Category Archives: Parramatta

What property should I buy?

I can’t begin to tell you how many times I’ve been asked by clients questions like:

  • What property should I buy?
  • Should I buy an apartment of a house?
  • How much should I pay?
  • Is this a good price?
  • Is this a good area?

Having provided conveyancing services as part of my legal practice for over a decade, I’ve had the privilege of experiencing the property market through my clients as well as my own activities. I’ve ‘bought’ and ‘sold’ hundreds of property vicariously and those experiences have influenced some of my thinking. Of course I’m more than happy to lend a personal opinion, and even though it’s a personal opinion that has evolved over time, it’s still far from a professional opinion.

After all, from a professional perspective, I’m just a lawyer (and still practicing/practising – pun intended). I’m able to advise clients on the process and procedures, as well as the legal rights with respect to the property transaction or property ownership – but questions that go beyond that are not with my professional expertise, and I make that very clear to my clients.

Often, if I’m pressed for more than a personal opinion and clients want a definitive answer, I answer their question with a question. WHAT DO YOU WANT? Sounds annoying, but it’s a legitimate question to a question.

At the end of the day, that’s the key question that needs to be answered, isn’t it? If you don’t know what you want, no one else can nor should tell you – or at least that’s what I think.

What you buy and whether it’s suitable to you depends largely on your dreams or desires, your motivation or your plan, or even your stage in life. Everyone’s different, so what might be right for someone else won’t necessarily be right for you. If you’re buying for investment, you might be looking at a totally different property to what you’d look at if you’re buying your home. You might be looking at one kind of property if you’re single or a couple without kids, and another kind of property if you’ve got a family.

For anyone who’s not familiar with the property market or the property industry, there’s always the danger that you’ll sign a contract for something you don’t really want (perhaps because you were persuaded or influenced by an accomplished real estate agent). I guess that’s why in New South Wales, the law provides that a cooling off period applies to residential property purchased under private treaty. The cooling off period minimises the consequences of buyer’s regret. For more information regarding the cooling off period, have a look at some previous/related articles listed below.

On the other hand, if you really feel you need professional assistance there are professionals like some financial planners, or maybe real estate agents or more appropriately buyers-agents who can provide advice or at least help you clarify your property goals. Perhaps they’re the most appropriate professionals to be speaking to regarding property – especially if you don’t know and you need someone to help you work through those questions yourself (after all, you don’t know what you don’t know, right?).

So there you have it – as many of my clients would testify, I’m more than happy to share my personal views on buying or selling property. I haven’t done poorly through property, but I’m certainly no property tycoon (far from it). I’ve just got a modest property holding which I hope/plan to continue to grow over the years. My strategies are based on my personal and professional experiences but not formulated on anything too formal or complex.

If you’re still hungry like me, then the best advice is to really speak to as many people as you can. There are so many people involved in or ancillary to the property market. Aside from real estate agents, you have bankers and finance brokers, other lawyer and licenced conveyancers, accountants and tax agents, as well as builders and developers. I don’t think it matters how experienced or inexperienced you might think you are in buying or selling property, be open to learning something new and you never know what will come of it. I know I’m constantly learning from all the people around me and enjoying every moment. I’m sure you will too – and then maybe I’ll come and ask you ‘what property should I buy?’

Conveyancing Enquiry

For more information on our conveyancing services and quotes on our professional fees, please request a Conveyancing Fees quote. One of our experienced property lawyers will contact you to explore how we can assist you with your property transaction.

Ern Phang

Ern Phang
Director - Property Lawyer

This website is supported by Phang Legal, an incorporated legal practice based in Parramatta CBD providing conveyancing services across Sydney and New South Wales. is the solicitor director of Phang Legal.

Contract for Sale of Land – Review for Buyers

Legal advice BEFORE signing a contract

It’s simple, yet probably the best advice you could get – and it’s free!

Buying property is a big financial commitment for most people, yet many people sign a contract to buy property without fully understanding or considering the legal consequences – often while they’re in the real estate agent’s office. For residential properties under private treaty, there can be some protection under the statutory cooling off period, however this doesn’t always apply (ie, buying at auction). See my previous posts regarding “What are my Cooling Off right? and “Why do I need a Cooling Off period?”.

But why would you need to rely on a cooling off period in the first place if you’re fully aware (or at least think you are) and appreciate the consequences of signing a contract to buy property in the first place? Knowing what you’re doing is important regardless of whether you’re a first home buyer or an experienced property investor, and one way to get that knowledge is through professional legal advice.

Lawyers or conveyancers may be able to assist you because of their ‘legal expertise’, the reality is that the value these professionals (my team of property lawyers and myself included) can provide is through their experience in handling many different transactions over many years. The last thing you’d probably want is to be frustrated and bogged down in legal technicalities when all you want to do is ‘buy that property’. Therefore, it’s necessary for your professional adviser to be able to provide you with advice and guidance that’s not only legally sound, but practical and has the best chance of achieving your goals while minimising the costs and the risks. Wow – sounds like an impossible task?

But, that’s what we do. Providing advice in relation to contracts, especially a contracts to buy property is what we do best as property lawyers. That advice is available to you, and BEFORE you sign a contract is the best time to get that advice. Once you’ve signed a contract, it’s presumed that you accept the terms and conditions of that contract. As mentioned previously, you might have an opportunity to pull out under a cooling off period, but even then you’ll be forfeiting 0.25% of the purchase price. There’s always a cost.

The best way to save is to get the right advice at the right time, and make an informed and advised decision when you’ve got the opportunity to do so.

Conveyancing Enquiry

For more information on our conveyancing services and quotes on our professional fees, please request a Conveyancing Fees quote. One of our experienced property lawyers will contact you to explore how we can assist you with your property transaction.

Ern Phang

Ern Phang
Director - Property Lawyer

This website is supported by Phang Legal, an incorporated legal practice based in Parramatta CBD providing conveyancing services across Sydney and New South Wales. is the solicitor director of Phang Legal.

It’s Never Too Late To Buy Property

When should you buy property?

If you’re in Sydney, you might have heard that if you had bought property 10-15 years ago just before the Sydney 2000 Olympics and before the property boom that followed, you’d be enjoying some significant capital gains in your investment. Also a few years ago, the changes to the First Home Owners Grant also created a little ‘buying fever’ resulting in a little boom – especially around the lower end of the market. But were these ‘good times’ to buy property?

Some investors try to read the market and naturally look to buy when the price is low and sell when the price is high. That’s a logical way to make a profit. If you were able to gaze into your crystal ball and pick the lowest point as well as the highest point, then you’d be maximising your possible return from your property transactions – that’s simple, yet effective mathematics.

I appreciate that commercial property may be a little risky at the moment, but have you seen some of the new residential suburbs lately? Maybe only 5 years ago, some of these suburbs were just farmland – and now they’re a bustling suburbia, and the farmland beyond them are prime for development. The Australian population is continuing to grow whether naturally or by migration (people want to come to this country) and they all have to live somewhere, right?

In Australia, I think it’s safe to say that there’s a common desire to own your own home (and I’m told it’s different in other countries especially some parts of    Europe which have a renting culture). The government supports that with its policies like the first home owner benefits, and the banks also support this through its lending products for home loans. Of course this may eventually change over time due to the increasing challenge of housing affordability, but at least for now there’s always someone somewhere buying property regardless of whether you are or not.

Of course, I don’t say that you should because someone else is, but if you’re asking me whether it’s too late to buy or whether you’ve missed the market, my simple answer is ‘No. Don’t stress or over think whether you should or you shouldn’t. If you want to buy and you can afford to buy, then buy’.

Anyway, I don’t proclaim to be a property investment advisor or a prophet of profit – but there is a saying, “When’s the best time to buy property? 10 years ago. When’s the next best time to buy property? Today!”

Conveyancing Enquiry

For more information on our conveyancing services and quotes on our professional fees, please request a Conveyancing Fees quote. One of our experienced property lawyers will contact you to explore how we can assist you with your property transaction.

Ern Phang

Ern Phang
Director - Property Lawyer

This website is supported by Phang Legal, an incorporated legal practice based in Parramatta CBD providing conveyancing services across Sydney and New South Wales. is the solicitor director of Phang Legal.

Conveyancing Services for First Home Buyers

Take advantage of First Home Plus before 31 December 2011

You may have already heard that the stamp duty exemptions and concessions for the existing First Home Plus Scheme will end on 31 December 2011. It will be replaced by the First Home New Home Scheme as announced in the recent NSW Budget. So if you are already in the market to buy your first home, now might be the time to act.

Buying your first home can be both daunting and exciting at the same time. For most people, buying their first home is generally their first major investment and while the process of buying property may be unfamiliar, it is important to get the right advice to ensure that this investment is properly protected.

Over the last few months, we have experienced a clear increase in the number of first home buyers in the market, more enquiries for conveyancing services from first home buyers, and more clients who are first home buyers. Our reputation precedes us. First home buyers find our simple and hassle free approach to professional conveyancing services to be especially suited to meet their needs time and time again.

While there will always be first home buyers, the current first home benefits in the form of stamp duty exemptions and concessions under the First Home Plus Scheme ends soon. Take advantage of these first home benefits today.

Whether you are considering buying a house or an apartment (or anything in between), our experienced property lawyers can provide you with practical and plain language advice to guide you through the conveyancing process. Our fixed professional fees means you can accurately budget for your transaction expenses and be confident in your expectation of the outcomes.

Conveyancing Enquiry

For more information on our conveyancing services and quotes on our professional fees, please request a Conveyancing Fees quote. One of our experienced property lawyers will contact you to explore how we can assist you with your property transaction.

Ern Phang

Ern Phang
Director - Property Lawyer

This website is supported by Phang Legal, an incorporated legal practice based in Parramatta CBD providing conveyancing services across Sydney and New South Wales. is the solicitor director of Phang Legal.

Poll – Does the budget announcement affect you as a first home buyer?

The NSW Government recently announced changes to the stamp duty benefits for first home buyers to be introduced on 1 January 2012. The changes will limit the stamp duty benefits to ‘new homes’ only. Does this mean that there will be a rush of first home buyers into the market trying to make the most of what’s left of the current First Home Plus Scheme? Let’s find out.

This poll is only really relevant to first home buyers.

Conveyancing Enquiry

For more information on our conveyancing services and quotes on our professional fees, please request a Conveyancing Fees quote. One of our experienced property lawyers will contact you to explore how we can assist you with your property transaction.

Ern Phang

Ern Phang
Director - Property Lawyer

This website is supported by Phang Legal, an incorporated legal practice based in Parramatta CBD providing conveyancing services across Sydney and New South Wales. is the solicitor director of Phang Legal.

Conveyancing Parramatta – Torrens Assurance Levy Abolished

Changes to conveyancing in New South Wales

In previous articles we have introduced the Torrens Assurance Levy (when it was introduced) and we have encouraged you to keep an eye out for changes that the new NSW Government would introduce during their first term in office – in this article, we are pleased to announce that the NSW Parliament has now repealed the law that originally introduced the Torrens Assurance Levy.

On 1 July 2010, the then Labor NSW Government introduced the Torrens Assurance Levy. The levy applied to all contracts for the purchase of property on a sliding scale according to purchase price where the purchase price was above $500,500. For properties over $1,000,000 the levy was even higher. Essentially, the Levy was paid by the purchaser on top of the normal registration fee at the time their interest was registered in the property that they just purchased. Fortunately, that all came to an end of 30 June 2011.

On 24 May 2011, some 2 months after the change in government, the NSW Parliament passed amendments to legislation that now abolishes the Torrens Assurance Levy for all contracts entered into on or after 1 July 2011.

Look out for our other articles on conveyancing and property transactions in New South Wales. We are property lawyers in Parramatta providing fixed fee conveyancing services and updates in property law.

Conveyancing Enquiry

For more information on our conveyancing services and quotes on our professional fees, please request a Conveyancing Fees quote. One of our experienced property lawyers will contact you to explore how we can assist you with your property transaction.

Ern Phang

Ern Phang
Director - Property Lawyer

This website is supported by Phang Legal, an incorporated legal practice based in Parramatta CBD providing conveyancing services across Sydney and New South Wales. is the solicitor director of Phang Legal.

Conveyancing Parramatta – Stamp Duty Concessions and Exemptions

Changes to Conveyancing in New South Wales – NSW Property Buyers benefit from Stamp Duty concessions and exemptions

While it is important to know your stamp duty liabilities, it is just as important to know your stamp duty concessions and exemptions. In a previous article “Buying NSW Property – Calculating Stamp Duty”, we discussed how you can calculate your stamp duty liability when you are buying property in New South Wales. In this article, we look at why it is important for NSW property buyers to keep up to date and informed of stamp duty exemptions and concessions.

For several years now, the NSW Government has announced various financial incentives for NSW property buyers in the form of stamp duty concessions and exemptions. For example, there are the first home buyers benefits such as the First Home Owners Grant, First Home Plus and First Home Plus One, while more recently there has been NSW Housing Construction Acceleration Plan (which ended on 30 June 2010) and the NSW Home Builders Bonus for new property and vacant land, and Seniors Principal Place of Residence exemption.

The Office of State Revenue (OSR), being the government office that administers stamp duty amongst other taxes and duties, may take enforcement action against you if you do not comply with your obligations to them (ie, to pay stamp duty), however it will not ‘remind you’ or ‘alert you’ to any benefits that you could have received from them if you do not apply. The OSR will provide you with information, but after that – it is entirely up to you to apply. So if you are buying property in New South Wales but do not know whether you are eligible for stamp duty concessions or exemptions – you may be missing out, and in many cases you are missing out on thousands if not tens of thousands of dollars in possible stamp duty concessions or stamp duty exemptions. If you need assistance, then contact us so that we can help you to navigate through your entitlements as well as your obligations.

As of 26 March 2011, the State of New South Wales has a new Liberal government, the first in over 16 years. So what does this mean for NSW property buyers? Only time will tell. However, it is now more important than ever for NSW property buyers to keep up to date with stamp duty concessions and exemptions and any changes that may be introduced over the coming months.

Conveyancing Enquiry

For more information on our conveyancing services and quotes on our professional fees, please request a Conveyancing Fees quote. One of our experienced property lawyers will contact you to explore how we can assist you with your property transaction.

Ern Phang

Ern Phang
Director - Property Lawyer

This website is supported by Phang Legal, an incorporated legal practice based in Parramatta CBD providing conveyancing services across Sydney and New South Wales. is the solicitor director of Phang Legal.