Buying a home is generally the largest financial decision our clients will ever make. The most common method of purchasing a house or unit in NSW is by contract for sale. The seller’s real estate agent advertises the sale amount and then negotiates with interested buyers. The contract is then exchanged between the buyer and seller. A deposit of 10% of the purchase price is paid.
There is a ‘cooling off’ period if you change your mind about buying but not if you are selling.
Buying at Auction
If you buy at an auction, there is no ‘cooling off period’. Always have a solicitor examine the contract for sale before you attend the auction and bid. That way you know exactly what you are purchasing and the home is in the condition you expect.
The Contract for Sale
When you purchase a house or unit in NSW the Contract for Sale largely determines your rights. The Contract commonly attaches a number of documents which describe the property such as a copy of the title deed, the “Certificate of Title”; documents describing easements or rights of way; a drainage diagram and a Council zoning certificate. Sellers of units also attach a copy of the Strata Plan showing any particular by-laws.
Buying Off the Plan
Developers raise money for their projects by selling properties before they are built. There can be advantages for the buyer – a reduced price for example but it is not risk free due to fluctuating prices.
