Buying a home in NSW?
Our 8 Step Guide
You find a house & get pre-approval from your bank/broker to make an offer.
Your offer is accepted (Sweet!)
You should organise a Pest and Building inspection and ask the real estate to send the contract to your conveyancer or solicitor.
It's now time to meet one of our skiller conveyancers or solicitors. Make an appointment with us, we will go through the contract and explain all the terms and provide advice.
Is the building and pest inspection satisfactory?
Are you happy with the contract and agree to all the terms and conditions?
Has your solicitor done the relevant pre-exchange checks and searches?
YES - Once your finance is unconditionally approved, you will sign and date the contract, pay the deposit (usually 10%) and exchange (this is when you are legally bound by the contract)
NO - Your solicitor can try to negotiate and have parts of the contract changed. If that doesn't work you need to decide if you really want this house or if you dhould look for another.
Waiting game - from the date of exchance to settlement usually takes about 4-6 weeks. In this time your bank will prepare finance. Your conveyancer will be doing work such as sending requisitions, ordering searches and preparing for settlement. You will be asked to sign 'PEXA' forms, provide extensive ID and complete and home buyer grant forms.
Your conveyancer will tell you when the house is due to settle and provide you with figures and 'adjustments' to be paid on settlement. You will need to agree with the figures, arrange to pay and 'shortfall' and pay Stamp Duty.
Settlement and payment for your purchase will be done electronically through software know as PEXA. You will be notified once the property settles and told to collect the keys from the agent.
Congratulations! You now own your home. Your conveyancer will send you a copy of the title search showing you as the registered owner.