Tag Archives: Parramatta

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.

Understanding Conveyancing – Pre-Purchase Inspections [Video]

Welcome to the Understanding Conveyancing Video Series. In this post we will briefly touch on Pre-Purchase Inspections.

Pre-Purchase Inspection reports are highly recommended because a majority of properties are purchased on the basis of “what you see is what you get”. More importantly, a pre-purchase inspection can tell you what you don’t  see, such as whether there are any signs of termites in the property or if the property is being well cared for by its owners corporation.

Because purchasing property is such an important and expensive decision, it is always best to make sure that you have all the information necessary to make such a decision.

Look out for our other articles on conveyancing and property transaction in New South

Wales. We are conveyancing 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.

Kenneth Ti

Kenneth Ti
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. Kenneth Ti is an associate solicitor with Phang Legal.

Understanding Conveyancing – Stamp Duty Liability [Video]

Welcome to the Understanding Conveyancing Video Series. In this post we will look at stamp duty and what liabilities arise from the purchase of property.

In New South Wales, the sale or transfer of land (including improvements) is normally liable to stamp duty. The liability arises when the sale or transfer occurs. Duty is payable within 3 months of the date of the transaction, or on settlement, whichever occurs sooner. The purchaser or transferee is liable to pay the duty.

Depending on your circumstances, as well as the type of property you are purchasing, you may be eligible for stamp duty concessions or exemptions. The most well known benefit is the

“First Home Plus” benefit. This benefit grants you a concession or exemption if you are purchasing your first residential property to live in. The property must be a new property or an off-the-plan property and it grants you an concession or exemption on stamp duty for the property, so long as the property is not more expensive than $600,000.

Look out for our other articles on conveyancing and property transaction in New South Wales. We are conveyancing 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.

Kenneth Ti

Kenneth Ti
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. Kenneth Ti is an associate solicitor with Phang Legal.

Understanding Conveyancing – Cooling Off Period [Video]

Welcome to the first post of the Understanding Conveyancing Video Series. In this post we will have a brief look at the Cooling Off Period in a Contract for Sale of Land, and what it means.

If you buy residential property in New South Wales, you will be generally covered by a cooling off period, which starts on the date of exchange and expires at 5pm on the 5th business day after exchange.

During this period you may exercise a right to rescind, to get out of the contract, for any reason whatsoever. If you do this during the cooling off period you will forfeit 0.25% of the purchase price – but that is better than losing your deposit or more.

Some people negotiate on the terms of the contract during this period. Most people use the cooling off period to order pre-purchase searches such as strata inspection reports or pest and building inspections. We will cover this in a different post.

Cooling off periods do not apply on residential property purchased at auction, or where you have waived this period by providing the vendor with a certificate from your lawyer or solicitor.

Look out for our other articles on conveyancing and

property transaction in New South Wales. We are conveyancing 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.

Kenneth Ti

Kenneth Ti
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. Kenneth Ti is an associate solicitor with Phang Legal.

Buying at an Auction? Some things to look out for.

Purchasing property at an auction is different from purchasing property under private treaty. While you may come away with a deal, you have certain responsibilities at an auction that you do not have if you purchase property under private treaty.

It is important that you are informed about your rights and responsibilities at an auction. In New South Wales, the NSW Office of Fair Trading publishes a guide called the Bidder’s Guide. Real estate agents must give all potential bidders at an auction a copy of the guide before the auction.

The person conducting the auction is known as an auctioneer. The auctioneer will typically inform or display that the auction is conducted under certain conditions, which are set by law. These include:

  • the highest bidder is the purchaser, subject to any reserve price
  • the auctioneer is entitled to make one bid only on behalf of the seller
  • before the auction, the auctioneer must announce that the auctioneer is permitted to make one bid on behalf of the seller
  • the auctioneer must announce immediately before, or in the process of making the bid, that he/she is making a vendor bid
  • the auctioneer can refuse a bid that is not in the interests of the seller
  • the auctioneer has no authority to accept a late bid, that is, a bid after the fall of the hammer
  • if there is a disputed bid, the auctioneer is

    the sole arbitrator and makes the final decision

  • the successful buyer’s name must be given to the auctioneer as soon as possible.

The reserve price is the lowest amount that the seller will accept for the property. The reserve price is typically not disclosed to the bidders, although the auctioneer will normally advise the bidders if the reserve price has been passed.

If the reserve price is not reached the seller must make the decision to pass the property in and re-list the property on the market, or to negotiate with any interested bidders present at the auction.

The most important thing for prospective purchasers to know is that if the prospective purchaser is successful at the auction, and that the reserve price has been passed, the prospective purchaser must sign the contract and pay the deposit on the spot. Unlike properties purchased through private treaties, no cooling off period applies to properties purchased at auction.

Because of this it is important for you to ensure the following before going to auction:

  • Have your solicitor or conveyancer review the contract before the auction, and seek amendments where necessary
  • Have your finance in order
  • Have made the necessary pre-purchase inspections before the auction.

We can help you with purchasing your property at auction. If you have any questions you should contact us using the quick enquiry form on this blog.

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.

Kenneth Ti

Kenneth Ti
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. Kenneth Ti is an associate solicitor with Phang Legal.

What is Land Tax?

It is common for vendors to specify that Land Tax is adjustable on the settlement of the transaction, especially where the property was used as an investment property by the vendor.

Land Tax is a tax levied on all owners of land in New South Wales. Land Tax is based on the average value of the land over the last 2 years, and the tax is calculated and levied on midnight, 31 December, every year. Land Tax is calculated on the combined value of all the taxable land you own. This is defined as the combined value of the land less the “threshold amount”. If the combined value of all land you own does not exceed the “threshold amount”, then no land tax is payable. In 2012 the threshold amount is $396,000.

Generally, your principal place of residence is exempt from Land Tax. You are likely liable to pay land tax if you own investment property,

commercial or industrial units, or vacant land.

Both the vendors and the purchasers must ensure that Land Taxis paid before settlement.

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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.

Kenneth Ti

Kenneth Ti
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. Kenneth Ti is an associate solicitor with Phang Legal.

Exchanging the Contract – Now or Later?

A major milestone in the conveyancing process is the process of exchange. Understanding when this happens, when it should happen, and what happens during this process is important.

A contract to purchase residential property is always issued in duplicate – one copy for the vendors and the other for the purchasers. The contract is entered into when it has been dated and exchanged – that is, when the vendor is in possession of the purchaser’s contract and vice versa.

Once a contract has been exchanged, all other potential purchasers are locked out of the contract and the vendor cannot accept any other offers. By law, the purchaser also has the right to rescind the contract within a five business day period, unless they have waived such a right to do so or the contract has been exchanged following an auction.

If a purchaser exercises its cooling-off right however they will forfeit to the vendor a sum of money equal to 0.25% of the viagra 50mg purchase price.

Locking into a contract has its benefits especially where time is short and there are many other potential purchasers looking to purchase the property.

That being said however, where possible, it is always advisable to carefully check the contract and conduct inspections on the property prior to signing and exchanging the contract. If the contract has not been exchanged and purchaser doesn’t wish to proceed after conducting its inspections, the purchaser is saved from forfeiting 0.25% of the purchase price.

There is no right way to go through this process and it will depend on the circumstances at the time as well as the property market at that time. Prospective purchasers will need to consider what is the right move to make at all times.

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.

Kenneth Ti

Kenneth Ti
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. Kenneth Ti is an associate solicitor with Phang Legal.