Looking to Buy

Buying a property is one of the biggest transactions of your life! At Impact Conveyancing, we are here to guide you through the process with ease and clarity.

Our pre-purchase due diligence will provide you with a full written report on the contract, explaining covenants, restrictions and easements – if any – affecting the parcel of land! We will also take time to investigate with council in relation to development approvals for all structures on the land and ensure you have obtained any necessary pre-purchase reports such as pest, building, strata reports and / or surveys.

At Impact Conveyancing we also provide detailed advice in relation to Retirement Village Leases and Licence Agreements.

Faq’s when Buying a Property

Buying at Auction

Did you know that if you buy at Auction, the contract terms are unconditional – that is – you do not get a cooling off period. It is imperative that we undertake all due diligence for you on the contract and the property before you are positioned to attend auction. Please contact us today to discuss the auction process.

Buying Private Treaty

Normally a purchaser will have the benefit of a cooling off period – that is a 5 day period during which all due diligence is undertaken and your unconditional finance approval obtained. Why not call us before you sign the contract so that we can cast our professional and learned eyes over the contract to ensure no glaring issues?

If you then chose to exchange contracts with a cooling off period, we will provide you with a written and professional due diligence report in relation to the contract and our research prior to the expiration of the cooling off period. We will ensure all required negotiations are done on your behalf and will liaise with your bank to ensure unconditional loan approval prior to you being bound to the contract.

It may be that you are required to enter into an unconditional contract and will not be given the benefit of a cooling off period. Normal due diligence will be conducted and you will be provided with your written due diligence report. If you are happy to proceed, we will gladly provide you with a certificate which will waive those cooling off rights.

Normally, a 10% deposit will be payable by you in relation

Buying off the plan

Normally, when purchasing off the plan, you will be required to enter into the contract on an unconditional basis – that is – with no cooling off period. At Impact Conveyancing we are highly experienced in reading, interpreting and negotiating on Off the Plan contracts. We have been involved in both the sale side of the transaction – having acted for large property development groups, and many purchasers of off the plan properties.

Prior to entering into an off the plan contract we will provide you with a detailed due diligence written report in easy to understand terms in relation to the contracts terms and conditions. We will advise you in relation to all stamp duty obligations and whether or not you can delay your duty payments.

What happens after you enter into a contract?

After auction or after your cooling off period expires, you will be asked to sign your loan documents, obtain any required insurances and ensure all verification of identity checks are finalised.

This office will be preparing your settlement workspace on the PEXA system and will invite you to watch this workspace via the PEXA Plus App.

We will order all required searches from a wide range of government departments to ensure the property will pass to you unencumbered and free from charge. We will also liaise with Revenue NSW in relation to your stamp duty obligations and pre-lodge your stamp duty application.

Leading up to settlement

You will be asked to ensure you have arranged an inspection of the property with the listing agent to ensure that you are happy to receive the property and that it is in an acceptable condition – subject of course to the terms and conditions of the contract.

We will provide you with a statement of settlement, detailing adjustments for all rates payable from the settlement date. We will provide a detailed accounting to you for every cent payable on your transaction and guiding you through how those funds are to be delivered into settlement. It may very well be that you are contributing equity funds. If so these funds will either be debited from your nominated account OR we will require you to transfer your contribution into our trust account.

On the settlement day

We will effect your settlement without the need for you to be present. You will be notified by both the PEXA App and our friendly staff to confirm finalisation of your transaction.

A few key considerations when purchasing

  1. Do I have a loan pre-approval or have I discussed my finance position with my Banker/Broker?
  2. Do I have a cash deposit or will I require the use of a Deposit Guarantee?
  3. Are Pest and Building Reports available?
  4. In the case of a strata purchase, is there a Strata Report available?
  5. Have I had my Conveyancer review the Contract prior to signing?
  6. Does the property have any affectations such as Easements, Covenants, Restrictions, Flooding or Bushfire which might affect my enjoyment of the property?
  7. Am I comfortable and confident with the terms of the agreed negotiations as to settlement period, deposit payment, stamp duty liability?
  8. If I am buying off the plan, do I understand how long I may be bound by the Contract, even if the Developer is not progressing with works as I anticipated?

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