Buying and Selling Property in Sydney
Guiding you through the conveyancing process to help you achieve a successful and stress-free settlement
Our dedicated property lawyers want to take the stress out of your property transaction and will provide you with the support you need when buying or selling real estate.
Buying a home is one of the most significant investments you will ever make. There is a lot to consider and it can take a substantial amount of time to house hunt, find your perfect property and negotiate with a seller on an agreeable purchase price. Once you have found your dream home, it is important to get an experienced property lawyer to review the Contract of Sale before you sign, and to support you throughout the conveyancing process.
Whether you are buying or selling a house, townhouse, unit, investment property, vacant land, or off-the-plan property, our expert property law team will give you trusted advice and clear instructions so that you can negotiate the best deal and protect your interests.
We can help you:
- apply for the first homeowner’s grant (FHOG)
- negotiate the terms of the contract
- draft special conditions to include in the contract
- undertake thorough property searches
- determine your eligibility for, and apply for, stamp duty exemptions and concessions
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Conveyancing is the legal process of transferring the title of a property from one party (or entity) to another party (or entity).
Once you have made an offer on a property and it has been accepted by the seller, the real estate agent will issue a sales advice to each party’s lawyer. The seller’s lawyer will prepare the contract and issue it to the buyer’s lawyer.
Once the buyer and seller have signed the contract, and once the buyer has paid their deposit, the contract will be submitted to the seller’s lawyer for exchange. Unless there is a fixed date for any conditions or settlement, the date of the contract will trigger the start of the terms and conditions and settlement.
You may be eligible for a stamp duty concession if you are a first home buyer. For anyone who is not a first home buyer, you will be required to pay transfer duty, which is payable on settlement. If your completion period is longer than three months, transfer duty is payable three months from the date of the contract.
We always recommend that you complete a final inspection of the property either the day before settlement or on the morning of settlement. This is to ensure that the property is in the same condition it was at the time you entered into the contract, and that all rubbish has been removed from the premises.
Attwood Marshall Lawyers are a PEXA certified law firm. This means there is no requirement for you to attend settlement, as it happens electronically! We will let you know once settlement has been finalised and will also notify the real estate agent that they can release the keys.
We will lodge a form with the transfer called a ‘Notice of Sale’ on settlement. This form will notify all authorities, including council, that the property has been sold.
If you have a bank, they will register a mortgage on the title and hold control of the title until you have paid out the mortgage. If you do not have a mortgage, we will receive a certificate of title from Land Registry Services and can place this in our strongroom for safekeeping for you.
Yes. Your real estate agent must have a “soft copy contract” available which they can present to any potential buyers before marketing the property for sale. The contract must also include the statutory searches required under legislation.
If a buyer requests to pay a deposit of less than 10%, you can choose to accept this lesser amount. However, if the buyer breaches the contract and you are entitled to the deposit, you will only have the lesser amount available to you.
Once the cooling off period in the contract expires and the buyer has satisfied all conditions, your contract will be deemed unconditional. Our property team will advise you when your contract goes unconditional.
You will need to notify your bank that your property has sold. Most banks will have a ‘Discharge Request Form’ available to download from their website. It is very important that you speak to your bank as soon as possible about the sale of your property, as in most cases banks will require at least 14 days’ notice to be in a position to settle.
If the buyer is unable to settle on the due date, you are entitled to charge the buyer interest for the number of days that settlement is stalled. You can issue the buyer a ‘Notice to Complete’. What this does is provide the buyer with a further 14 days to settle. If the property fails to settle in this time, you can terminate the contract and the buyer’s deposit will be forfeited.