Conveyancing - Buying

Buying Property

Making an offer

The Real Estate Agent will ask you to make your offer by signing a contract which will then be presented to the Seller. If the Seller accepts your offer, they will countersign and date the contract and at this point you have a legally binding agreement. Even if you have bought and sold property before, you should ask your lawyer to look over the contract before you sign. They will ensure that you are able to meet your legal obligations and that you completely understand the terms.

Cooling off period

Your contract will be prefixed with a PAMD Form 30c. This is a warning statement advising you of your right to obtain legal advice prior to signing the contract. This form also details the cooling-off period, which lasts for five working days beginning the day you receive a full copy of the signed contract. In this period you may withdraw from the contract for any reason. If you choose to withdraw from the contract under the cooling off period the Seller may charge you a penalty fee of 0.25% of the purchase price.

Advice and Special Conditions

Once we have received a copy of the signed contract, we contact you immediately to ensure you are aware of your legal obligations, the special condition dates* and settlement date. We also provide you with formal written advice.

Throughout the matter we will liaise with you in relation to special conditions, and advise the Seller's solicitor of your instructions. We will also contact your financier* in relation to your finance approval and make settlement arrangements.

Settlement

Prior to settlement we undertake searches on the property, to ensure there is no money owing for rates or land tax, and no proposals from government departments that affect the land.

We then prepare settlement figures and arrange your financier to attend settlementWe attend settlement on your behalf and notify you of completion.

We will notify the agent that settlement has been effected and direct them to release the keys to you. Following settlement, we provide you with formal accounting in relation to purchase monies and fees.