State Revenue on the value of the property you are purchasing.

We can advise you on the cost of your stamp duty, otherwise if you would like to calculate this amount on your own, refer to the Stamp Duty section of this guide.


“Settlement” is the conclusion of the transaction between the seller and you the purchaser and is the day which ownership of the property is transferred to you and the remainder of the purchase price is paid to the seller.

Although settlement usually occurs 6 weeks (42 days) after exchange, the settlement period can be altered depending on the terms of the agreement and the parties needs.

Our 9 steps to buying your property:

  1. Find your finance;
  2. Find your property;
  3. Make an offer;
  4. Exchange of contracts – 0.25% will be paid by you to the seller (forfeitable if you do not proceed);
  5. Review of Contract;
  6. Pay the balance of your deposit;
  7. Mortgage documents are issued and signed;
  8. Pay stamp duty (if applicable);
  9. Settlement; the day which you pay the remaining balance owing for the property to the purchaser, making the property yours.

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