Buying a Property – After Exchange

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Buying a Property – After Exchange 2018-03-21T17:00:39+00:00

column2-image1Cooling Off Contract

column2-image1Buying a Property

Once the Contract becomes unconditional either after the expiry of the cooling off period or where a Section 66W Certificate is provided we will:

  1. Provide you with written confirmation of the date of exchange and the expected settlement date together with detailed information as to the procedures that need to take place before settlement can take place (including the amount of stamp duty to be paid);
  2. Provide your lender (mortgagee) with any additional information it may require;
  3. Order enquiries for the property such as details of the Council and water rates;\
  4. Submit “Requisitions on Title” to the vendor’s representative;
  5. Sight your identification documents;
  6. Arrange for you to complete the Office of State Revenue Purchaser’s Declaration;
  7. Sign the Transfer on your behalf;
  8. Arrange for the Contract and Transfer to be stamped with the appropriate amount of stamp duty;
  9. Forward the Transfer to the vendor’s representative for the vendor to sign prior to settlement;
  10. Check the answers to our enquiries for the property;
  11. Check the vendor’s answers to our “Requisitions on Title”;
  12. Deal with any issues that crop up and obtain your instructions;
  13. Keep you informed;
  14. Closer to the expected settlement date we will communicate with the vendor’s representative regarding settlement arrangements;
  15. Approximately a week prior to settlement we will make settlement bookings with your lender and the vendor;
  16. Check with the Council, water authority and Owners Corporation, regarding outstanding rates and levies;
  17. Prepare a Settlement Sheet including calculations of adjustments of all rates and levies;
  18. Submit the Settlement Sheet to the vendor’s representative. Request they confirm the calculations and advise us of the bank cheques they will require us to draw on settlement;
  19. Submit the settlement information to you together with details of the net amount to be provided by your lender and any amounts to be provided by you;
  20. Send a Tax Invoice to you;
  21. Answer any queries you may have in relation to the settlement;
  22. You should conduct a final inspection of the property to ensure it is in much the same condition as at the time of exchange. Please telephone us if you have there are any problems with the property. This inspection usually takes place on the morning of settlement. You will need to arrange this inspection with the selling agent, who will attend the property with you during your inspection. You are entitled to conduct one inspection in the three days prior to settlement;
  23. Conduct a final search of the title to ensure the vendor is able to convey “good title” to you;
  24. Collect any settlement bank cheque(s) from you;
  25. Attend settlement;
  26. Advise you that settlement has taken place;
  27. Arrange the release of the keys to you;
  28. If you did not require any finance to complete the purchase, we will lodge the Transfer and the Certificate of Title at the Department of Lands to enable the title to the property to be transferred to your name. If you have borrowed money to complete the purchase, your incoming mortgagee (lender) will attend to the registration of the Transfer and it’s Mortgage;
  29. Advise the local council, water authority and the Owners Corporation (if a strata property) of the purchase;
  30. Provide you with a formal settlement letter;
  31. Scan the stamped Contract for future reference;
  32. Retain all the data dealing with the purchase for future reference – there is no charge for this service;
  33. Archive your file and send your file to our storage facility – there is no charge for this service.

FAQ’s

Who is a “Mortgage Holder” 2018-03-21T16:45:40+00:00

Your Lender (known as a “Mortgagee”), such as a Bank or Credit Union.

The Lender “holds” a Mortgage secured over the title to your property.

The Borrower is known as a “Mortgagor”.

The Lender holds the Certificate of Title for the property as security for repayment of the loan.

What is vacant possession? 2018-03-21T16:44:48+00:00

At settlement the vendor must completely move out of the property he is selling together with all of his furniture, rubbish and stored goods.

A purchaser will usually conduct a final inspection of the property on the morning of settlement to ensure that the property will be left vacant by settlement time.

All goods and/or rubbish stored under the house, in the garage or in the roof, should be removed prior to settlement.

What is an “off the plan” purchase? 2018-03-21T16:44:07+00:00

A Contract for the purchase of a block of land in a larger parcel of land that is yet to be subdivided or an apartment in a building yet to be built or is in the course of construction.

The Contract is conditional upon registration of the plan of subdivision or strata plan.

It is very important you are able to identify the block of land or the apartment in the proposed plan to ensure you purchase the correct property.

“Off the Plan” transactions usually span a long period of time, from the date of exchange of the Contract to the date of settlement.

Who notifies the authorities that I have purchased a property? 2018-03-21T16:43:18+00:00

The Department of Lands requires us to provide information in order the local Council, water authority and the Valuer General are advised of the purchase. In addition, we also advise these organisations that you have purchased the property. We advise the strata manager if you have purchased a strata property.

Do I have to attend the settlement of my sale/purchase? 2018-03-21T16:42:44+00:00

No, we attend the settlement for you as this is included in our fees. However, if you would like to attend your settlement and watch what happens, please let us know.

What is a “Torrens” Title? 2018-03-21T16:41:57+00:00
The “Torrens Title” system is a system of registration of title, designed in the 1850s by Robert Richard Torrens for the South Australian land title registry.  The NSW Department of Lands has been using the “Torrens” system since 1863.

A single register is created for each land holding. All details and interests affecting the land such as easements and covenants are then recorded on the register.

Each property in NSW is given a unique computerised reference number – a Folio Identifier consisting of the lot number in either a Deposited Plan or Strata Plan.

Contrary to a popular belief a “strata title” is a Torrens Title.

Do you have Professional Indemnity Insurance? 2018-03-21T16:41:12+00:00

Yes.  Professional Indemnity Insurance is compulsory for all solicitors in NSW.

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