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Your understanding of Martin Bullock Lawyers' role in your purchase and the necessary steps involved is very important. We have streamlined the process to ensure purchasing your new home runs as smooth and hassle free as possible.

Your Contract

The Contract which you must sign for your purchase is a complicated legal document. It contains a great deal of important information about the property you are purchasing. We will explain this Contract to you in detail so that you fully understand your legal obligations.

Building, Pest & Strata Reports

Prior to the Contract of Sale becoming unconditional by either an exchange of Contracts or the expiration of the five (5) day Cooling Off Period after exchange, we recommend that both a Building Report and Pest Report be carried out on a normal residential dwelling or alternatively a Strata Report and a Building Report be carried out if you are purchasing a Unit.

Finance

Prior to an unconditional exchange of Contracts, you must obtain unconditional approval for finance in writing from your lender in order to complete the purchase. Costs, Searches & EnquiriesThere are a number of searches and other enquiries about the property that we will carry out for you. We will let you know what searches are required and why they are needed, the fees payable, and our professional costs of acting for you.

Stamp Duty

Stamp Duty is calculated on the amount of the purchase price of the property and is usually payable within 90 days from the date of exchange of Contracts, but must be before completion. We will advise you when to send us the Stamp Duty.

There will also be Stamp Duty payable on your loan. We will calculate this amount for you when details of your loan are known.

However, if you are a First Home Purchaser, you may be eligible to apply for the First Home Plus Scheme through the Office of State Revenue which entitles you to a full exemption of your Stamp Duty obligations up to a purchase price of $500,000.00 in the Sydney metropolitan area. If you are eligible for this exemption we will assist you in completing the relevant forms.
InsuranceIt is the responsibility of the Vendor to insure the property until settlement occurs. We suggest, however, that you make arrangements to have the property fully insured so that a Policy document (not a Cover Note) is available prior to settlement. You will also need to arrange to have your Lender's name noted on the Policy Policy as the mortgagee (if applicable), we will advise you of this.

Expenses Incurred to Complete the Purchase

About a week before completion of your purchase we will prepare a Statement for you which will outline:

  • Details of all legal costs and disbursements;
  • Council and Water Rate adjustments;
  • Lender’s expenses; and
  • The balance that you are required to pay to complete the purchase.

Completion of Your Purchase

Unless there are special circumstances, or Special Conditions in the Contract of Sale, we would expect that your purchase would settle approximately six (6) weeks after exchange of Contracts. Between exchange of Contracts and completion we will finalise all searches and other enquiries in respect to the property and also make sure that your lender’s requirements are met. Causes of possible delayWe will do everything possible to ensure that your purchase is completed when required by you. There are, however, a number of issues outside our control that may cause some delays. If anything does arise we will immediately contact you.

Some factors that might delay your purchase include:

  • Obtaining your written loan approval;
  • Exchange of Contracts;
  • Preparation of the mortgage documents by your lender for your signature;
  • The Vendor not being able to vacate the property when the Contract requires; or
  • Problems regarding the property that our searches and other enquiries may disclose.

For further information and professional assistance, please call Martin Bullock Lawyers on 9687 9322.