As discussed on Saturday, please see the below from Sam Saad, of Cling Long Woodbridge.
Tuna and Jack – it is nice to meet you through email. By way of background, I am a Partner here in the property and commercial law team at Clinch Long Woodbridge Lawyers.
Purchasing a Property
Essentially, I will guide you through the process from start to finish and let you know what you need to complete throughout all the steps of the transaction.
At this first stage, what you need to know is that your contract needs to be reviewed by a lawyer and that you must have your pre-approval ready with your lender so that your finance (if you are borrowing) is certain. If there are any issues with the contract, I will request clarifications or amendments to the contract from the Vendor before auction or exchange.
Before unconditional exchange of contracts, I strongly suggest that that you organise a strata/building and pest report to be undertaken by a licensed inspector, as you cannot rely on any warranties or representations made about the condition of the property by the Vendor. These reports are prepared by third party experts in these areas and if I can suggest some firms that may be able to assist you with these if you like.
If you are successful at auction or purchasing a property if there is no auction, both seller and buyer sign the contract. That is when contracts are exchanged. After exchange, I will then send you a letter with the next steps for the legal process and will liaise with your lender to have your finance finalised. I will take care of everything all the way through to settlement, including organising signing documents, lodging correct papers and transferring the property to your name.
Our conveyancing fees are normally $2,200 plus GST and disbursements, however as you have been recommended by Milk Chocolate, I am happy to reduce these costs to $2,000 plus GST plus disbursements.
This fee includes a full legal conveyancing service from start to finish – review and negotiations of contracts, exchange, the stamp duty process, ordering of all certificates and searches, liaising with the banks and attending to settlement to obtain your title.
One point of difference for our firm, is that we offer to all purchasing clients a review of contracts of prospective properties, with no additional charge if the client is unsuccessful at auction or with their offer, provided that they engage our services when a suitable property is found and contracts exchanged. We would like to ensure that you feel comfortable approaching us for advice on contracts while you are looking for properties without the fear of legal costs. However, should you exceed 2 contract reviews, choose not to proceed with purchasing a property within 4 months or purchasing a property at all, or not choose to proceed with engaging us for the conveyancing after a contract review, we charge $535 plus GST plus disbursements per contract review undertaken.
If you are the successful purchaser and the purchase becomes complex or protracted, then fees may be charged for some tasks on an hourly basis of the person undertaking your work. I will advise you before I charge you any additional costs due to any complexity or protracted aspects and I will keep you updated on the progress of the purchase.
Your next step
I will review your contract and come back to you with advice shortly after reviewing it.
Please let me know if you have any questions and I look forward to working with you.
You can also review our cost disclosure standard terms by clicking here.
Sam Saad | Executive Lawyer
Property | Commercial | Business | Development | Leasing
A: 5th Floor, 99 York Street, Sydney NSW 2000
P: PO Box 1614, Queen Victoria Building NSW 1230
T: +61 2 9279 4888
F: +61 2 9279 4555
M: +61 4 33 122 607