Buying property in New South Wales
Buying property is a life-changing decision and one of the biggest decisions you will make in your lifetime. Whether this is your first purchase, you are upgrading or downsizing your family home or investing in property, Hive Conveyancing will provide you with clear communication that is easy to understand so that you can make informed decisions.
Hive Conveyancing offers professional services from a qualified and Licensed Conveyancer who will manage your file from start to finish and keep you regularly updated by phone and email.
From the initial excitement of your offer being accepted, through to the anxious wait to hear finance has been approved and understanding the legal requirements of your purchase, can be daunting for any purchaser. We not only offer legal guidance, we will assist with the forms you are required to complete for your purchase, together with the additional requirements to obtain an exemption or concessional rate on stamp duty if you are a first home buyer
Assisting you with your Purchase
Hive Conveyancing will assist you at each stage and ensure your property transaction will be handled with care and attention.
When you are ready to buy or bid at auction, we offer pre-purchase and pre-auction contract reviews to better understand the property you are interested in. A contract review either before exchange or during the cooling off period will allow you to better understand the property before you commit to your purchase. Hive Conveyancing will negotiate any conditions or terms in the contract on your behalf with the vendor’s legal representative.
Once you have achieved formal finance approvals or have your finances ready to proceed, and are satisfied with the pre-purchase reports and contract review, the cooling off period will expire (if applicable) and the contracts will exchange ‘unconditionally’.
Between exchange and settlement is the time to prepare the property for handover. If you are purchasing as your primary residence, you will need to arrange for a removalist and connection of services. If your purchase is for investment purposes, now would be an ideal time to reach out to the property manager to introduce yourself as formal communications will be provided upon completion. Our office will communicate with your lender (if applicable) to book in your settlement and provide you with settlement figures to review and approve.
Deciding which type of property purchase is right for you
Residential, Rural & Vacant land
Residential land may be sold with improvements (structures) or as vacant land to build on, if the land has dwelling entitlements. Residential land that is being purchased with improvements may have just one dwelling, dual occupancies or depending on the zoning type, multiple dwellings. The purchase of residential property may be Strata or Community Title, Off the Plan or an Unregistered lot.
Strata
Strata title is where you purchase a lot within a strata scheme. The scheme can range from residential developments (such as a duplex or unit complex), to commercial or a combination of both. Ownership of the strata lot is measured on the cubic space of the unit itself and any car spaces and storage spaces within the lot boundaries. The structures and open spaces on the land are known as common property which are jointly owned by all of the owners. Owners pay levies to contribute towards the repair and maintenance of the common property and costs of operating the Strata Scheme.
Community Title
Community Title scheme is similar to a Strata Title scheme, where you purchase a lot in a Community Title scheme, however you own your lot and you have shared ownership and responsibility for the common areas of the community or neighborhood property. Owners pay levies to contribute towards the repair and maintenance of the common property and costs of operating the Community Scheme.
Off the Plan
Purchasing off the plan is committing to a property that has not yet been built. The time required for an off the plan property to be completed can range from weeks to months or several years, depending on where the development has progressed to at the time of contracts being accepted.
Unregistered
The purchase of unregistered land occurs when a developer or owner subdivides a larger parcel of land to create newly registered lots. The unregistered lot could either be vacant land or a house and land package. The time required for the plan of subdivision to be completed can range from weeks to months or several years, depending on where the development has progressed to at the time of contracts being accepted.
Commercial
Commercial real estate can vary from retail to industrial, to offices and warehouses. The property may be sold vacant or with an existing tenant.
Are you entitled to a cooling off period?
Purchases with a cooling-off period
Most residential properties in New South Wales are provided with a five business day cooling-off period. The time is extended to 10-days if the purchase is Off the Plan. This period is to allow the purchaser to inspect the property and obtain finance approvals without being ‘gazumped’. By paying 0.25% of the contract price and entering into a cooling off period, the vendor cannot sell to any other person. If you choose not to proceed during this period, the 0.25% deposit is forfeited to the vendor.
Purchases without a cooling-off period
Commercial properties, residential properties sold at auction (or on the same day as the auction) and properties over 2.5 hectares do not provide for a cooling-off period.
If the vendor requests to exchange without a cooling-off period, or you have had your finances approved and the deposit has been paid, you can instruct your legal representative to waive the cooling-off period, or the balance of any period, by issuing a ‘66W certificate’.
Hive Conveyancing chooses the PEXA platform that enables us to transact property transactions seamlessly and securely with efficient online property settlements. Our processes also ensure the real estate is notified immediately once your settlement has taken place, so that you may arrange to collect the keys to your new home without delay.