Buying and Selling a Home
Buying or selling a home is one of the most important decisions you will make and Cosgriff Orchard Legal will ensure the transaction is as stress-free as possible.
Our firm is uniquely situated on the Victorian and New South Wales border and offers expertise relating to property transactions in both states. We will explain the issues involved in the sale or purchase of your property and will advise you of the all the relevant details contained in the contract documentation. We will also work with you to negotiate any special terms and conditions that need to be included in the contract.
Buying property
The contract of sale in either New South Wales of Victoria sets out the terms and conditions for the purchase or sale of the property. The contract should disclose the restrictions on the property such as any easements, covenants and by-laws which may affect the use of the land. If you are considering signing a contract for the purchase of property it is important that you have the contact reviewed prior to signing. We can review the contract and provide detailed advice on its content and identify any issues that may need to be addressed before you become bound to the agreement.
There are various concessions available when purchasing property in both Victoria and New South Wales. Click on the link for more information on Government Grants and Concessions.
Selling your property in New South Wales
Under the Property, Stock and Business Agents Act 2002 in New South Wales, and agent must not offer a residential property for sale a contract of sale for the property is available for inspection by a prospective purchaser. We aim to prepare a contract of sale on your behalf as quickly and efficiently as possible so as to avoid any delays in the marketing of your property.
Selling your property in Victoria
Unlike in New South Wales, you (or your agent) can negotiate the sale of your property in Victoria before any contract documentation is prepared. Once a sale has been negotiated, you will be required under the Sale of Land Act (1962) to provide the purchaser with a vendor statement. The vendor statement contains the title, planning and utilities information regarding the property and forms part of the contract of sale. We will prepare your vendor statement and contract as quickly and efficiently as possible in order for your sale in order for you to have a binding agreement with the purchaser.
Checklist for selling your property
When considering selling your property, we suggest you complete the attached form before contacting our office to discuss your sale.
FAQs for Vendors and Purchasers
What is the cooling off period and when is the purchaser entitled to it?The cooling off period gives the purchaser the option to terminate the purchase of a residential property within 3 days of signing the contact in Victoria and within 5 days of signing if in New South Wales. If the purchaser exercises their rights in the cooling off period they are entitled to a refund of the most of the deposit paid.
A cooling off period is not available where:
- The contract is signed at auction or 3 clear business days before an auction;
- If the parties have previously entered into a contract for the property;
- If the purchaser received independent legal advice prior to signing the contract; or
- If the purchaser is an estate agent or a body corporate (a company).
What are 'adjustments' and how are they made?
There are periodic payments involved with ownership of property such as council rates, land tax, sewerage, drainage and parks service charges and owners corporation fees. When a contract for the sale of property is settled a statement of adjustments is agreed upon by the parties. This statement of adjustments is a calculation in relation to the outgoings so that the vendor pays the outgoings up until settlement and the purchaser then becomes liable for all payments.
I am planning on borrowing funds for the purchase what should I do?
If you are planning on borrowing funds from the bank or other financial institution for the purchase of the property, the contract of sale should be conditional upon you receiving formal approval for finance.
I am selling my property, how do I pay off the mortgage?
We can contact your bank or financial institution on your behalf and arrange for the mortgage to be paid out or discharged at settlement.
Should I have insurance over the property?
If you are selling the property you should keep your insurance current until settlement has occurred. If you are buying the property, it will be at your risk from the date the contract is signed, therefore you should take out insurance immediately upon signing the contract.
What is penalty interest?
In most cases there is a provision regarding penalty interest which provides that if either party delays the payment of money due under the contract of sale they will be liable to pay a penalty to the other party at the rate specified in the contract until the payment is made.
What happens at settlement and do I need to attend?
At settlement we exchange all of the necessary documentation and funds to complete the transaction. Settlement is usually attended by both the vendor and purchasers' solicitors or conveyances, as well as any banks involved in the transaction. We attend the settlement on your behalf and contact you as soon as settlement has taken place.
