There are many things you should be aware of when you are entering into a Contract for Sale of Land (“the Contract”) to purchase a property in NSW. These things include but are not limited to:
- Engage a Pest and Building Inspector to carry out a visual inspection and prepare a report.
- If the property is in a strata complex obtain a strata report.
- Have a solicitor read over the Contract either before you sign it or during the Cooling off period (which by law in NSW must be a minimum of 5 business days).
- If the property has a swimming pool ensure that the Contract contains either a Certificate of Compliance or Non Compliance. If it is a Certificate of Non Compliance ensure you are well versed in what the non compliances are as they will become your responsibility to rectify within 90 days from the date of settlement unless it is otherwise agreed with the Vendor for them to attend to such works.
- Ensure you check the inclusions and exclusions noted on the front page of the Contract.
- Ensure you are comfortable with the settlement period.
- Ensure you have spoken to a bank and/or a broker if you are borrowing monies to fund the purchase and you have obtained a pre- approval for the amount required to settle.
- Ensure your loan approval is valid for the term of the settlement period and beyond.
- Ensure you have enquired with your solicitor as to whether you are entitled to any stamp duty concessions if you are a First Home Buyer.
- Ensure you have the funds read to pay the deposit either on exchange or at the end of the Cooling off period if there is one.
If you or someone you know is looking at purchasing a property contact one of our experienced Property Law solicitors today on 02 4627 3333.
This article was published on 27/9/24 and the information is valid as at the date of publishing. This article is general in nature and is not and should not be considered or relied on as legal advice. Meehans Solicitors is not responsible in the event this information is relied upon by the reader in the absence of specific legal advice.