Buying Property in New South Wales
There are three stages involved in the purchase of a property: pre-exchange, post-exchange and settlement.
A solicitor will undertake the following tasks at each stage:
Pre Exchange
- Reviewing the Contract for Sale.
- Reviewing and or organising Pest/Building/Strata reports.
- Providing comprehensive written legal advice on the contract.
- Highlighting potential risks.
- Negotiating amendments to contract with vendor’s solicitor.
- Ensuring contracts are exchanged properly.
Post Exchange
- Conducting searches required at law.
- Liaising with your lender.
- Preparation of settlement statement.
- Preparing online settlement workspace using PEXA, Australia’s online property exchange platform.
- Lodge stamp duty with Office of State Revenue.
Settlement
- Undertake your settlement electronically using PEXA.
- Liaising with vendor and financier as necessary.
- Ensure all funds are correctly paid to vendor on completion.
- Advise you once settlement is successfully completed.
- Undertake Title Search confirming transfer of ownership.
If you have a question in relation to the above, please do not hesitate to call our property team: 02 8226 5520
