Buying a House or Property in Sydney NSW

Buying a property can be an exciting time, especially if it’s your first home. But you don’t want to get carried away and forget to take the necessary steps to ensure that the transaction is done legally, correctly and that you are actually buying a good property that is worth your hard earned cash.

If you are looking to purchase a home or property in Sydney and have found one you are serious about, now is the time to get the contract reviewed and make sure everything is right.

The Contract of Sale is a legally binding contract, so it pays to have it checked over to ensure that there are no surprises and that you know exactly what you are getting and what the terms are.

A typical Contract of Sale includes:

• The seller’s name and address.
• The property address, reference and plan numbers.
• The purchase price and the deposit amount.
• Chattels (things like blinds and appliances) and fittings that are included in the sale.
• All settlement details
• Any building inspection reports
• Whether the property is vacant or subject to a lease.

There are various details that you should find out and make sure you are aware of before the contract is drawn up. These include:

Details about the property
What you are looking at (the property) is often not exactly what you get, so you should make sure you know exactly what it is you are buying. Get a copy of the registered plan and check that the property on the title is the same one that you are looking at.

You should also inspect to see if there are any unregistered easements on the property (such as electrical mains or sewer connections) as this could effect what you can do with parts of the property.

You should also be sure of exactly what fixtures or “chattels” are included, things like kitchen equipment, carpets, light fittings, window treatment etc. Don’t automatically assume that everything you see in the house when you inspect will be included, because often times it is not! If you think something should be included, you can request that it is added into the contract. Once you are clear on exactly what you get with the property, you can make a clearer decision on what you want to offer.

Deposit
The deposit amount will be included in the Contract, and shouldn’t be any more than 10% of the total price. It’s a good idea to confirm with your financial advisor about the best method to pay the deposit, whether lump sum or installments.

Special Conditions
You should always double check any special conditions as these can easily trip you up. Things like penalties for late settlement, whether the sale is subject to a tenancy etc. You can also request to include your own special conditions such as the deal is subject to your own home being sold, finance being approved, or a building inspection passing.

Settlement Date
You will need to come to an agreement on the settlement date, which is when you can move in, with the seller. This will depend on both your and their circumstances, so will need to be discussed and added to the Contract.

Cooling Off Period
The contract will state what the cooling off period is and you need to be aware of this in the case that you change your mind about the deal. Normally, if you pull out during the cooling off period, you will need to pay the seller a 0.25% fee of the agreed purchase price.

Get Your Property Purchase Sorted

We at Elmassian Lawyers are here to help with every step of selling a property – from reviewing the Contract and confirming exactly what you are getting into, to offering advice on what the best course of action is.

As experts in the legal side of real estate, we have the experience to know where all the loopholes, catches and pitfalls are, so we can ensure that you don’t get snared into anything accidentally.

What’s more, we offer a FREE contract review, to let you know if you should go ahead with the deal or not. That way, you have absolutely nothing to lose by getting us to have a look at the contract, and you are not obligated to use our services.

If you are looking at purchasing a property in NSW, get in contact with us now to look over the contract and close the deal!