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-2

READ THE CONTRACT (ON SPECIAL CONDITIONS) – PART 2 OF 3 Summary of what we will learn in this webpage: What some of the more common Special Conditions mean? As a prospective purchaser, do we accept these special conditions, or shall we negotiate before signing on the contract? Step 2 : Next, we look for the Special Conditions pages. As these are many and varied, we’ll list some of the more common ones here (though there is one below that is not that common). For the more common special conditions, the style of words will be varied and different, but the meaning they convey should be similar to the ones below. For any special conditions we see in the contract that we think should be deleted or amended, we normally email the vendor’s solicitor to ask him/her to delete/amend. Of course, they can refuse to agree to our requests for amendments. All requests for amendments must happen before the 10% deposit is paid an...

DSL Law Overview

DSP Law is a small firm of solicitors located in the Sydney suburb of Auburn; (if you are coming by train, we are only about 3 mins walk from Auburn train station. Auburn train station is about 25 mins by train from Sydney CBD, 10 mins by train from Parramatta.) Our law firm has been established in Auburn, Sydney for the past 19 years. The principal solicitor has over 20+ years of experience in different areas of law. If you engage us to do your conveyancing for you, rest assured you are in safe hands. You will also be informed every step of the way, and if there’s anything you do not understand or want to find out more, please read the preceding web pages, or ring us and we’ll explain. When you ring us, you get directly to us, solicitors, and we’ll answer your questions on the spot. You will not waste your time talking to file-opening managers or administration staff. We speak English, Arabic, Mandarin, and Cantonese. We do other areas of ...

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