Elliot Tuthill Solicitors - Cronulla Sydney

CONVEYANCING CHECKLIST WHEN BUYING WHERE TO START?

When purchasing any type of property, you should begin by meeting with your financial brokers to ensure that you will have enough money to complete your purchase.
You should also factor into the purchase price other payments such as stamp duty, costs and other expenses. You may also be eligible for a stamp duty exemption, we can provide you with a written detailed list of how much money you will need to outlay.
You should then negotiate the purchase price with the vendor or his Agent.
Once you have decided on an amount to pay for the property, you can make an offer which may be accepted by the Vendor and you may pay a small "holding" deposit.
You or the Agent will then tell us that the offer has been accepted.
The Agent may exchange Contracts with the cooling off period if there is some urgency. But usually the Agent will notify the vendor's solicitors of the details and those solicitors will send us the Contract.
We meet with you to go over the Contract and you either pay us a cheque for the agreed deposit there and then or wait until your property inspections are completed and then deliver that cheque to us or the agent before exchange.
If you are concerned about any aspect of the property, now is the time to carry out any pre-purchase inspections such as a pest, strata or building report.
Your loan is approved.
Contracts are exchanged.
Neither party can then withdraw from the transaction unless the Agent has exchanged Contracts under the cooling off law and 5 business days have not yet expired since exchange.
If you are also selling a property and using the sale proceeds to help with the purchase then, generally, exchange of both contracts should take place on the same day or have the same completion dates.

Normally, completion of the contract, commonly known as Settlement, will take place approximately 6 weeks after the date of Exchange. Various steps need to be carried out to ensure that the Title of the property will transfer to you on Settlement. We will assist you through this process and keep you informed at all stages right up until completion.

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