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Home » Practice Areas » Property Law » Purchase and Sale of Residential Property

Purchase and Sale of Residential Property

Buying residential property

At Chen Shan Lawyers we understand that buying a property can be one of the greatest financial decisions our clients make in their lifetime.

The experienced conveyancing solicitors at Chen Shan Lawyers provide efficient services tailored to your needs, ensuring that you are informed throughout the process. By relying on our years of experience, we strive to ensure that the process is smooth, quick and cost effective. As your conveyancing solicitor we take care of the entire process and answer any questions you have along the way.

Essentially we do the following:

  1. Review your contract and negotiate amendments based your needs;
  2. Conduct searches on the property (including strata searches and building and pest inspections) and bring relevant issues to your attention;
  3. Advise you on your stamp duty obligations and apply for any stamp duty grants or concessions you may be entitled to, such as First Home Owners Grants;
  4. Liaise with your bank or broker to make sure your finance is ready for settlement;
  5. Finalise settlement

Cooling off periods for residential properties:

Before entering into a contract to buy property, make sure you understand what you are agreeing to.

Normally, purchasers of residential property in NSW are protected by cooling-off periods, unless one of the exceptions apply.

Exceptions include where the purchaser gives the vendor a s66W certificate (waiving their cooling-off rights) and where the property is bought at a public auction.

A ‘cooling-off’ period allows purchasers an amount of time after the contract is signed to rescind (where the contract is treated as if never entered into). Therefore it is imperative that you obtain advice early on in the process so that should you need to exercise your cooling off rights, you get the right advice and understand your rights under the contract before it becomes binding (final).

Buying property at an auction

If you are purchasing property at a public auction, generally there is no cooling-off period.

The best approach to buying at an auction is to do your research first, such as researching the price of properties around the area, and making sure you are informed of your rights and responsibilities before the auction.

It is important to:

  • Ask your solicitor to explain the contract to you before the auction to make sure the contract is fair and you agree to everything in the contract
  • Arrange your finance
  • Attend pre-purchase inspections prior to the auction.

At Chen Shan Lawyers we provide comprehensive advice and guide you through the entire process. Book an appointment with us or give us a call on 02 8206 2787.

Selling residential property

At Chen Shan Lawyers we understand that selling your property can be a complicated and stressful process if you do not have the right advice.

By utilising our years of experience we strive to make selling your property simple, efficient and smooth.

We guide you through the entire process of selling your property:

  1. We prepare your Contract of Sale, including ordering all the required searches to be included in the contract;
  2. We ensure that you meet your legal obligations as a vendor;
  3. We provide the contract to your agent so they can put your property on the market;
  4. Negotiate with purchaser solicitors as to any amendments to the contract and answer their queries based on your instructions;
  5. Arrange for you to sign the contract for exchange, or if the agent is attending to exchanging the contracts, ensure that your rights under the agreed contract are protected;
  6. Liaise with your bank and arrange for your mortgage to be discharged;
  7. Arrange for you to sign all necessary documentation before settlement;
  8. Finalise settlement and arrange for settlement funds to be deposited according to your instructions; and
  9. Liaise with your agent so that your deposit can be released to you.

At Chen Shan Lawyers we tailor our approach to your needs and keep you informed throughout the process.

If you are thinking about selling your property, book an appointment with us or contact Chen Shan Lawyers on 02 8206 2787 so we can begin preparing your contract.

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