Buying a Property

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Buying a Property 2018-03-21T16:58:56+00:00

column2-image1Cooling Off Contract

column2-image1Exchange of Contracts

GENERAL INFORMATION FOR PURCHASERS

The purchase of a property and the associated house conveyancing can be a daunting experience. However all of the team at Call Conveyancing Sydney are able to assist you to ease any of your concerns in relation to the transaction. Robert and Susan Kirkby as NSW Property Lawyers have helped numerous people to purchase real estate not only in the Sydney area but also in all parts of New South Wales.

As Property Conveyancers, we offer a “Free Review of Contract” service whereby one of our qualified Property Lawyers will review a Contract for a property you are proposing to purchase and then telephone you to discuss the Contract. All you need to do is email the contract to susank@callconveyancingsydney.com.au, provide us with your contact details and we will either telephone you to discuss the Contract or respond to you in an email.

After you have negotiated the purchase of a property, the selling agent may ask you to sign a copy of the Contract. The agent will also approach the vendor to sign the original Contract. If the vendor signs the original Contract, it can then be exchanged by the agent. You will then have a “cooling off” Contract.

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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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