Before attending an auction and placing a bid you should always have the contract reviewed by a conveyancer. Some key things to remember when buying at auction is that there is no cooling off period, you are locked into the contract immediately and you must pay your deposit to the real estate agent on the day.

We offer a contract review package, so if you are planning on buying at auction get in touch with us today.

It is standard and essential term of the contract that the deposit be paid on or before the making of the contract (i.e. on exchange) or in strict accordance with any other payment terms detailed in the contract.

The deposit paid is usually 10% of the sale price but can vary. We can usually negotiate a smaller amount. Where a purchaser does not have sufficient funds to cover the 10% deposit, the vendor may agree to accept a deposit bond which is a guarantee issued by an underwriter to secure the deposit between exchange and completion in the event the purchaser is in default.

Where a deposit bond is provided to secure the deposit, the purchaser must then pay the full price (plus any other moneys due under the contract) to the vendor at completion.

Please contact us to discuss options in relation to deposits.

There is no ideal person or situation which suggests you should sell privately; with a little help anyone can do it. There may be a number of reasons why someone chooses to sell without a real estate agent.

If the parties are related you may need an independent valuation and may not require a Contract for Sale.

If you are marketing privately without a real estate agent or have already had an interested purchaser approach you, you will need a Contract for Sale.

If you need assistance in choosing the best option for you, please contact us today.

Joint tenancy and tenancy in common are the two most common classifications of ownership of a property.

When parties own property as joint tenants, this means that:

1. all joint tenants have equal ownership and interest in the property; and
2. a right of survivorship exists.

The right of survivorship means that if one of the joint tenants dies, the property will automatically pass to the surviving joint tenant.

When parties own property as tenants in common, this means that:

1. co-own a property in defined shares for each tenant in common which can be equal or unequal, and
2. no right of survivorship exists.

A tenant in common can sell their shares in the property or give them away in a will. This means that there is no right of survivorship.

As conveyancers, we specialise in property transactions and therefore we have comprehensive knowledge and experience in this one aspect of law.

Conveyancers are significantly cheaper than solicitors and we will provide a faster more personalised service to our clients because you will deal with your conveyancer direct and not administration staff.

Your conveyancer will guide you through the minefield involved in buying real estate. You will need to know what steps should be taken before you commit to a particular property.

Your conveyancer will also make sure that you are aware of all the additional costs that may be involved so that you can workout a budget and know exactly what you can afford when negotiating the purchase price with the agent.

A contract of sale is one of the many legal documents that are part of the conveyancing process. The contract of sale should detail every aspect of the transaction and is a legal requirement for ALL residential property in NSW before it can be listed for sale, regardless of whether you use a real estate agent or not.

Finance

Is essential that you have written unconditional finance approval from your lender (except if you are paying cash) before you exchange and waive your cooling off entitlements.

Inspections

Under legislation, the vendor is only required to disclose matters affecting the title of the property. There is no requirement for the vendor to provide any information as to the quality of any building on the land.

Before you commit yourself to the purchase of a property, you should discuss with your conveyancer what inspections (if any), you should obtain such as pest, building and strata reports.

If you exchange with a cooling off period you pay a 0.25% deposit which is forfeited if you do not proceed with the full 10% deposit to be paid before the cooling off period expires.

If you have waived your right to a cooling off period the full 10% deposit is paid on exchange and the contract is binding.

All contracts for the sale of residential property have a cooling off period of five business days. This means that from the date of exchange, the purchaser has five business days in which to make enquiries, carry out inspections, obtain unconditional finance approval and finalise negotiating terms of the contract before the contract becomes binding.

Any property purchased at auction does NOT have a cooling off period.

The purchaser can waive the cooling off period by having the contract explained by a conveyancer who can sign off on a S66W certificate which is handed to the seller’s conveyancer on exchange.

The settlement date is negotiated prior to exchange. This is usually 4-6 weeks from the date of exchange as a general guide and will be listed on the Contract for Sale.

You should speak with your conveyancer about your plans and they will be able to help negotiate terms to suit your needs. At Smart Coast there is nothing “normal” or “right” in what terms you request for your Contract, we will find solutions that make each transaction fit with your needs.

This is the day that everyone has been waiting for…. It is the day that buyers take legal ownership of their property, collect keys and can move in.

It is the day that vendor’s pay out any mortgage and all funds will be paid into the vendor’s account. All vendors should have vacated the premises by this stage.

No parties will be required to attend settlement.

At Smart Coast we ask that you sit back and wait for our phone call of Congratulations. By this stage we have already completed everything and today is a day of celebration.

PEXA (Property Exchange Australia) is the electronic lodgment network for settlements. It is also referred to as the electronic settlement process and is now mandatory in most circumstances in NSW.

Electronic settlements provide a range of benefits to vendors and purchasers by reducing the risk of error and delay, offering immediately available funds to sellers, and instant property transfer to purchasers. Being experienced in PEXA is a vital part of the service your conveyancer provides to you. Smart Coast is a certified PEXA specialist.