No matter if you are buying, selling, leasing or building, the Conveyancing team at Baldock Stacy & Niven can guide and help you every step of the way. Property deals can be complex and the sale or purchase of a family home can be very daunting as it is often the largest transaction you will ever make.
The Conveyancing team at Baldock Stacy & Niven Orange has decades of experience and local knowledge and know how to navigate through all types of property transactions.
The team have put together a number of information sheets to help explain the numerous steps and terms used when buying or selling a residential property.
Today’s post sees Part 3 and final part of Buying Your Home explained. (Click here if you would like to read Buying Your Home Explained Part 1 and Part 2)
Buying a Property
Cooling Off Period
Every sale of property has a cooling off period for the buyer. During the cooling off period the buyer is able to withdraw from the sale for any reason but must pay the seller 0.25% of the sale price.
The cooling-off period ends at 5.00pm five business days after the contract is agreed and your decision to withdraw must be in writing. The five business days cooling-off period may be waived, shortened or extended, and different rules apply in each case.
There is no cooling-off period for a contract of sale of residential property if:
- at or before the time the contract is made, you give to the seller (or the seller’s solicitor or agent) a s66W certificate
- the property is sold by public auction
- the contract is made after the property has been passed in at a public auction, provided the contract is made on the same day as the auction
Prepare and Review all Documents
Baldock Stacy & Niven Conveyancing can prepare and review all the documentation relating to your purchase. We do that with your interests in mind and meticulously review all details so that they are prepared properly and inline with requirements.
We explain all documentation and conditions in easy to understand terms so you know fully and exactly how you are affected – this in turn allows you to make informed decisions.
Being the buyer, you are entitled to complete a pre-settlement inspection to ensure that everything listed in the contract is there and the condition of the property is the same as when it was sold to you.
If you don’t complete a pre-settlement inspection and something is missing or not right when you settle, there will be little that can be done to rectify the situation.
Any anomalies identified in a pre-settlement inspection can be requested to be addressed or fixed.
Ideally the inspection would reference and be similar to your first inspection when considering buying the property and would cover exterior and interior walls, doors, windows, floors, taps, plumbing, electrical, hot water system, roof and gutters.
Many contracts provide that settlement take place within six weeks from the sale date. Sometimes settlement can be an agreed date that allows time for financial arrangements, inspections, searches and surveys etc to be completed.
Failure of either party to settle on the stipulated date or within a stipulated time can lead to a claim for damages for the loss suffered by the non-defaulting party.
When a date for settlement is known, the balance payable by you on settlement should be calculated. The usual practice is for us is to make the calculations and submit them to the seller’s solicitor for approval. Settlement normally takes place where the seller’s title deeds are located.
On settlement the balance of the purchase money (plus or minus adjustments for rates etc) is paid in exchange for the Title Deeds and transfer documents. The money is paid in such a way as to enable the seller’s mortgage debts to be repaid on settlement so that mortgage discharges can be handed over.
Usually the money is paid by bank cheque – that is, a cheque drawn on the bank’s own funds, as distinct from a private account. We can attend settlement on your behalf — you do not need to be there.
We will contact you to advise settlement has taken place.
You can then pick up the keys to your new property.
If not already provided to you, we will write to you setting out full details of the money paid over on settlement, and how it was calculated,
We also prepare a Notice of Sale that is lodged to enable the Transfer to be registered.
The Office of Land and Property Information uses that form to notify the Local Council, the Water Authority, the Valuer General and Rural Lands Protection Boards of the fact of the transfer and details of your address for service of notices.
We also attend to registration of the transfer of title and any other relevant documents.
Baldock Stacy & Niven Conveyancing
Conveyancing and property transactions still carry some risk and there are many conveyancing services available for you to choose from. With Baldock Stacy & Niven Conveyancing you will have expert, cost-effective conveyancing support backed up by a complete legal team that can deal with virtually any eventually.
We work with you every step of the way, from document preparation and lodgement to representing you in negotiations right through to settlement.
We do not take shortcuts or cut corners. We carefully prepare, review and handle all related documentation and scrutinize all details to ensure that your interests are completely protected.
We pride ourselves on our high level of client service. From the very beginning of negotiations to the final settlement we keep you informed every step of the way in easy-to-understand language. We react quickly to your queries and requests and will provide you with advice you can rely on — every aspect of the sale will be looked after efficiently and cost effectively.
BS&N Conveyancing – Reliable, personalized and cost-effective.
The material in this information page is a general guide only and is not a replacement for legal or other advice. No person should act or not act solely on the basis of this information sheet. It is not legal advice and your possession of this information sheet does not create a client/lawyer relationship. If you would like to discuss your particular circumstances please contact Baldock Stacy & Niven.