ABOUT US
Here at Southwick Conveyancing, we understand that buying or selling property is a big decision and an important milestone for most people. It is essential you have the help of an experienced conveyancer who can guide you through the complex process and ensure your legal rights are protected every step of the way.
Our Licensee, Michelle Davis (formerly Southwick), has over 30 years of experience in conveyancing and not just in Lithgow and the Blue Mountains – all over New South Wales! Our clients include first home buyers, property developers, investors and folks who have bought and sold property before.
We can assist you with:
Residential property sales and purchases
Strata, rural and vacant land sales and purchases
Pre-Auction advice on purchase Contracts
Owners Caveats
Off the plan purchases
First home buyers
Family Transfers (between family members or Divorce/Family Law)
Change of Name
Deceased Estate Transfer of title and/or sale of property
Our conveyancing services are usually on a fixed-fee based so there are no hidden charges.
Our office is conveniently located in Lithgow Street, with on street parking and is located close to public transport.
Please feel free to contact Michelle to discuss your conveyancing needs.
YOUR PURCHASE OF PROPERTY
BUYING PROPERTY
Buying property is one of the most stressful and expensive things you will ever do. It is vital that you seek legal advice from someone experienced in property law and who knows the area.
BEFORE YOU START
The first round of decisions you will likely need to make is in regard to finance. You may wish to obtain a pre-approval from your bank or non-bank lender so that you know how much you are able to borrow.
MAKING AN OFFER
Once you have found a property, you can make an offer to the agent. If your offer is accepted, then the agent may ask you to sign a Contract in their office and pay a 0.25% deposit. If this happens, then a cooling off period of usually either five or ten business days will apply. Alternatively, the agent may issue a Sales Advice, in which case the vendors legal representative will issue a Contract to us. Either way, you will need to provide the agent with our details so that they can be included on the Contract.
PRE-PURCHASE INSPECTIONS
Once your offer is accepted you will need to arrange a pre-purchase pest and building inspection reports. These are written reports about the condition of the property and helps you find out any potentially costly problems. If you’re not sure who to trust to do this inspection, talk to us.
SIGNING THE CONTRACT
If the agent has issued a Sales Advice, then the Contract will be signed once the vendors legal representative has provided the Contract to us.
There may be several things that can be negotiated in your favour, and you need to be absolutely clear on your rights and responsibilities before signing.
When you do sign the Contract, you will need to pay the 10% deposit (or as agreed). This is held with the real estate agent and is released to the Vendor (seller) after the property is settled. If you don’t have a 10% deposit available, please discuss this with us.
SETTLEMENT
After the Contract has become binding, we will have a number of tasks to perform including:
Stamping of the Contract and Transfer
Liaising with your bank/ lender in regard to the Mortgage
Checking with various government authorities to see if they have a vested interest in the property
Checking to see if there are any outstanding debts to local council etc
Calculating adjustments for council, water rates and strata levies
Making final checks on the title
Once settlement has taken place, you will be able to collect your keys from the agent’s office. Ownership of the property is transferred to you on this day.
SELLING YOUR PROPERTY
THE CONTRACT
Once you’ve made the decision to sell your property, one of the first tasks is to have the Contract for Sale of Land drawn up. Your agent is unable to market the property without a Contract. That's where we come in, as we are able to order all necessary documents and provide a Contract to your agent for listing.
The Contract will include not only the legal terms and conditions of sale but will also specify what items are included or excluded from the sale, the completion time you require and any other special requirements such as a release of the deposit if you intend on purchasing another property simultaneously with your sale. There are a lot of ways that a Contract can be varied, so it’s important to discuss your situation in detail with us.
You also need to know your disclosure responsibilities, as failing to disclose certain things could be detrimental to your sale.
THE DEPOSIT
Once a purchaser has been found and the Contract has been signed, the purchaser will need to pay the deposit, which is usually 10% of the sale price. The agent will hold the deposit in their trust account until settlement has taken place.
EXCHANGE OF CONTRACTS
Once the deposit has been paid to the agent and the purchaser has carried out their due diligence and the Contracts have been signed by you and the purchaser, then exchange of Contracts can take place. The Contract has a five (5) business day Cooling off period (can also be extended to ten (10) business days) unless the purchasers’ legal representative has provided a waiver of the Cooling off period.
SETTLEMENT
Settlement (the day that the money is paid for the property and keys handed over) is scheduled in accordance with the Contract and is usually 6 weeks after signing Contracts. During the wait for a settlement, we will liaise with your bank in relation to releasing any mortgage held on the property. During this time, you should arrange disconnection of electricity and other services.
Before settlement, the purchase price will be adjusted to reflect the council rates, water rates and strata fees that need to be shared between the parties. There may be other adjustments, based on the Contract for Sale.
Once settlement takes place, the real estate agent will be authorised to release the deposit to you, less their fees.
Please feel free to contact Michelle to discuss the sale of your property.