Property Law and Real Estate
Do you need a conveyancing solicitor?
Buying and selling real estate in NSW is a big financial decision, and it’s important to get it right. An experienced conveyancing lawyer can help NSW buyers and sellers by ensuring that the process of transferring the property goes smoothly and with minimum stress. Both sellers and buyers have obligations to make sure that the right documentation is provided and that the timelines are adhered to so that the property settles on time.
How Penrose Lawyers can help you
buy or sell your NSW property
Our experienced conveyancers can help you to buy or sell your NSW real estate by:
Penrose Lawyers can also offer advice in relation to:
What do you need to do?
If you are selling a property in NSW, you must have a draft contract prepared before marketing your property for sale. This must include an up-to-date copy of the title deed and plan, with any easements, restrictive covenants, zoning and sewerage lines included.
If you are aware of any adverse matter that affects your NSW real estate, you have an obligation to disclose it. If you do not, the buyer may be able to cancel the contract. This requires a number of government searches, some of which can take up to two weeks, so it’s a good idea to start the process early and give yourself enough time to collate all of the information.
If you are buying NSW real estate, it’s essential that you understand the draft contract and have considered any special conditions you want to add. These can be negotiated alongside the price you’re offering. If you’re unsure of what conditions you need, or what any of the clauses in the draft contract mean, get legal advice before signing.
Once the contracts are exchanged, they are legally binding on both parties. If you are the buyer, you will give the seller’s representative a cheque for the deposit, which will be held on trust until settlement.
Rates and taxes already paid on the property will be adjusted between the parties so that you only pay for the portion incurred while you are the owner, and a settlement statement prepared.
If you are selling a property with a mortgage on it, it needs to be discharged prior to the sale. If you are buying the property and are taking out a home loan, your lender needs to make funds available prior to or at settlement. Both parties need to liaise with their lenders to ensure that funds are made available and received to allow settlement to go through.