1. Buying Property
Do I Need a Solicitor for Buying a House?
Purchasing a property is a big decision for anyone, whether it’s your first foray into the real estate market or you’ve been through it before. You want to be 100% sure that a property is legally and rightfully transferred into your name, so you need a conveyancing lawyer you can trust. Look no further than Quill Legal. We will help you understand in layman’s terms exactly what is happening at each stage of your purchase.
Our attention to detail is second to none, and we ensure that all the legal requirements of conveyancing in Sydney are met. You will, undoubtedly, have many questions throughout the process, and our friendly, professional team will be there to answer them all.
Your Contract of Sale will be reviewed, and we’ll advise you on the terms and conditions set out by the seller. Sometimes, we’ll find details which are out of the ordinary — in such cases we ensure that you are aware of any unexpected requirements or restrictions.
When it comes to settling the financial aspects of your sale, we will make sure everything is in place. Stamp duty for first home buyers, NSW, or secondary property purchases will also be calculated and taken into account. This is an unavoidable expense, set on a sliding scale, that is levied on every house purchase.
We can liaise with your bank to ensure the funds are ready when you need them, so you can just relax and wait for the keys to your new home.
We then substantiate that all the legal requirements to transfer the property into your name are met. Every form, document, and file will have been scrutinised along the way, so when the time comes for signing contracts and making payment, everything is in order. All that remains is for the transfer documents to be registered at the Land Titles Office— and for you to take possession of your new home.
2. Selling Property
Experienced Property Solicitors for Real Estate Sales
Selling a property is made easy when you have Quill Legal in your corner. It’s not just a matter of agreeing on a price and waiting for the buyers to come up with the funds. There are steps along the way that must be complied with, and our conveyancers, Sydney, make sure these are all completed in a timely manner.
All your special conditions will be clearly set out in your Contract of Sale, and title and planning searches required for the Vendor’s Statement will be arranged. If any ancillary documents are needed, we will identify them and see to it that they are included.
Each state has its own regulations that must be followed, and as a local conveyancer in Sydney, we are fully aware of these. You can be assured that there will be no loose ends to trip you up and prevent completion of your sale.
We can also help if you are buying another property at the same time, ensuring that the two transactions marry up. Before you know it, our expert Sydney conveyancing team will have everything wrapped up, making the sale and purchase run smoothly.
3. First Home Buyers
Are you thinking of entering onto the property ladder at the bottom rung? There is little doubt that purchasing your first home is one of the most important decisions you will make in life. It can be very exciting, but also very stressful at the same time.
At Quill Legal our expert lawyers are there all through the experience to advise, educate and assist you. We endeavour to make the process as smooth as possible, and keep you in the loop at every turn. You will have the knowledge to make informed decisions with our lawyer by your side.
We promise to provide:
- Efficient and fast service.
- Coordinatization and preparation of all necessary paperwork.
- Ensure a smooth settlement.
- Keep your interests at heart so you don’t end up with unexpected expenses.
Some of the things we do for you include:
- Taking care of the conveyancing process in its entirety, so you can concentrate on planning to move in.
- Preparing and lodging legal documents such as your contract of sale and title transfer.
- Checking all issues are addressed, such as any encumbrances or easements, prior to your purchase and ascertaining what your type of title you will have.
- Making sure your deposit is in a trust account.
- Arranging your settlement by liaising with your bank so everything is coordinated for completion.
- Ensuring the title can be transferred when you are ready to settle by coordinating with the local council and any other authorities.
- Ensuring all the legal issues are resolved and the contract is in order prior to settlement.
- Assisting you in the application for First Home Buyers Assistance Scheme and First Home Owner Grant (New Home) Scheme to ensure you get any money or exemptions you are entitled to. Making sure that the title to the property is transferred to you correctly.
- Making sure any outstanding debts such as land tax, water bills, or council rates are paid by the vendor before settlement.
- Making sure everything is in order for settlement day, then liaising with your vendor’s solicitor and your lender to seal the deal.
We believe knowledge is power, so we want you to understand the process of purchasing your first home. It can be an emotional time but don’t want your heart to rule your head. Our conveyancing lawyer is on hand to keep things real and ensure that your experience is positive, and you will soon be the proud owner of your first home.
Reach out to Quill Legal today and get the ball rolling on your first home purchase.
You may be aware of the common conveyancing costs associated with a property purchase, such as lenders fees, legal fees, and building inspection fees. However, have you factored in stamp duty? Along with saving for your deposit and securing your mortgage, this is an extra expense that you need to take into account.
So, what is stamp duty? Essentially, it is a tax levied by the Australian Government on property purchases. These funds are then used by the state to invest in various sectors, like infrastructure, healthcare, and emergency services.
Each state has its own rates, which makes matters more complicated. At Quill Legal, we will inform you of the amount that will be due on the property you’re buying, so you know exactly what this extra cost will be.
The value of the property determines the rate of stamp duty, which is applied on a sliding, increasing scale. Hence, the more expensive the property, the more stamp duty you will pay.
Nevertheless, there is some good news for those of you starting out on the property ladder. Stamp duty for first-time buyers NSW is not charged on properties up to $650,000. There is also a reduced rate applied for real estate up to $850,000.
4. Property Transfer
There are occasions in life where you might need to transfer a property into someone else’s name. It could be as a result of a relationship breakdown, for example, and transferring a property forms part of the settlement. Maybe you want to gift a property to your children or grandchildren, or someone with joint ownership of a property has passed away.
Under any of these circumstances, you need an experienced conveyancing lawyer to help with the transfer. At Quill Legal, we make sure that all legal documents are drawn up and the title transferred and lodged with the NSW Land Registry.
Whoever you are transferring the property to may be liable for transfer tax or stamp duty. It’s important that you obtain expert advice, to make sure the amount you pay is correct, or to find out if you are exempt. There are times, such as entering a marriage or de facto relationship, getting divorced, or transference on death, when this tax is not payable.
At Quill Legal, we make sure that all the documents you need and procedures to follow are completed in full. That way, you won’t experience tax issues or ownership disputes at a later date.
5. Buying Property off the Plan
Purchasing a property off plan is an appealing option for first-time buyers wanting to enter the property market. It can give more flexibility on the term needed to arrange funds, and allow you to buy a property that might otherwise be out of your financial reach. There are advantages and disadvantages to buying off plan, which Quill Legal can highlight for you. We will then help you with a seamless and smooth purchase.
On the plus side:
- You might get a cheaper price point: Developers may offer the first release of properties at a lower price, to entice early sales.
- Price can be locked in: The property price can be locked in at today’s market rate for a future build, so you don’t pay more if real estate prices increase.
- More favourable financial options: Often, to secure an off-plan purchase, you only need to pay a 10% deposit. This gives you more time to find the finances for the final settlement. You might also get an extension of up to 12 months within which to pay the stamp duty in NSW.
- You get a new build: Off-plan properties are generally fitted with energy-saving appliances nowadays. Hence, they shouldn’t require outlay on maintenance and repairs. You may also be given the opportunity to have a say in the final finishes and customise fittings.
- Savings on stamp duty: At the date of the contract and sale, stamp duty is paid on the value of the land and building. If your property hasn’t been constructed yet or is only partially completed, then the value could be less than if it was turnkey and ready to move in.
The negatives to consider include:
- Price decreases: It’s possible for property prices to fall while your building is under construction. If this happens, your locked-in price could be more than the property is worth at the time of completion, which in turn could impact your ability to finance the purchase.
- Changes happen: The plans for your property can change during the build, and the quality, finishes, and dimensions might not end up as you envisioned.
- Delays: The time taken to build your new property may be extended, preventing you from moving in when you planned to.
Being aware of the pros and cons enables you to make an informed decision when it comes to an off-plan purchase. Our conveyancers will do their utmost at every turn to ensure that all disclosure statements and material particulars are in order. We will keep you informed every step of the way, until you take possession of your brand new home.
