We understand that buying a property can be daunting. For many, its the largest transaction you will undertake in a lifetime. At Smythe Wozniak Lawyers, our goal is to make this transaction as simple and worry-free as we can. We specialise in helping you with all of the legal aspects of the purchase process from the moment you decide on the property to purchase to the day of settlement.
What is involved?
Once you have negotiated a price with the Vendor and they have accepted your offer, there are 2 ways the purchase can proceed:-
Method 1 - A Cooling Off Period
You will sign a copy of the Contract for Sale with the Agent who will then exchange (date) it and you pay 0.25% of the purchase price as a deposit. This takes the property off the market and allows you time to obtain any inspection reports and your loan approval before being locked into the purchase. If you pull out of the purchase, you forfeit the 0.25% to the Vendor. You are not locked into the Contract until the cooling off period expires. The Vendor does not have any cooling off rights. They are locked into the sale as soon as the Contract is dated.
Method 2 - Unconditional Exchange
The agent will forward the details of the purchase to us. The property will stay on the market until the Contract is exchanged (dated).
You now obtain any inspection reports, i.e. pest, building or Strata inspection reports and your unconditional loan approval. Once you are satisfied with all the results of the reports and your loan is approved, you pay the balance of your deposit and we forward your copy of the signed Contract to the Vendor’s representative to exchange (date). You are locked into the purchase once the Contract is dated.
What Happens Next?
Once the Contract is exchanged, we liaise with the necessary parties in readiness for settlement.
The day of settlement, usually 6 weeks from the date of the Contract, is when the transaction between yourself and the Vendor is finalised.
If you have any post-settlement enquiries, we will provide you with the assistance you need.
One Fixed Fee
At Smythe Wozniak Lawyers, we offer a fixed price fee so that you can have the peace of mind of knowing exactly what you are up for from the very start.
Our fixed price fee includes the following:
- Ordering all the required inspection reports on your behalf
- Reviewing and explaining the Contract for Sale to you
- Liaising with your Agent throughout the conveyance
- Liaising with the Vendor’s representative throughout the conveyance
- Attending to the exchange of the Contract
- Preparing all the necessary post-exchange documents and ordering of enquiries
- Liaising with all parties/organisations in readiness for settlement
- Arranging and attending settlement
- Post-settlement requirements