Conveyancing Steps and Processes for Purchasing Off the Plan
Go to Sales display office, seeing the development details of the new proposed apartment or townhouse.
Double check the sale price and the practical completion and registration time frame (this is different to the Sunset and rights of delays in the Contract.
Contact and speak to ABS Conveyancing for the Off the Plan Conveyancing Quote.
Once your offer of sale price is accepted, Agent provides Sales Advice.
Vendor developer legal team provides Off the Plan Contract with disclosure statement to ABS Conveyancing.
Make initial payment to ABS Conveyancing for the Contract Review, then discuss and instruct Contract Changes & Questions.
Contract signing and exchanging.
ABS Conveyancing advises Purchaser/s on the Exchange, then advises when Stamp Duty is due and payable.
Forms to the Purchaser/s for stamp duty to be processed, ready to pay when due. Includes first home buyer concessions form, if a first home buyer.
Payment of Stamp Duty, when due.
Ongoing updates from the Vendor developer legal team, which ABS Conveyancing promptly forwards onto the Purchaser/s.
Purchaser provides ongoing updates to their mortgage broker or banker, ready to complete loan approval requirements, before notice is given for settlement.
Vendor developer legal team provides notice on occupation certificate, registration and then notice for settlement.
Bit and pieces to your bank.
Set up with bits and pieces PEXA, for electronic on-line settlement.
Settlement Adjustment Sheet, Vendor ATO GST Residential Withholding details, Vendor Pay Directions provided by the Vendor Developer’s legal team.
ABS Conveyancing advises the Purchaser/s the total funds required for settlement –
Vendor Pay Directions
Stamp Duty (if not paid already)
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 post settlement, of defects to be fixed up, during the 60-or 90-day defects period, after settlement. ABS Conveyancing provides defects list after settlement to the Vendor Developer legal team, to forward onto the project manager, who liaises with the Purchaser/s and the strata manager.
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.