At Caldwell Martin Cox Conveyancing we use our skills and knowledge across all areas of the law to guide our customers through the entire process of buying or selling a home. Caldwell Martin Cox Conveyancing has been a strong force in the local community for over 60 years, building an array of strong relationships with local council, finance providers, real estate agents, and property developers along the way. This means we can recommend the right resources to help advise you in areas outside just property law.
Buying or selling your home can be a complicated process but CMC Conveyancing makes it simple. We offer an easy-to-follow process so you understand each step, ensuring your buying or selling experience is as hassle and stress-free as possible.
The CMC Conveyancing process takes the hassle and stress out of buying or selling a home.
Buying Residential Property
1. What is a Cooling-off Period?
In New South Wales, a Purchase of residential property will receive a 5 business day cooling off period after they have signed a contract with the Real Estate Agent. You must pay 0.25% of the purchase price (initial deposit) into the Agent’s Trust Account at the time of signing the contract. If you exercise your cooling off rights and pull out of the contract before the end of the cooling off period, your initial deposit will be forfeited to the Vendor and the contract will be at an end.
There are some instances where a Vendor will require you to waive your right to a cooling off period. If this is the case, CMC Conveyancing will thoroughly advise you of your rights and obligations before you are committed to the contract.
2. Pre Exchange
CMC Conveyancing will review the proposed Contract for Sale and discuss with you which reports should be obtained for the property such as Building and Pest Reports, Survey, Strata, and Building Certificates.
CMC Conveyancing explains the contract terms to you and will liaise with the other party’s solicitor to seek any amendments you may require so as to ensure a smooth exchange.
If you are obtaining finance, CMC Conveyancing liaises with your Banker/Broker to ensure your finance is approved before the contract becomes binding.
The final step before the contract becomes binding is to pay the balance of the deposit to the deposit holder. This is usually the balance of 10% of the purchase price and is typically paid to the Agent.
3. Post Exchange
CMC Conveyancing will assist you in complying with any lender requirements to fund the loan.
We will ensure any grants such as First Home Owners Grants or stamp duty exemptions are claimed, and prepare final settlement figures.
CMC Conveyancing will arrange stamping of the Transfer and Contract for Sale as an Agent for Revenue NSW and will ensure that you are ready to settle on time.
Once you have carried out your final inspection and advised us that all is ok we will proceed to settlement. Settlement may take place physically or electronically.
At settlement, CMC Conveyancing will ensure the Title Documents are in order before authorising the final payment of the purchase price.
5. Following Settlement
CMC Conveyancing will ensure that all outstanding rates are paid and that you are the registered owner of the property.
With your approval Caldwell Martin Cox will keep a ‘Safe Custody Packet’ that contains important documents relating to your transaction. CMC Conveyancing will also keep electronic copies of the Contract for Sale and Settlement Statements. This makes it easy for your crucial documents to be retrieved at a later date and ensures they won’t be lost in a move or a home fire, for example.
Now that you have purchased a home, ensure that your Estate Planning documents are in place and up to date. Please contact us to perform an Estate Planning Health Check at your earliest convenience.
Selling Residential Property
1. Contract Preparation and Pre-Exchange
Before your Agent can advertise your home for sale they must hold a Contract for Sale for your property.
CMC Conveyancing will order the statutory certificates, plans and searches necessary to prepare your Contract for Sale. If you are selling a property with a swimming pool you must have it inspected and obtain either a Certificate of Compliance or a Certificate of Non-Compliance to attach to the contract.
Once your contract is complete, CMC Conveyancing will forward it directly to your Agent so that your property can now be marketed.
2. Exchange and the Cooling-off Period
Your Agent will negotiate a sale price with you and your prospective Purchaser. Once you have reached offer and acceptance your Agent will have you sign the contract and will send written notification called a Sales Advice to CMC Conveyancing.
In New South Wales, a Purchaser of residential property will receive a 5 business day cooling off period after they have signed a contract with the Real Estate Agent. They must pay 0.25% of the purchase price (initial deposit) into the Agent’s Trust Account at the time of signing the contract. If the Purchaser exercises their cooling off rights and pulls out of the contract before the end of the cooling off period, their initial deposit will be forfeited and the contract will be at an end.
3. After Exchange
CMC Conveyancing will assist you in complying with any lender requirements that are necessary to discharge an existing mortgage that is secured over the property.
We will also meet with you to sign the Transfer and review final settlement figures in preparation for settlement.
If settlement is taking place electronically, we will sign the Transfer on your behalf.
In the three (3) days leading up to settlement, the Purchaser is entitled to carry out a final inspection of the property to ensure the property is in the same condition as it was on exchange.
Settlement may take place physically or electronically and CMC Conveyancing will attend the settlement on your behalf.
Once settlement takes place we will notify you by phone.
5. After Settlement
After settlement, CMC Conveyancing will keep electronic copies of the Contract for Sale and Settlement Statements. This makes it easy for your crucial documents to be retrieved at a later date and ensures they won’t be lost in a move or a home fire, for example.
Now that you have sold your home you should ensure that your Estate Planning documents are up to date. Please contact us to perform an Estate Planning Health Check at your earliest convenience.
Other Property & Conveyancing Services