Buying a house

Step by Step Conveyancing Process for buying a house:

We have put the Conveyancing steps for buying a house in Sydney and NSW into 6 steps.

Step 1: Read the Contract. What to look out for in the first 3 pages of the Contract.

Step 2: Read the Special Conditions that come with the contract. What do the more common ones mean?

Step 3: Read the Vendor Disclosure Documents, what do they mean? Do you still want to go ahead with the purchase?

Step 4: What to do on the day of Exchange, where to sign on the Contract, how much deposit shall a purchaser pay?

Step 5: As a purchaser, what must be done immediately or not long after the day of Exchange.

Step 6: What must we do about 2 weeks to 2 days before Settlement, how do we work out the Settlement Adjustment Sheet, what happens on Settlement day.

Please read these web pages sequentially, from Step 1 to Step 6. These are essentially all the steps solicitors take in the conveyancing process for buying a house in Sydney and NSW, from the initial receipt of contract to the final settlement day. We hope you enjoy the next few web pages and feel that you learn something from them.

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Sale-Conveyancing-Step-6

SETTLEMENT / COMPLETION Summary of what we will learn in this webpage: What do we expect to receive from the purchaser’s solicitor about 2 weeks prior to the day before Settlement As a vendor, we expect to receive the Settlement Adjustment Sheet, and its supporting s603 and s66 certificates We go through how to work out the Settlement Adjustment Sheet, and therefore How much is the vendor going to put in his pocket from the sale of this property Step 6 : 1) A day or 2 before settlement, we would receive the loan payout figure from the lender. This payout figure is the amount of loan that the vendor still owes the bank and this amount needs to be paid on settlement day for the lender to discharge / release the vendor from the loan. 2) Normally a couple of weeks before till 3-4 days before settlement, we would also receive from the purchaser or the purchaser’s solicitor a settlement adjustment sheet and its supporting s603 and ...

Buy-Conveyancing-Step-3

READ THE CONTRACT – PART 3 OF 3 Summary of what we will learn in this webpage: What to look out for in the Deposited Plan, Easements and Covenants documents What to take note of in the Section 10.7 Planning Certificate What is important in the Sewerage Service Diagram Have an idea about the Sewer Mains Location Diagram Step 3 : After reading the Special Conditions, next we look at diagrams of the Deposited Plan, scan read the Easements and Covenants documents that may come with the contract. We look at the diagrams of the Deposited Plan because we want to confirm that the house we saw physically and that we are interested to buy is as what is drawn on the Deposited Plan, i.e. that the location of the house we saw is where we thought it is with respect to the nearby streets on the Deposited Plan. Also, we can see from the Deposited Plan the area of the land the house is on. The legibility of the Easements and Covenants docume...

Buy-Conveyancing-Step-4

EXCHANGE Summary of what we will learn in this webpage: How much deposit should a purchaser pay on Exchange Where should a purchaser sign on the contract Step 4 : After reading the contract ( Contract + Special Conditions + the required documents like the Deposited Plan , s10.7 Planning Certificate and sewer diagrams ), if we are still satisfied, we will now be able to sign on the first page of the Contract , pay the required deposit and exchange. At this stage, we should at least have pre-approval ready from the bank, if not unconditional loan approval. Deposit: 1) The deposit could be 0.25% of the price, and this normally gives the purchaser 5 business days cooling off period, during which the purchaser can change his/her mind and not proceed to buy the property but forfeit the 0.25% to the vendor. If by 5pm on the 5th business cooling-off day, the purchaser is still happy to proceed with the purcha...

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