Buying
Purchasing your first home or upgrading from an existing home? Neilson & Co Legal can offer professional advice and help make the process run as smooth as possible.
Selling
Selling your home is another major milestone in your life. And, again, it is one of the biggest financial decisions you will make. At Neilson & Co Legal we strive to make sure all goes according to plan: so you see the money quicker.
Other Services
Neilson & Co Legal can assist you with the preparation of contracts for sale or purchase of land, contract reviews, farm sales and purchases, property settlements and negotiations, commercial & retail leases and much more.
Conveyancing made EASY
BUYING AND SELLING HOMES
The decision to buy or sell property is one of the biggest decisions you will make. Our team aims to make these decisions less stressful by guiding you through the whole process. From your initial conversations with a real estate agent, to unlocking the door of your new family home, we will be there alongside you, every step of the way.
FURTHER ASSISTANCE
Additional Services
Preparation of contracts for sale or purchase of land, Contract reviews, Sale and purchase of rural properties, Farm sales and purchases, Property settlements and negotiations, Commercial & Retail Leases, Auction enquiries, Assistance with identifying suitable opportunities for finance, Assistance for first home owners & the First Home Owners Grant, Mortgages, refinancing & property deposit bonds, Property developments, Subdivisions, as well as the Sale and purchase of Water Access Licences.
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Buying
Found a house…what next?
Click the titles below to expand more details.
+ Pre-Purchase Inspections
As a buyer, you take the property ‘as you find it’. This means that it is important you arrange pre-purchase inspections to ensure you are aware of any underlying problems that may not be visible to the naked eye. These inspections include a pest and a building report. At Neilson & Co Legal, we can recommend a number of highly trained professionals to carry out these inspections for you.
+ Finance
As buying property is one of the biggest financial commitments you will make, it is necessary to have your financial situation sorted early. Most people take out a mortgage that gives the bank certain rights over the property. At Neilson & Co Legal, we can assist you to understand your mortgage and liaise with the banks to ensure finance is ready in time.
+ Making an Offer
Following the inspections, you may make an offer on the property. If the inspections reveal some underlying issues with the property, you may choose to offer a lower price or seek to have the vendor address these issues. Neilson & Co Legal can advise on issues that may be natural wear and tear, and those of a more serious nature that the vendor ought fix.
+ The Contract
If your offer is accepted, you will be provided with a contract for sale. Whilst there are parts of the contract that will be standard and can be found in any contract for the sale of land, there may be additional terms you or the vendor want to add. Neilson & Co Legal can help negotiate the contract so it reflects your needs. We can also help explain your obligations under the contract so you know exactly where you stand.
Prior to exchange, Neilson & Co Legal will also strive to ensure that the vendors comply with their disclosure requirements. In the case the vendors do not comply, Louise Neilson Conveyancing can advise you on your options: which may include terminating the contract.
+ Joint or Common
If you are purchasing property with another person, it is important to understand the ways in which property can be held. Joint tenancy means the property will automatically vest with the other person upon a death. Tenants in common mean that the property is held in shares. Neilson & Co Legal can help you understand which form of ownership is right for you.
+ Exchange
This is the term given when the vendors and buyers sign copies of the contract and exchange them. At this time, the buyer usually pays a 10% deposit- unless an alternative amount has been negotiated in the contract. Upon exchange, the contract for sale becomes binding.
+ Settlement
Before you are ready for settlement, there are a number of tasks to be undertaken. Louise Neilson Conveyancing can help with these tasks by completing a number of enquiries into:
- The First Home Buyer’s Grant
- Stamp duty and land tax
- Zoning, water and RMS
- Title of the property
Once ready to proceed, you will need to be ready to pay the outstanding purchase price. Neilson & Co Legal can assist by liaising with banks to ensure incoming mortgagees are ready to proceed. The amount you pay on settlement will also be adjusted according to rates and water.
At this stage, if you couldn’t settle on time, you could be subject to interest. Neilson & Co Legal can provide advice on such events and effectively liaise with all parties to try and prevent this occurring.
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Selling
I want to sell…what do I do?
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+ Contract for Sale
This is the first requirement for selling a house. Before marketing of your property can commence, a real estate agent will request a contract for marketing purposes. Neilson & Co Legal specialises in preparing contracts for sale quickly and efficiently.
+ Vendor Disclosure Requirements
When compiling a contract for sale, the vendor needs to comply with vendor disclosure requirements. These include providing a zoning certificate (known as a section 149), a drainage diagram, a title search and a certificate detailing any easements, restrictions or covenants affecting the land. Neilson & Co Legal looks after the ordering of all searches so vendors comply with their obligations.
+ Vendor Warranties
When selling property, a number of warranties will be deemed to have been made by the vendor unless otherwise stated in the contract. Such warranties are like promises and include the fact the land isn’t subject to any government development or proposals (such as road widening), no drains or sewers not depicted in the diagrams and that the zoning certificate is an accurate representation of the property.
+ Exchange
This is when contracts signed by both the buyer and vendor are exchanged. At this point, the buyer pays a deposit of 10% (sometimes a 5% deposit can be paid if agreed between the parties) of the purchase price.
+ Early Occupation
If the buyer wants to move into the property before settlement, the vendor may be entitled to be paid an occupation fee. Due to the risks involved with early occupation, professional advice is essential. Neilson & Co Legal can help to minimise the risks of early occupation by liaising with the buyer’s representatives.
+ Settlement
At this point, the buyer pays the outstanding purchase price, adjusted according to rates and water. Neilson & Co Legal can ensure settlement takes place in a timely manner and runs as smoothly as possible.
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FAQS
Click on the relevant questions to expand for more information.
+ What is conveyancing?
If you want to buy a home, land or investment property, lease, buy or sell a business then you’ll have to sign a contract of sale. The legal work involved in preparing the contract of sale, mortgage, lease and other related documents is known as conveyancing. Conveyancing is the transferring of property ownership from one person to another.
+ Why use a Conveyancer?
A Conveyancer specialises in property law transactions and can assist you in the buying and selling of properties within New South Wales. Buying and selling a property will be one of the biggest transactions in your life and you need someone to handle every detail of your property transaction and ensure a smooth stress free process.
At Louise Neilson Conveyancing, your matter will be handled by a knowledgeable and experienced Conveyancer with over 13 years of conveyancing experience.
+ What is a cooling off period?
When you buy a residential property in NSW, you have a five business-day cooling-off period after you exchange contracts. The cooling-off period starts as soon as you exchange and ends at 5pm on the fifth business day after exchange. During this period, you may get out of the contract as long as you give written notice.
A cooling-off period does not apply if you buy a property at auction or exchange contracts on the same day as the auction after it is passed in or for a rural property.
You can waive the cooling-off period by giving the vendor a ‘66W certificate’. It is also possible to reduce or extend the cooling-off period by written agreement with the vendor.
If you use your cooling-off rights and withdraw from the contract during the five business-day period, you will have to pay the vendor 0.25 percent of the purchase price. This works out to be $250 for every $100,000 (Source: faritrading.nsw.gov.au).
+ What is exchange?
The buyer and the seller are not legally bound until signed copies of the contract have been exchanged. The vendor and purchaser each sign one copy of the contract. These copies are then exchanged (checked to ensure they are identical and then dated) usually by the parties’ conveyancer.
Exchanging contracts legally completes the process of buying a home. Up to this point, the agreement is usually not binding and both the purchaser or the vendor have the right to change their minds.
Exchange normally occurs once we have made proper inquiries (including pre-purchase pest and building reports) regarding the property and ensure necessary financial arrangement have been made.
At the time of the exchange you will be required to pay a deposit.
+ What is settlement?
Settlement usually takes place around 5 weeks after contracts are exchanged. This is when you pay the rest of the sale price (plus adjustments for rates and water) and become the legal owner of the property. You also get the keys today!
On the morning of settlement day, or the day before, you should conduct a final inspection of the property to ensure it is in the same condition as when contracts were exchanged. The last thing you want is to pick up the keys to the property and find that the house has fallen apart. The property should be in the same condition as at exchange, subject to fair wear and tear.
+ What is PEXA?
PEXA (Property Exchange Australia) is Australia's online property exchange network. It assists members – such as lawyers, conveyancers and financial institutions – to lodge documents with Land Registry Services and complete financial settlements electronically.
Neilson & Co Legal has embraced electronic conveyancing by becoming a member of PEXA and regularly carries out online PEXA settlements.
