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BUYING A PROPERTY
Buying a property is likely to be the biggest financial decision most people will make in their life. As it is a significant transaction, regardless of whether you are a first home buyer, purchasing an investment or growing your property portfolio, it is important to have an experienced legal team assisting you with the process.
At Innova Legal, you will be guided through the process of buying a property by a team who understand how important buying a property is, and will ensure the whole process runs as smoothly and efficiently as possible.
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Our "What You Need to Know Before Buying Property in NSW" publication will help you understand what is involved in purchasing a property in NSW and how our team can assist you throughout the process.
How Innova Legal can help with your property purchase:
Once you have found the property you wish to purchase you can request a contract from the real estate agent. We will review the contract, negotiate the contract as may be necessary and give you advice on the terms you are agreeing to. If you are purchasing a property via auction it is highly encouraged that you obtain the contract before the auction because if you are the successful buyer you will need to sign the contract at the auction and the contract becomes unconditional at that point which means we cannot negotiate the terms.
​If you are purchasing strata title, we streamline the process of inspecting records and obtaining detailed strata reports, ensuring you have all the necessary information about the property's management and maintenance history.
We will arrange a building and pest inspection reports to give you complete peace of mind when it comes to ensuring the structural soundness of the property and the presence of any pests (including termites).
If not included in the contract, we can arrange for a survey report which confirms the boundaries of a property, shows the location of structures and improvements in relation to those boundaries, and provides dimensions of the property.
​Once you are satisfied with the terms of the contract and the condition of the property, we will arrange exchange of contracts which is the step that legally binds the sale. At this point you will need to make payment of the deposit to secure the property and sign the contract if you haven't already done so.
​Once contracts have exchanged, we will conduct exhaustive property searches and enquiries with various government bodies, to uncover whether there are any planned proposals that could affect your property. This includes confirming that the property title is clear (free from any encumbrances or issues) and identify potential issues like outstanding rates, taxes and council notices.
We will handle the collection of all essential legal documents from the seller's representative, including Foreign Resident Capital Gains Withholding Clearance Certificates and clear Land Tax documentation, ensuring a transparent and compliant transaction.
​We guide you through the stamp duty payment process, including any first home buyer grants or concessions applicable to you.
​If you will have an incoming mortgagee, we will also engage with your financial broker to facilitate the smooth processing of all necessary mortgage documents, ensuring you are fully prepared to calculate your future mortgage payments.
We will arrange the settlement adjustments which is the process of 'splitting' the costs of certain land charges on a property, such as rates, land tax, water charges and body corporate levies. The process ensures that you are not paying for these charges for the periods you did not own the property.
​Our team will coordinate the final settlement of your purchase, including the transfer of remaining funds, the adjustment of rates and the transfer of ownership of the property to you. Once settlement is complete we will contact you to collect keys to your new property!
At Innova Legal we offer our clients fixed pricing when buying property. Our professional costs are $1,600.00 for a standard property (house or unit) and $1,800.00 for off the plan.
