Question 1

Should I have the contract reviewed before I sign?

Accepted Answer

Yes. It is always best to have your lawyer review the contract for sale before you sign or exchange, so that any unfair terms, special conditions, easements or issues in the searches can be identified and negotiated. Once you have exchanged you are bound to the terms of the contract, so early advice protects you. We are happy to review a contract for a property you are considering before you commit.

Question 2

How much stamp duty will I pay as a buyer?

Accepted Answer

Transfer duty, often called stamp duty, is paid by the buyer and is calculated on the purchase price or the market value of the property, whichever is higher, using the rates set by Revenue NSW. It is generally payable within three months of exchange, or at settlement for an off the plan purchase. We calculate the duty for your purchase and arrange for it to be paid as part of settlement.

Question 3

Am I entitled to a first home buyer concession?

Accepted Answer

First home buyers in NSW may be eligible for a full or partial exemption from transfer duty under the First Home Buyers Assistance Scheme, and may also qualify for the First Home Owner Grant when buying or building a new home, subject to value thresholds and eligibility criteria set by Revenue NSW. We check your eligibility and prepare the required declarations so that you claim any concession you are entitled to.

Question 4

How long does it take from exchange to settlement?

Accepted Answer

Settlement is usually 42 days after exchange, although the period is negotiable and can be longer or shorter depending on what the parties agree in the contract. Between exchange and settlement we complete the searches, certify your loan and duty arrangements, and coordinate with your lender and the vendor so that settlement takes place on time through the PEXA electronic platform.