Purchasers Exiting Residential
Conveyancing Steps And Processes For Purchasing Existing Property
- Go to open homes with a check list of the property features you want in the place you wish to buy.
- Contact and speak to ABS Conveyancing for a Conveyancing Quote.
- Found a suitable property, make an offer to buy and negotiate, using comparable sales in the local area, marketing information, realestate.com.au sold section and discussions with locals.
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If going to auction, make sure you have
– written loan approval,
– building/pest report if a house or townhouse,
– strata inspection report if a apartment or townhouse.
- Talk to locals to make sure the local is right/perfect for you.
- Make initial payment to ABS Conveyancing for the Contract Review, then discuss and instruct Contract Changes & Questions.
- Contract signing and exchanging.
- Cooling Off if not bought before or at auction.
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If not bought at auction and under Cooling Off, make sure you have
– written loan approval
– building/pest report if a house or townhouse
– strata inspection report if a apartment or townhouse.
- Post Cooling Off or Exchange, ABS Conveyancing orders searches on council rates, water rates and if needed, strata levies, for the settlement figures.
- ABS Conveyancing makes sure a Land Tax Clearance Certificate from the Vendor side.
- Forms to the Purchaser/s for stamp duty to be processed, ready to pay at settlement. Includes first home buyer concessions form, if a first home buyer.
- Bit and pieces to your bank.
- Set up with bits and pieces PEXA, for electronic on-line settlement.
- When the searches come back, ABS Conveyancing prepares and sends off the draft Settlement figures, with the relevant searches.
- Vendor sides checks the settlement figures with any corrections and then provides the Vendor Pay Directions back.
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ABS Conveyancing advises the Purchaser/s the total funds required for settlement
– Vendor Pay Directions
– Stamp Duty
– Balance of the conveyancing fees to ABS Conveyancing
– Transfer/lodgement fees with bank, PEXA and the
– Land Titles Office (NSW Land Registry Services
- Purchaser/s organises the Pre-Settlement inspection with the Agent.
- Purchaser/s advises ABS Conveyancing either all fine with the Pre-Settlement inspection, or any issues to raise with the Vendor?s Conveyancer/Solicitor.
- Day of Settlement, ABS Conveyancing monitors and controls the PEXA workspace, for a successful settlement. All the electronic documents and payments go through.
- ABS Conveyancing rings the Purchaser/s of the Successful Settlement.
- Post Successful Settlement, Vendor?s Conveyancer/Solicitor sends the Order on the Agent, to the Agent, to release the keys/tags/cards to the Purchaser/s now the new owners and the deposit to the Vendors, less the Agents? commission and marketing costs.
- Land Titles Office (NSW Land Registry Services) sends notice to council and water on the new ownership details.
- If strata, ABS Conveyancing signed off on Section 184 notice, to the Purchaser?s Conveyancer/Solicitor, to the strata manager, of the new ownership details.
- ABS Conveyancing orders a Title Search, few days later, to make sure the transfer is completed, now in the Purchaser?s name, with their bank as the mortgagee, if there is an incoming mortgagee.
- Closing off File and Conveyancing Matter.
