Now in conjunction with Jamie West Conveyancing

BUYING REAL ESTATE

Our message to you

Buying property can be stressful, it cannot be denied. At Same Day Conveyancing our goal is to make the process as seamless as possible and prevent any undue stress from adding to your daily life.

Our open, honest and regular communication together with our willingness to take a helicopter approach over the broader transaction will leave you feeling reassured and at ease at all times – that’s a promise.

We’re also flexible and listen to your needs. We all have different preferences in life which is why Same Day Conveyancing offers a variety of options in order to suit your needs. We can meet you face to face at our Marrickville office or, if you prefer, our modern technology and processes mean that a majority of transactions can be completed remotely.

We look forward to speaking with you and assisting in your journey.

Same Day Conveyancing

FREE INITIAL CONTRACT REVIEW

GET AN INSTANT QUOTE

JOURNEY MEMBERSHIP OPTION + CONVEYANCING SERVICE

* FREE Initial Contract Review

* FREE Contract Reviews for up to 3 months

* FREE Requests for Amendments for up to 3 months

* FREE 66W Certificates for up to 3 months

* Full Conveyancing Service

* FREE General Advice

* Face to Face Meeting as required or desired at our Marrickville office, online or via telephone 

* Conveyancing Fee payable at completion together with disbursements

* Ideal for those starting their journey or for those attending multiple auctions

CONVEYANCING SERVICE ONLY

* FREE Initial Contract Review

* Full Conveyancing Service

 

 

 

 

* FREE General Advice

* Face to Face Meeting as required or desired at our Marrickville office, online or via telephone

* $150 plus GST payable upon instruction and the balance of our Conveyancing Fee payable at completion together with disbursements

* Suitable for those that have found their ideal property or had their offer accepted

TYPES OF TRANSACTIONS

Residential - House

Residential - Strata

Off the Plan

Commercial

Company Title

FREE INITIAL CONTRACT REVIEW

Just complete the form below and we'll get back to you with your same day FREE initial contract review (contract must be received by 12 noon for a same day turnaround).

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THE PROCESS TO SETTLEMENT

EXCHANGE OF CONTRACTS

A legal relationship is only created in NSW upon formal exchange of contracts.  For contracts to be “exchanged”, the following occurs:

i) the purchaser and vendor both sign a contract on identical terms;
ii) the deposit is paid to the depsoitholder under the contract;
iii) if required, a 66W certificate is signed by us and provided for the exchange; and
iv) once the above is checked and verified, the contracts are dated by the vendor’s conveyancer or agent as “exchanged”.

Prior to the above taking place, either party may walk away from the transaction without penalty therefore it is imperative that you are prepared to move towards exchange of contracts as soon as is practicable.

The exchange itself can take place in either of the following manners (to be agreed between the parties):

i) With a Cooling Off Period
If you a purchasing residential property in NSW then the Conveyancing Act 1919 has a provision whereby any residential purchaser will be afforded a five business day cooling off period unless the exchange takes place at auction, on the same day following an auction, with a 66W Certificate or the property being purchased is commercial, Company Title or has a land size over 2.5 hectares (see below).

With a Cooling Off Period, it is normally negotiated for you to pay 0.25% of the price on exchange with the balance of the deposit paid on or prior to the expiration of the Cooling Off Period.  The Cooling Off Period provides a great option for a buyer to take the property off the market quickly as it provides sufficient time in most circumstances for all pre-inspection checks to be finalised prior to contracts becoming unconditional.

The buyer has the exclusive right during a Cooling Off Period to serve a formal rescission notice whereby, in such event, 0.25% of the price is forfeited to the vendor.  This is rare, however could occur for any reason such as you simply changing your mind, failing to secure unconditional finance approval or being unsatisfied with any inspection reports.

i) Unconditionally without a Cooling Off Period
Any exchange at auction, or on the same day following an auction, is automatically unconditional.  If buying residential property, we can sign a Certificate pursuant to Section 66W of the Conveyancing Act 1919 and provide to you to handover in order to waive your rights to any Cooling Off Period and enable an unconditional exchange to take place under auction conditions.

A 66W Certificate is often a requirement of a vendor when you are seeking to purchase a property prior to auction and, in many inner areas of Sydney, may be required nevertheless.  This option can also provide weight to any offer therefore, depending on the market you are looking to buy into, it may be important to understand the concept of a 66W Certificate before you consider submitting your offer.

Please note: all commercial transactions are unconditional from day one without the need of a 66W Certificate, as are Company Title purchases or those with a land size of over 2.5 hectares.

PRE-SETTLEMENT

Once contracts are unconditional, there is a process that both ourselves and your lender need to undertake to ensure that everything is in order for settlement to proceed on or prior to the date for completion under the contract.  The standard settlement period is 6 weeks, however we can usually complete our processes within 4 weeks subject to your lender and receipt of searches within a reasonable time.

There will not be too much for you to attend to along the way, however you will need to sign and provide a few documents for us to enable us to process your stamp duty and authorise us to proceed to sign off of the legal documentation for the transfer to take place.  In addition, you will need to sign your loan documentation with your lender in good time prior to settlement.

In most instances, our documentation will be available for you to sign at our office or electronically (whichever option you prefer) within one week of unconditional exchange.

Under most contracts, you will be permitted to complete a pre-settlement inspection of the property in the three days preceding the settlement date to ensure that, within reason, the property is provided in the same condition as at exchange of contracts subject to fair wear and tear.

You should also consider your moving arrangements, insurance, utility providers and payment of any shortfall funds during this settlement period.

SETTLEMENT

The settlement date itself is of course exciting, but all the hard work will have been completed in the lead up to this day.

On the settlement date itself, we will only need to carry out a five minute process in order to verify that all is ready and satisfactory in both a financial and lodgment sense before signing off for your settlement to take place.

Once complete, we will call you to confirm the good news following which you can collect keys for your new property from the agent and celebrate.

THE 10 STEPS TO AN UNCONDITIONAL EXCHANGE

1) START YOUR SEARCH

You have undoubtedly started your journey online using realestate.com.au and/or domain.com.au and perhaps attended a few open homes or auctions to see what you can get for your money. You have probably set an initial budget and made some attempt to factor in some of the acquisition costs associated with any purchase such as stamp duty, conveyancing, lending deductions, registration, inspections, etc.

2) ESTABLISH YOUR TEAM

If so, now is the time to establish a trusted team to guide you through the process. We can put you in contact with an experienced broker, arrange inspections on your behalf from an independent inspector and/or set up a time for you to speak with a local buyer’s agent. We do not receive any referral fees (we are against the premise) and will only put you in contact with those we’d use for our own personal journey.

3) PRE-APPROVAL

Before you can seriously start to consider pursuing a property it is wise to have your pre-approval in order. This is the initial step of the financing procedure where the lender assesses yourself as an applicant and your requirements before making a determination as to whether you can borrow the funds required subject to any conditions (often a property valuation). A good mortgage broker can make this step seamless.

4) FIND A PROPERTY

Now your team is established and pre-approval in motion, you are in prime position to start looking at securing that dream property. Make sure you speak to your local agents at open homes about your criteria to ensure you do not miss out on new or off-market listings before they are marketed online.

5) CONTRACT REVIEW

Once you’ve found a property, the next step is to have the contract reviewed by a conveyancing specialist. During this process we will advise you of any major red flags, make recommendations for any amendments, notify you of planning and titling details and provide all information you need to make a final decision on the particular property.

6) REQUEST AMENDMENTS

As part of our contract review we will highlight any potential showstoppers to you and may recommend that we proceed to seek to amend the contract prior to submission of an offer. This will depend on the item in question, the market you are looking to buy into and whether you are looking to buy through private treaty or at auction.

7) SUBMIT YOUR OFFER

Now that you have a further understanding on the property and proposed contract for sale, you are now in a position to submit an offer with or without any conditions. In NSW, an offer is not legally binding until a formal exchange of contracts has taken place therefore you may walk away from any offer, even following acceptance, provided that no exchange of contracts has taken place (unless you buy at auction of on the same day following the auction)

8) INSPECTION REPORTS

Prior to any unconditional exchange of contracts or auction, it is imperative that you have a full understanding of the condition of the property prior to purchase as you accept the property in its present state and condition as at the time of exchange, subject to fair wear and tear. This may include a building and pest inspection and/or, if part of a strata scheme, an inspection of the strata records. We can arrange these on your behalf if required.

9) UNCONDITIONAL APPROVAL

Prior to any unconditional exchange of contracts, it is highly recommended that you obtain unconditional finance approval from your lender. This entails your lender completing their final checks on you as the borrower and also on the property you are seeking to purchase, often requiring a valuation. This process can take 3-7 business days. If buying at auction, there is usually no option to secure unconditional finance approval prior to.

10) UNCONDITIONAL EXCHANGE

Once the above steps have taken place, you are now in a position to proceed to an unconditional exchange. For contracts to be exchanged unconditionally, you will sign a contract incorporating the final terms and amendments as agreed, the vendor will sign an identical copy and contracts will be formally dated as exchanged by the agent or vendor’s conveyancer upon payment of the deposit and the handing over of a 66W Certificate (if applicable) which is signed by us. Only once this takes place is a legal relationship formed.

CONTACT US

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Same Day Conveyancing

Jamie West Conveyancing Office:
Level 1, 207 Marrickville Road, Marrickville NSW 220
PO Box 750, Marrickville NSW 1475
Phone: 02 8283 3710
Mobile: 0406 006 826

Same Day Conveyancing Office:
Level 45, 680 George Street, Sydney NSW 2000
PO Box Q325, QVB NSW 1230
Phone: 02 9221 0750
Mobile: 0413 999 367

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Like any good WD, we’re here when you need. Click here to make an appointment to see us, call us on 02 9221 0750 or send us a message using our contact form.

ABN: 86 650 259 242