When purchasing property in New South Wales, you will generally follow the steps below:
- Obtain pre-approval for a home loan, or ensure you have sufficient funds for the home and additional costs, including stamp duty, legal fees, inspection fees and relocation costs.
- You may also review any assistance programs available to you, including the First Home Buyer Grant, First Home Buyer Assistance Scheme or the Home Guarantee Scheme.
Search and Inspect Properties
Search for and inspect properties. Attend open homes and arrange inspections.
Making an Offer
Make an offer for the purchase price and have a Solicitor or Conveyancer review the Contract for Sale and request amendments to the Contract.
Exchange Contracts
Exchange Contracts. In NSW, a 5-business-day cooling-off period applies. This can be extended to 10 days if the vendor is agreeable. For auctions, the cooling-off period is waived and does not apply.
Pre-Settlement Preparation
Following the expiry of the cooling-off period, your Solicitor or Conveyancer will attend to pre-settlement preparation, including liaising with your bank, the vendor’s Solicitor/Conveyancer and the Agent to ensure all parties are ready for settlement. Your Solicitor will also stamp the contract and organise any stamp duty to be paid.
Pre-Settlement Inspection
Prior to settlement, you will conduct a final inspection of the purchasing property to ensure that it remains in the agreed condition, being the condition at the time of exchange.
Settlement Day for Purchasing Property
On the day of settlement, your Solicitor or Conveyancer will settle the matter through PEXA. Following the settlement, you will need to contact the Agent to organise for the keys to be collected.
Post-Settlement Documentation
Following settlement, you will receive a final letter of reporting, which will attach all the documents you need to retain in relation to the purchase for your records.
If you require any assistance with purchasing property or a Sale, please contact 1300 557 819.
