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Purchasing

Buying residential property in New South Wales has become a lot easier and efficient since the introduction of legislation which requires that the person selling must have a contract prepared when marketing the property. The enactment of this legislation was bought about following the heady days of “gazumping”; i.e. raid price increases experienced in a volatile property market, experienced in the mid to late 80’s.

The legislation also provides for a ‘cooling-off’ period of five days from exchange of contracts, in which the purchaser may withdraw from a contract. This ‘cooling off period’ was designed to allow the purchaser to obtain a quick commitment from the vendor and then carry out and spend money on survey reports, pest inspections etc, secure in the knowledge that the vendor cannot sell to another party at a higher price.

Subject to your instructions and carrying all necessary searches to protect your interests, it is a prime objective of Meryllyn Page Conveyancing to exchange contracts as quickly as possible, to secure the property for you.

“Purchasing a property for your everyday buyer is in many cases the most expensive thing they ever do. With so much at stake it is essential that your conveyancer has up to date and accurate information to protect your investment”

We would then proceed to carry out any searches we deemed to be relevant, as well as obtaining any other information that may be required by your lending body. Payment of stamp duty on the contract would then be attended to, as well as payment of stamp duty, if applicable, that may be due on a mortgage.

Prior to settlement (Which normally takes place four to six weeks after exchange of contracts) we would reach agreement with the vendors on any adjustments to the purchase price that may be required for such items as Council or water rates. The vendors would then advise us as to how they require the settlement cheques to be drawn and we will ask you (and/or your mortgagee if applicable) for these cheques.

We will attend the settlement on your behalf, paying over the balance of purchase funds and receiving title transfer documents and Title Deeds, which we (or your mortgagee) would then lodge at the lands title office. A new Title Deed would then be issued in approximately two weeks, noting yourself as the new owner of the property. The deed would be returned to you or if you have a mortgage, will be kept by your mortgagee as security against the loan until it is repaid in full. At this time we will issue you a certificate guaranteeing your title in the property.

At Meryllyn Page Conveyancing we charge a ‘Flat Fee’, regardless of the selling price, plus disbursements (i.e. money actually spent on your behalf) for acting on your behalf in the purchase of your property which includes everything required to complete the title transfer to you.

Purchasers Checklist
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