Conveyancing

We provide expert conveyancing services to property buyers and sellers across New South Wales. Here is an insight into what we can do for you.


PURCHASE

Review of Contract
As the buyer, once you have obtained  a copy of your Contract, we will review this outlining key details, conditions and any implications.  We strongly recommend pest and building inspection reports are obtained. If necessary, we will request amendments to your Contract. 
Before exchanging Contracts, we strongly recommend that all buyers obtain unconditional loan approval. 

Exchange of Contracts
Once negotiations are finalised and an offer has been accepted, two identical contracts are prepared by the Vendor's representative; one is signed by the Vendor and the other by you as Purchaser.  These Contracts are then exchanged and dated. Once exchanged, the contract is binding unless exchanged with a 5 day cooling-off period.

Cooling-off Period
Contracts can be exchanged with or without a cooling-off period (5 business days) unless sold under auction conditions.  If exchanged with a cooling-off period, the Purchaser exchanges and pays a 0.25% deposit. They have 5 business days in which to change their mind.  Only the Purchaser has the right to rescind.  If the Purchaser backs out of the Contract, they forfeit their 0.25% deposit, and this is released to the Vendor. 
The cooling-off period can be waived as part of the negotiation process.  In this event, a Section 66W Certificate is provided by the Purchaser's representative on exchange of Contracts.

Tenancy
If there is more than one Purchaser, the property can either be purchased as Joint Tenants or Tenants in Common.

•  Joint Tenants - Upon the death of one party, ownership automatically passes to the surviving joint tenant.  

•  Tenants in Common - Each party owns a separate share of the property.  Upon the death of one tenant in common, the deceased tenant's share passes to his/her estate. 

Loan Documentation
Following contract exchange, the Purchaser's bank is provided with the documents and details.  You, as Purchaser, are responsible for sign your loan documents in a timely fashion to avoid delays with settlement.

Transfer Duty
Transfer Duty (otherwise known as Stamp Duty) is due on each property transaction and must be paid on or before settlement, or within 3 months of Contract exchange for Contracts with an extended settlement period.  Penalties are levied for late payment.  However, nowadays, Stamp Duty is expected to be paid at the time of settlement.
 
Insurance
If purchasing a property with Torrens Title, the Purchaser's lender requires a copy of the insurance policy prior to settlement.  The policy should note the interest of the the lender.
 
Final Inspection
Purchasers are entitled to undertake a final inspection of the property prior to settlement.  It is best to arrange for the inspection a few days prior to settlement so there is time to address any issues that arise.
 
Settlement
You are not required to attend settlement.  Adjustments to outgoings (council, water, strata and land tax if applicable) are made on a pro-rata basis.  As Purchaser, we will give you a Settlement Adjustment Sheet detailing calculations and the amount payable upon settlement.
 
Depending on the loan amount, additional funds may be required to complete settlement.  In this event, Gately Conveyancing Services, will provide details of sums required on or before five days prior to settlement.
 
Following settlement, we will notify you and the real estate agent who is authorised to release the keys to you.


SALE

Contract for Sale of Land
Sellers are required to have a Contract for Sale of Land prior to advertising a property for sale.  We can prepare this so your sales agent can commence your property marketing campaign.
 
Offer and Acceptance
Your real estate agent will liaise with you regarding any offers received from prospective purchasers.  Once negotiations are finalised, and you have accepted an offer, your agent issues a Sales Advice to all parties with details such as price, settlement period and any agreed special conditions. Your Contract becomes binding when the agreed deposit is paid and the contract is exchanged  between the buyer and seller.
 
Exchange of Contracts
When we receive the Sales Advice from the agent, we update the Contract and liaise with the real estate agent and the Purchaser's representative to arrange exchange.  The Purchaser signs one copy of the Contract and you, as Vendor, sign an identical copy.  Contracts are dated and your signed contract is given to the Purchaser's Conveyancer and the Purchaser's signed Contract is given to our firm together with their deposit.
 
Deposit
Typically, the deposit paid on exchange is 10%.  However, this may be negotiated prior to exchange to a 5% deposit, bank guarantee or deposit bond.
 
Cooling-Off Period
Contracts can be exchanged with or without a cooling-off period (5 business days) unless sold under auction conditions.  If exchanged with a cooling off period, the Purchaser exchanges with a 0.25% deposit and has 5 business days to change his/her mind.  Only the Purchaser has the right to rescind.  If the Purchaser backs out of the Contract, he/she forfeits their 0.25% deposit, and this is released to the Vendor. 
The cooling-off period can be waived as part of the negotiation process.  A Section 66W Certificate is provided by the Purchaser's Conveyancer if the cooling-off period is to be waived.
 
Notify your Bank
It is crucial that we notify your lender of your sale immediately after exchange of Contracts.  We will provide you with a Discharge Authority to complete and execute and return to us as soon as possible.
 
Settlement
If your property is sold with vacant possession you must vacate the property prior to settlement. 
Adjustments of rates (council, water and strata) are calculated as at the day of settlement and included in the balance of funds payable on settlement. In some cases, there may also be a land tax adjustment.  It is best to not pay outstanding outgoings prior to settlement.
We will request details of how sale proceeds are to be disbursed so funds can be deposited to your nominated account on the day of settlement.
Following settlement,  our clients and the real estate agent are will be notified.  The Purchaser's representative will provide an Order on the Agent advising the Agent of settlement and authorising them to release any deposit held to you.