Buying Property

Step 1: Contract Review

Inhouse Conveyancing offers same day contract review before you make an offer or pay a holding deposit. Simply request a copy of the contract from the real estate agent and forward a copy to our office.

If your offer is accepted and you decide to proceed with the purchase, we will then assist you in obtaining the necessary inspection reports, negotiate contract amendments, liaise with your lender or mortgage broker for finance approval and have you ready to exchange contracts.

Step 2: Exchange of Contracts

When contracts are exchanged, you are usually required to pay a 10% deposit.  If the real estate agent arranges an exchange of contracts, a ‘cooling off period’ normally applies to residential property.  If you change your mind and no longer wish purchase the property, you will lose 0.25% of the purchase price.

What is a Cooling off Period?

A ‘cooling off period’ is an amount of time after a contract is entered into during which the contract may be rescinded (treated as if the contract was never entered into). The statutory period for a cooling off period is five (5) business days and only applies to residential property.

Please note: a cooling off period will not apply when:

• Where the property is sold at public auction.  If the property is passed in at auction (i.e. not sold) and you enter into a contract on the same day as the auction, a cooling off period will also not apply

• Where the land is more than 2.5 hectares in area it is deemed not to be ‘residential property’

• Where the land is used wholly for non-residential purposes

• Where a 66W Certificate is given by the purchaser or their conveyancer to the vendor before or upon exchange

What is the meaning of ‘residential property’?

‘Residential property’ is defined in the Conveyancing Act 1919 as including any of the following:

• land with not more than two places of residence (i.e. a house, two houses, a duplex but not a triplex or apartment block)

• vacant land where a single place of residence is permitted to be built

• a strata lot or lots which constitute one place of residence only

Step 3: Settlement

Once contracts have exchanged we will guide you through the legal process, advise you on what you need to do and when it needs to be done.  We will liaise with the vendor, the real estate and your lender to make arrangements for settlement. The settlement date is where you pay the remainder of the purchase price and the day possession of the property is given to you.

After settlement, your lender will retain your Certificate of Title or if it is a cash purchase, we will arrange registration of the Transfer and hold the Certificate of Title which is a legal document that confirms you own the property.