WE MAKE THE LEGAL PROCESS
OF BUYING A PROPERTY
A SEAMLESS EXPERIENCE

Before you sign the contract for your new place, your Bond Conveyancing advisor will review it to ensure you’re getting a good deal. They will identify any hidden clauses and add any special conditions that you request. For example, the purchase is dependent upon the sale of your existing property.

Everything is negotiable! Don’t just accept what the seller is offering. Make an offer that works for you. If you’d like the interiors painted or the custom fridge included in the price, your Bond Conveyancing advisor will request this on your behalf. 

Your deposit is also negotiable, however it is usually an amount up to 10% of the purchase price.

If you need to borrow money to purchase the property, you will need to obtain a written approval of finance from your lender. Or, in the states where it’s common practice, ask for the contract to be conditional upon finance approval.

When it comes to settlement, the team will prepare figures and send these to you around five days prior to settlement. You should budget to have enough funds to cover the purchase price (less any deposit paid), transfer duty, legal costs and any pro-rata adjustments for outgoings, such as rates and water. 

If your loan amount does not cover these costs, contact your broker or lender and provide them with authority to draw any extra funds needed from one of your bank accounts.

One of the biggest risks that you must avoid is having debt on the property transferred to you as the new owner. The Bond Conveyancing team will make sure that all bills have been paid by the previous owner. We operate on a no surprises approach.

Before you sign the dotted line, we recommend getting an expert to examine the property for any unseen issues such as construction flaws, moisture, termites and more. A building and pest report offers peace of mind. It is common practice in some states to ask for the contract to be conditional upon a satisfactory building and pest inspection.

It is also recommended that you arrange a final inspection on the day prior to settlement. This allows you to check that the property is in the same condition as it was on the contract date and that any goods included in the contract are left at the property.

The standard settlement period in Australia is between 30 to 60 days but you can negotiate a shorter or longer period if required. If you're obtaining finance, keep in mind that your lender may take at least 2 to 3 weeks to confirm formal approval and issue loan documents.

You may be entitled to a cooling off period which means you can cancel the contract without any reason before the cooling off period expires. The cooling off period varies between states and territories.

In some states there is no cooling off period. For example, if you buy a property at or following an auction, or if you have waived your cooling off rights. 

In some states the seller may be entitled to charge a small termination fee if you terminate under the cooling off provisions.

It’s recommended to order searches on the property you are purchasing so that you can discover if there’s anything that affects the property that the seller has not disclosed. 

If an adverse search result is obtained, you may be entitled to terminate the contract or claim compensation, depending on the type of search result and your rights under the contract.

Transfer (stamp) duty is usually payable on the purchase of the property. It is usually calculated based on the purchase price. 

There may be concessions available, especially if you’re a first home buyer, but these vary between states and territories. First home buyers in NSW have the option of paying a smaller annual property fee or a large upfront stamp duty on their first property.

The team will advise you when and how you will need to pay transfer duty (which may be required before or at settlement depending on the settlement date and transaction type).

Your settlement will either be a paper or an electronic settlement. Electronic settlements are now mandatory in Victoria and Western Australia and will soon be in New South Wales. In Queensland and South Australia you can choose between a paper or electronic settlement. 

Bond Conveyancing recommends electronic settlements because there is less risk of delays, less documents to sign, less banking costs and the title will be transferred to you sooner...almost immediately!