What services do we provide?

What is the process? 

1. Pre-Contractual Stage

• Engage a Djeric Legal It’s advisable to hire a qualified solicitor who specialises in property transactions.
• Pre-Purchase Due Diligence: Conduct necessary checks and searches such as property title, zoning, and any restrictions or encumbrances on the property. We provide a detailed contract review. 

2. Contract Preparation

• Vendor’s Side: The vendor (seller) prepares a Contract for Sale of Land, which includes details about the property, any special conditions, and a copy of the property title.
• Purchaser’s Side: The buyer’s representative reviews the contract and may request amendments or additional information. Do not rush into signing a contract!

3. Contract Exchange

• Exchange of Contracts: Both parties (vendor and purchaser) sign the contract. This is usually done through their respective conveyancers or solicitors. The buyer pays a deposit (typically 10% of the purchase price).
• Cooling-Off Period: In NSW, there’s a 5-business-day cooling-off period for residential property purchases, which allows the buyer to withdraw from the contract under certain conditions. There is a 10-business-day cooling offer period for off the plan purchases. 

4. Settlement Preparation

• Due Diligence: Ensure all conditions of the contract are met, and conduct final checks such as confirming the financial arrangements are in place.
• Transfer Documents: Prepare and lodge the necessary documents, including the Transfer of Land form, with the NSW Land Registry Services, this is all prepared through the PEXA platform. 

5. Settlement

• Final Payment: The buyer pays the remaining balance of the purchase price.
• Transfer of Ownership: The vendor hands over the property, and the purchaser receives the keys. The Transfer of Land document is lodged with the Land Registry to officially record the change of ownership.

6. Post-Settlement

• Stamp Duty: Ensure stamp duty is paid to the NSW Office of State Revenue.
• Registration: The property ownership is officially updated in the land registry records.
• Notify Relevant Parties: Inform authorities and utilities about the change of ownership.

Additional Considerations:

• Insurance: Arrange for property insurance to commence from the date of settlement.
• Land Tax: Be aware of any land tax obligations.

Each property transaction might have unique aspects, so it's crucial to follow the specific requirements of the contract and legal obligations involved.