D M S Lawyers understand that buying or selling property is a big decision and a significant matter for most people. We cater for people buying or selling residential property within NSW.
D M S Lawyers can provide assistance with conveyancing and property law in the following ways:
- Preparation of contracts for sale, if you are thinking of selling a property.
- Reviewing contracts, if you are thinking of buying a property
- Detailed advice
- Contract negotiations
- Auction enquiries
- Assistance with identifying suitable opportunities for finance
- Assistance with the OSR Revenue’s Grants and any available exemptions from stamp duty
- Advice on loan and mortgage documents
Our conveyancing services are offered at competitive rates, and we deliver them through an experienced property lawyer.
Buying and selling property, whether nor not it is your first purchase, is one of the biggest decisions that you will make in your life. It is important that you get the right advice. At D M S Lawyers your matter will be handled entirely by a solicitor, not a secretary or a conveyancer.
We will make sure that each step of the process is explained to you. We understand that buying or selling a property can be a stressful and a confusing process, we endeavour to make the process as smooth and simple as possible.
We realise that people are busy so we cater our practice so that we can come and see you in your house or your office. But if that doesn’t suit you can see us in our Wollongong or Miranda offices.
We are committed to providing you with:
- Prompt attention
- Professional service
- Advise in simple language that you understand
We charge a fixed flat fee for our Conveyancing services which includes our legal work and many of the standard searches and certificates. Please contact our office for a quote of our fees for our services.
Frequently Asked Questions
What do I need to do if I want to sell my property?
- Firstly, you should contact our office so that we can advise you on the process
- You should make some enquires with local real estate agents and advise us once you have decided on an agent
- Before you place a property for sale you must have a contract of sale, we can assist you in the preparation of this document
- If you have no mortgage over the property you should locate your Deeds
What do I need to do if I want to buy a property?
- Once you have found a property that you wish to buy you should advise us so that we can provide you some advice on the process
- You should advise the real estate agent that we are your solicitors, so that we can arrange for a copy of the contract to be obtained
- You should arrange and pest and building inspection of the property, we can help you order that report
- If you require finance to purchase your property, you should contact your lender. Also provide us with their details so that we can provide them relevant documents. It is not recommended that you exchange contracts until you have formal approval from your lender.
- You should consider if you want to obtain a survey or building certificate for the property
I have heard people talking about “exchange of contracts” what is that?
This is the date that you are bound, under the Contract, to purchase the property. Unless there is a cooling off period in the Contract, or there is some other legal reason that would allow you to pull out of the Contract, you must complete and pay to the Vendor the full purchase price within the time frame stipulated in the Contract. Failure to complete in accordance with the terms of the Contract will mean that you forfeit the Deposit that you have paid and can be sued for additional compensation. As far as the Deposit is concerned the Contract specifies this as an amount representing 10% of the Purchase Price, regardless of what you actually pay. Exchange of Contracts can only occur when we forward to the Vendor’s solicitor the signed Contract by yourself and you have paid the deposit that has been agreed between the Parties. Once both of these things have been received by the Vendor’s solicitor they will check the documents and when they receive instructions from their client they will date the Contract and forward to us the signed Contract by the Vendor.
I have been told that I will lose the buyer or seller if I do not exchange immediately, what should I do?
There are times when you will genuinely loose a buyer or a seller if you do not exchange contracts immediately, especially where more than one buyer is interested in the property. We would still recommend that you seek advice from a solicitor before exchanging contracts, as once contracts are exchanged the terms can not be changed.
Usually before exchange of contracts a contract is reviewed with you and there will be negotiation about the terms of the contract, matters such as reduced deposits and correct names on contracts are normally finalised in this period. If these details are not correctly noted on the contract you can have great difficulties.
How much is the Deposit, and what if I can not afford to pay a deposit?
On exchange a 10% deposit is usually required and is held by the agent or Vendor’s Solicitor. If it is a significant sum or if settlement is well in the future, then it may be invested and the interest earned shared.
If it is difficult for you to pay the whole of the deposit it is not uncommon for Vendors to agree to a 5% deposit.
As an alternative a deposit bond can be bought at a cost of about 1% of the price. This is like an insurance policy, which provides that if the purchaser defaults the vendor can call upon the deposit bond company to pay the deposit. Your funds provider can assist you in obtaining this document.
What is the Completion or Settlement Date?
The Completion Date is the date specified in the Contract that you must pay the balance of the purchase price to the Vendor. If the purchaser fails to complete by the Completion Date, through no fault of the Vendor, the Vendor can charge the purchaser interest for every day they are late past the completion date in settling the matter. The “Settlement Date” is the actual date of transfer of the property from the vendor to the purchaser.
What is a Cooling off period, and why does the Vendor want it to be waived?
The Standard Contract allows a Purchaser to rescind (pull out) of a Contract at any time and for any reason within 5 business days from the date of exchange. In such circumstances the Purchaser loses 0.25% of the purchase price. It is becoming more common for the Vendor to request this to be waived by the Purchaser so that there is no cooling off period. If the cooling off is waived, once contracts are exchanged parties are immediately bound.
What if I think that I may be eligible for an exemption from stamp duty or a First Home Owners Grant?
When we are discussing your purchase with you we will raise the possibility of your eligibility to an exemption from stamp duty or a First Home Owners Grant. Both the exemption and the grant are managed by the Office of State Revenue for NSW properties. To be eligible you must meet the criteria and provide the documentation required by the Office of State Revenue. These requirements change from time to time so if you think you may be eligible for such a benefit please contact our offices to discuss these requirements in more details