Purchasers Existing Residential

Conveyancing Steps and Processes for Purchasing Existing Property

  • Go to open homes with a check list of the property features you want in the place you wish to buy.
  • Contact and speak to ABS Conveyancing for a Conveyancing Quote.
  • Found a suitable property, make an offer to buy and negotiate, using comparable sales in the local area, marketing information, realestate.com.au sold section and discussions with locals.
  • If going to auction, make sure you have –
    written loan approval,
    building/pest report if a house or townhouse,
    strata inspection report if a apartment or townhouse.
  • Talk to locals to make sure the local is right/perfect for you.
  • Make initial payment to ABS Conveyancing for the Contract Review, then discuss and instruct Contract Changes & Questions.
  • Contract signing and exchanging.
  • Cooling Off if not bought before or at auction.
  • If not bought at auction and under Cooling Off,
    make sure you have –
    written loan approval,
    building/pest report if a house or townhouse,
    strata inspection report if a apartment or townhouse.
  • Post Cooling Off or Exchange, ABS Conveyancing orders searches on council rates, water rates and if needed, strata levies, for the settlement figures.
  • ABS Conveyancing makes sure a Land Tax Clearance Certificate from the Vendor side.
  • Forms to the Purchaser/s for stamp duty to be processed, ready to pay at settlement. Includes first home buyer concessions form, if a first home buyer.
  • Bit and pieces to your bank.
  • Set up with bits and pieces PEXA, for electronic on-line settlement.
  • When the searches come back, ABS Conveyancing prepares and sends off the draft Settlement figures, with the relevant searches.
  • Vendor sides checks the settlement figures with any corrections and then provides the Vendor Pay Directions back.
  • ABS Conveyancing advises the Purchaser/s the total funds required for settlement –
    Vendor Pay Directions
    Stamp Duty
    Balance of the conveyancing fees to ABS Conveyancing
    Transfer/lodgement fees with bank, PEXA and the
    Land Titles Office (NSW Land Registry Services
  • Purchaser/s organises the Pre-Settlement inspection with the Agent.
  • Purchaser/s advises ABS Conveyancing either all fine with the Pre-Settlement inspection, or any issues to raise with the Vendor’s Conveyancer/Solicitor.
  • Day of Settlement, ABS Conveyancing monitors and controls the PEXA workspace, for a successful settlement.
    All the electronic documents and payments go through.
  • ABS Conveyancing rings the Purchaser/s of the Successful Settlement.
  • Post Successful Settlement, Vendor’s Conveyancer/Solicitor sends the Order on the Agent, to the Agent, to release the keys/tags/cards to the Purchaser/s now the new owners and the deposit to the Vendors, less the Agents’ commission and marketing costs.
  • Land Titles Office (NSW Land Registry Services) sends notice to council and water on the new ownership details.
  • If strata, ABS Conveyancing signed off on Section 184 notice, to the Purchaser’s Conveyancer/Solicitor, to the strata manager, of the new ownership details.
  • ABS Conveyancing orders a Title Search, few days later, to make sure the transfer is completed, now in the Purchaser’s name, with their bank as the mortgagee, if there is an incoming mortgagee.
  • Closing off File and Conveyancing Matter.