Before You Buy: What You Need to Know in NSW

Conveyancing: The Legal Side of Buying Property

When purchasing or selling a home, land, or investment property in New South Wales, signing a legally binding contract is essential. The legal work involved in preparing and managing these contracts, mortgages, and related documentation is called conveyancing.

Most buyers engage a conveyancer, settlement agent, or solicitor to handle this process. These professionals prepare legal documents, provide advice on contracts, and explain your rights and obligations. The conveyancing process typically involves:

Reviewing the contract of sale carefully.
Checking any strata inspection reports if the property is part of a strata scheme.
Arranging payment of stamp duty and other government charges.
Verifying any outstanding council rates, land tax, or other arrears attached to the property.
Investigating whether government authorities have interests in the land or if any planned developments could affect the property’s value.
Uncovering undisclosed issues such as boundary disputes or illegal building work.
Calculating pro-rata adjustments for council and water rates at settlement.
Conducting final checks prior to settlement.
Attending the settlement to oversee the formal transfer of ownership.
Facilitating the payment of stamp duty.
Managing the change of land title with the relevant authorities.
Overseeing the exchange of contracts and deposit payment.
Assisting with arranging finance if required.
Coordinating building and pest inspections.
Preparing and reviewing mortgage documents.

Your real estate agent can guide you through this process and explain how it applies specifically in New South Wales.

Property Inspections: Essential Checks Before You Commit

Before finalising your purchase, it’s vital to conduct thorough inspections to avoid costly surprises later. While the cost of professional inspections is minor compared to the overall purchase price, these reports provide critical peace of mind.

Common inspections include:

Building Inspection
A building inspection offers an expert assessment of the property’s condition and identifies any significant defects or issues. Inspectors typically examine:

Interior and exterior of the building
Roof space and under-floor areas
Roof exterior
Surrounding site and grounds

If problems are found, you can seek specialist advice, request repairs from the vendor, or negotiate a reduced purchase price.

Pest Inspection
This inspection detects termite activity and other pest infestations that could damage the property.

Strata and Company Title Searches
For buyers considering apartments, townhouses, villas, or any property managed by a strata or body corporate, obtaining a strata or company title report is crucial. This report reveals:

The property’s maintenance history
Any current or past issues affecting the property or common areas
Proposed repairs or improvements
Financial liabilities for owners related to common property maintenance

Understanding these factors is important, as costs for repairs or upgrades to shared areas can be substantial and are typically shared among all owners.

Conveyancing & Inspections