Purchasing Residential Property  

Ezystep Conveyancing will help step you through each purchase process.  Before considering purchasing a property you should talk to a finance institution of your choice and obtain a home loan pre-approval, search the market and speak to agents and find your dream home, negotiate the price and liaise with your lender to ensure that the loan will be approved.  Once a sale has been agreed Ezystep Conveyancing will review the contract for sale and negotiate any amendments required.

When purchasing a residential property in NSW you have two choices, you may choose to exchange immediately or exchange after obtaining the appropriate enquiries, obtaining unconditional finance approval and legal advice on the contract. If you choose to exchange immediately with an agent you will secure the property and take it off the market. If you choose the first option to exchange immediately, usually with an agent, Ezystep Conveyancing can meet you on short notice to advise you about the contract or have the agent email a copy of the contract for us to peruse.  Once contracts have been exchanged you have five business days cooling off period.  Within this period you will need to obtain unconditional finance approval, any pre purchase inspections (pest and building inspections) and any council enquiries. Ezystep Conveyancing can arrange this for you on your behalf or you may have a preference to do this yourself.  Once you have satisfied all of the requirements and are happy to proceed on the fifth business day the property cools off and exchanges unconditionally. If you decide not to proceed with the purchase than you can pull out of the contract within the five business days however you will lose the 0.25% of the purchase price paid.

If you buy a property at auction a cool off period does not apply and once it exchanges at auction you are bound by the contract.  It is best if you are buying a property at auction to contact Ezystep Conveyancing for advice on the contract and obtain the pre purchase inspections required and to have unconditional finance approval from your financial institution before you bid at auction.

If you decide to exchange by using the second option and obtain pre purchase inspections and unconditional finance approval prior to proceeding with exchange of contracts for sale. Ezystep Conveyancing can help you try and exchange the contracts as soon as possible as the second option has the disadvantage that the property will remain on the market for sale and for another purchaser to offer a higher price for the property.

If purchasing property that is commercial, rural and industrial there is no cooling off period.  You are immediately bound to the contract so like auction properties it is advisable to get your pre purchase reports.

Between exchange and Settlement On exchange of contracts a 10% deposit is required to be paid.  Settlement occurs around 42 days (6 weeks) following exchange of contracts.  This term can be negotiated prior to exchange of contracts.  Ezystep Conveyancing during this period will liaise with you throughout the whole process and will conduct the necessary searches and enquiries to satisfy ourselves that all outstanding notices and monies are paid in order for settlement.  Ezystep Conveyancing will assist you to meet any requirements imposed by your lender and ensure that your lender is prepared and ready for settlement.   We will prepare the settlement figures and book settlement in and advise you or your lender of the required cheques required for settlement.

Between exchange of contracts and settlement you will need to start preparing for the big move, arrange for your mortgage documents to be signed and returned to your lender, liaise with your lender to make sure that you have sufficient funds to complete the purchase, arrange for a removalist, arrange for the power, telephone and gas (if applicable) to be connected on the date of settlement.  On the day before settlement you should arrange for a final inspection of the property with the estate agent to ensure you are happy with the state and condition of the property you are purchasing. If there are any problems you are concerned about you should contact Ezystep to sought out any problems prior to settlement occurring.