The legal process involved in buying or selling a property can be daunting to many. With our reliable and efficient advice, the whole process will be easier.
Additionally, you will be advised of all your rights, obligations and risks, including those not expressly mentioned in a contract. You need to have an expert conveyancing solicitor to protect your interests.
We frequently act for clients in the ACT and NSW, including Wagga Wagga, Tumut, Batlow, Tumbarumba, Junee, Holbrook, Gundagai, Goulburn, Yass, Cooma, Queanbeyan, Jerrabomberra, Bungendore, Braidwood, Albury, Cootamundra, Young, Temora, West Wyalong, Leeton, Narrandera, Uranquinty, Henty and The Rock.
We also act regularly for clients on the South Coast of NSW, including Huskisson, Vincentia, Jervis Bay, Sussex Inlet, Sanctuary Point, Milton, Mollymook, Ulladulla, Dolphin Point, Bawley Point, Kioloa, Durras, Batemans Bay, Narooma, Cobargo, Bermagui, Bega, Merimbula and Eden.
Brief Conveyancing Process – Private Treaty
- A Vendor decides to sell.
A Solicitor/Conveyancer is appointed to draft a ‘Marketing Contract’. A drafted Contract will be used by an Agent to advertise the property on the market.
- Potential Purchasers negotiate terms and conditions, and make offers.
After several Open Home sessions, prospective Purchasers make offers, from which a Vendor will pick. Where there is an auction it is expected that purchasers have already inspected the property, and if successful in their bid, they are immediately bound by the contract.
- Once an offer is accepted, both a Vendor’s representative and a Purchaser’s representative work to Exchange Contracts.
A Vendor’s representative issues a proposed draft Contract to a Purchaser’s representative. A Vendor’s representative must ensure that:
- A Vendor’s interests are well protected in the Contract;
- A Vendor is advised of its rights and obligations;
- All required disclosures are annexed to the Contract; and
- All negotiated terms and conditions are added to the Contract.
Alternatively, a Purchaser’s representative must ensure that:
- a Contract is in accordance to Australian law;
- investigate and discover if the property has any issues are advised to a Purchaser;
- all negotiated terms and conditions are added to a Contract;
- (if applicable) the financial institution’s finance approvals are obtained.
Once both parties are satisfied with all the above, then each party exchanges Contracts and the transaction is made legally binding.
- After Exchange, both parties’ representatives ensure other party’s performance of the Contract until Settlement.
All government levies (i.e.. Rates, water rates etc) are adjusted and payment directions are provided by a Vendor’s representative to a Purchaser’s representative.
- At Settlement, a Purchaser’s representative will make a payment to a Vendor Solicitor at a Settlement Location nominated by the Vendor and will collect the original Certificate of Title.
Stamp Duty and Government Home Buyers Assistance
Stamp Duty obligations are different amongst jurisdictions. In NSW and VIC, stamp duty is payable after Exchange, but before Settlement. Alternatively, in the ACT, stamp duty (also called conveyance duty) is paid after Settlement.
If you are eligible, you may receive a Government Home Buyers Assistance, such as Stamp Duty Concession and First Home Buyer Grant.
Additional Conveyancing Needs
Our firm deals with numerous complex conveyancing matters in ACT, NSW and VIC, including:
- Sale and Purchase;
- Residential and Commercial;
- Off-the Plan developments and unit registrations;
- Land and Constructions Package;
- Crown Leases;
- Home Buyer Benefits;
- Land Rent/ Non-Land Rent Leases;
- Asbestos affected Lands; and
- Put & Call Options.
Please contact our office for more information and assistance.