buying property in nsw

Written By Renee Roumanos

Here is a snapshot of the process when you buy property in NSW.

COOLING OFF PERIOD

A Cooling Off Period allows purchasers a 5 (0r 10) day cooling off period, where you can conduct DUE DILIGENCE, and it allows purchasers an opportunity to terminate the Contract if they decide too. Upon signing the Contract a 0.25% deposit is paid. If the contract is terminated in that time, the 0.25% deposit is forfeited.

At the end of the cooling off period is when the balance of the 10% deposit is required to be paid.

UNCONDITIONAL

Once the cooling off period expires, the Contract is ‘unconditional’, and legally binding amongst all the parties.

SETTLEMENT

This is typically 42 days after the Contract date (depending on the contract).

Settlement is when all the parties meet, electronically for funds transfer and transfer of title.

After settlement, keys can be handed over.

Renee Roumanos
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