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Buying residential property in New South Wales has become a lot easier and quicker
since the introduction of legislation which requires that the person selling must
have a contract prepared when marketing the property. The enactment of this
legislation was brought about following the heady days of "gazumping" i.e. rapid
price increases in a volatile property market as experienced in the mid
to late 1980's.
The legislation also provides for a "cooling off" period of five days from exchange
of contracts, in which the purchaser may withdraw from a contract. This "cooling off"
period was designed to allow the purchaser time to obtain survey and pest reports and
confirm finance approval etc, secure in the knowledge that the vendor cannot sell to
another party at a higher price.
Subject to your instructions and to carrying all our necessary searches to protect
your interests, it is a prime objective of East Coast Conveyancing to exchange
contracts as quickly as possible, to secure the property for you.
We then proceed to carry out any relevant searches as well as obtaining any other information that may
be required by your lending body. Payment of stamp duty on the contract would then be attended to, as
well as payment of stamp duty, if applicable, due on a mortgage. If you qualify as a first home purchaser for a stamp duty discount or a grant, we will also process your application at no extra charge.
Prior to the settlement (which normally takes place four to six
weeks after exchange of contracts) we reach agreement with the vendors on any
adjustments to the purchase price that may be required for such items as Council or
water rates. The vendors then advise us as to how they require the settlement
cheques to be drawn and we will ask you (and/or your mortgagee if applicable) for
these cheques.
We then attend settlement (completion of the
purchase) on your behalf. We pay over the balance of the purchase funds and receive title
transfer documents and Title Deed. We or your mortgagee then lodge these with the Department
of Land and Property Information. A new Title Deed would then issue in approximately two weeks,
noting you as the new owner of the property. The deed is returned to you or if you have a mortgage
it will be kept by your mortgagee as security against the loan. At this time we will issue you with a certificate guaranteeing your
title in the property.
At East Coast Conveyancing we charge a "flat fee", regardless of the purchase price,
plus disbursements (i.e. money spent on your behalf). The "Flat Fee" includes everything
required to complete the title transfer to you. We do not charge extra for "sundry" items such
as post, fax or telephone costs, and you do not need to engage a solicitor when
using our firm. We guarantee Title Transfer - It's our Business.
Click here
to go to the Office of Fair Trading website.
Certified Practising Conveyancers
Copyright © 2007 East Coast Conveyancing.
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OUR OFFICE LOCATIONS IN NEW SOUTH WALES
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Cessnock |
Maitland |
Hamilton |
Charlestown |
Toronto |
Toukley |
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