8:30am - 5:00pm     02 9233 4744     Level 3, 131 York Street, Sydney NSW 2000 

Property Law

Conveyancing deals with the preparation and inspection of documents for the transfer of property between sellers and buyers.

Conveyancing

As a branch of property law, conveyancing requires the consideration of complex issues, such as contract terms, council regulations, strata titles, covenants and overall knowledge of the processes that guide purchasing and selling property. Our conveyancing team at McNally Jones Staff understand the complexities surrounding property rules and regulations in NSW. Our conveyancers focus on using their experience to ease our clients through the entire process of residential purchases and sales.

Purchasing Residential Property

We understand that buying or selling may be exciting but also very stressful. Our conveyancing team will explain all your rights and options throughout the process of purchasing residential property.

It is necessary to organise pre-purchase inspections of the desired property through building, maintenance, pest and strata reports. Our conveyancing team will assist you in the process of obtaining these by recommending the most applicable service. Prior to purchase, our team will also co-operate with your financier. With our help, being prepared will ensure your settlement is risk-adverse and can run smoothly.

If you have decided to purchase a property, and your pre-purchase reports are acceptable to you, we will arrange for the copy of the Contract signed by you to be exchanged with the Contract signed by the vendor. Once the Contract has been exchanged, both parties will be bound by it. We can advise you of the circumstances that will enable you to rescind (cancel) the Contract. From here we can continue guiding you through to settlement. This includes various tasks such as calculating adjustments for council and strata rates, checking for vested interests, and arranging payment of stamp duty. Unless relinquished in the Contract of Sale, purchasers are entitled to a five-day cooling off period in the private sale of property from the date of exchange of the Contract. However, a purchase of property at an auction cannot be revoked.

During the period leading up to settlement of your purchase, we will make certain that all necessary documents have been signed and payments authorised. After settlement, we will authorise the vender to collect their deposit from the established trust account. We will at all times act with your instructions and ensure you are involved at all stages, and most importantly, up to this final step.

Selling Residential Property

Selling property is a commitment that requires the completion of complex legal steps prior to sale. Our conveyancing team will offer their experience to ensure your sale is completed with precision and ease.

NSW law requires a prospective vendor to have issued a Contract for Sale of Land to their agent before placing their property on the market. The Contract contains all information relating to the property, ranging from the usual conditions of sale to special conditions for sale that you may require to have added into the Contract.

The most common required documents in a Contract are restrictions and easements, zoning certificates, swimming pool certificates, drainage diagrams and a copy of the certificate of title. However, contracts can vary and therefore require further documentation. For example, selling an apartment requires information in the Contract about the strata title, such as a strata plan and any amendments to the by-laws. Consulting with our conveyancing team is the best way to ensure all required documents are included in the Contract of Sale.

After you have found a purchaser, both yourself and the purchaser must sign a copy of the Contract of Sale, which then becomes legally binding once exchanged. During the exchange of contracts, the purchaser must pay a deposit towards an interest-bearing trust account of your agent or solicitor. The exchange of contracts process will vary under auction conditions. For example, the exchange of contracts occurs after the highest bid has been accepted. We will ensure you are aware of your rights for all types of sale you may opt for.

On settlement day, normally six weeks after the exchange of contracts, the balance of the purchase price (after deducting the deposit paid and making any necessary adjustments) is handed over. Only after the purchaser has paid all amounts, adjusted to include taxes, council fees, strata rates and other binding payments, will they become owner of the property. We will ensure all agreed upon adjustments to the purchase price have been met by all parties. Maintaining full transparency throughout the process of sale is a commitment we make with all our clients.

Fighting for Your Rights in New South Wales

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law@mcnally.legal

SYDNEY (02) 9233 4744 | Level 3, 131 York Street, Sydney NSW 2000

Award Winning Lawyers – Since 1977

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