Understanding Buying Property and Conveyancing Process

It is critical to understand the property buying and conveyancing process if you want to successfully gain possession of your dream home or a commercial location. At Compare Conveyancing Sydney, we understand that investing in property is a significant financial and often life changing decision. Compare Conveyancing Sydney is committed to enhance your experience of buying as you go through the complete conveyancing process with the help of experienced and skilled professionals at Compare Conveyancing Sydney. The entire breadth and depth of the conveyancing process is described below for your understanding as well as realizing the importance of engaging a competent solicitor to support you at every step.

Pre-Exchange Phase

offer and corresponding acceptance process - This is the first step when buying a property. As soon as a vendor puts out an offer that you have accepted or are willing to consider we urge you to contact Compare Conveyancing Sydney to ensure that we get you set up right.

Contract - The contract contains the pertinent details such as the settlement period, list of all entities or inclusions that you would get bundles with the concerned property, and any other guidelines around the usage of the property.

You are also likely to receive a zoning certificate along with the property that clearly states whether the property resides in commercial or residential zone along with area density information as well as some details pertaining to valuing the property.

Reports categorized as Pre-exchange - This report addresses aspect that are not covered by the contract such as the structural quality of the given property. This is also the phase where Compare Conveyancing Sydney will step in obtain building, pest and strata report as applicable. Building report helps uncover problems that do not show up on the surface such as extensions and drainage hence enhancing your overall experience of buying.

The next phase is typically the financing piece and at Compare Conveyancing Sydney we ensure that we give you enough information to help you to shop around for the best deal before you close your transaction.

Exchange Phase

Contract exchanging – Once we have reviewed the given contract thoroughly, we will provide you with the require amendments so that your interests are well protected. At Compare Conveyancing Sydney, we also support the negotiation phase (if any) and help in the final exchange and attesting of the contracts as well.

Cooling off time cap or period – This is the time during before buying a property where you get to decide if you want to make the commitment to complete the purchase. This period is typically defined at 5 days for the purchaser whereas the vendor does not have a cool off period at his leverage. Many factors such as bank loan approval, report organization (pest, building e.t.c), contract review and should the purchaser decide to not go forward with the purchase he loses the 10% of the deposit that is sitting with the vendor.

This phase is followed by paying the stamp duty and it is payable within 3 months of finalizing the contract. Typically it is directly correlated to the buying price of the property and flexes by about 5% over a period of time. Next part again involves Compare Conveyancing Sydney in a direct capacity where we perform a number of government searches such as water certificate and council certificate to ensure that the tenant has everything he needs to settle down.

Settlement Phase

This phase is full of legal intricacies and involves Compare Conveyancing Sydney in a more significant capacity. The high-level sub-phases would be the Booking settlement, Notice of completion, Making Adjustment and finally attending the settlement.

We invite you to Compare Conveyancing Sydney to have a first-hand look at our competency across all phases ranging from valuing the property to helping you close the deal and generate the required trust to bring us onboard.

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