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