BUYING PROPERTY AT THE VINTAGE
For many people, it may have been some time since their last property transaction and the processes and procedures in NSW can differ to other states and countries. Here is a selection of the information we have collected to assist in your journey in buying property at The Vintage:
Guide to buying property – Law Society of NSW
NSW Department of Fair Trading
Housing NSW – Steps to buying a home
What’s the best way to secure the perfect property at The Vintage?
In addition to our website, Vintage Realty advertises both land and homes on all the popular websites such as ‘realestate.com.au’ and ‘domain.com.au’. However, there are a number of vendors who, for privacy reasons, do not want to have their property promoted to the ‘world at large’. These listings are generally referred to as ‘silent listings’ or ‘off-market’ listings and are often requested by high profile owners who only want their home promoted to genuine purchasers.
As the preferred agent for The Vintage, we strongly recommend that you register your details with us and/or come in and have a confidential chat to let us know exactly what you are looking for. That way we can contact you immediately if a suitable property becomes available.
What happens after I have found my dream home or block of land through Vintage Realty and the vendor has accepted my offer?
Payment of an initial $5,000.00 deposit will temporarily hold the property from being advertised and promoted as available for 14 days. This gives you time to contact your solicitor/conveyancer and arrange all the things that you may need to have in place before signing contracts. This initial deposit is held in our Sales Trust Account and is fully refundable without penalty should you decide not to proceed with the purchase.
It is important to remember that as agents we are legally obliged to submit any offers to the vendor that may come from parties who have already seen the property. The property is only secured by you as purchaser once the full 10% deposit has been paid, and contracts have been signed and formally exchanged. Please note this policy applies to Developer Owned properties only and individual re-sale Vendors may choose not to participate.
Community Records and/or Building & Pest Inspections
The Vintage has been established under Community Title and if you or your solicitor/conveyancer require Building & Pest inspections, or any searches of the Community Records they must be arranged promptly as inspection of the records will require written consent and an appointment with third parties such as the Managing Agents holding the Community Records. Similarly, with any other inspections of the property, if the property is tenanted or holiday let we will need to arrange access with a minimum of 48 hours’ prior notice. The same would apply if your bank wishes to send out their own property valuer before issuing your formal finance approval.
Balance on Exchange
All information regarding your purchase will be sent to your solicitor/conveyancer. At this stage of the process our role as the agent goes somewhat into ‘limbo’ for a little while as this is the stage where your solicitor/conveyancer now corresponds with the Vendors solicitor/conveyancer to co-ordinate the exchange of contracts between them. On exchange of contracts, the balance of the deposit (normally 10% of the purchase price) is paid taking into account the funds we already hold in our Sales Trust Account.
A 5 day cooling-off period applies to all real estate transactions unless a Form 66W is signed which is a waiver of this cooling-off period.
Once Exchange is Complete
Once the contracts have been exchanged please understand at this point, although you have secured the purchase of the property, as yet, you are not actually the owner. Ownership of the property takes place at what is commonly known as settlement or completion of the sale.
Settlement/Completion of contracts
Settlement or completion is when the balance of the purchase price is paid and the title is transferred to your name. The time between exchange and settlement varies depending on what has been defined in the contract but is usually around 6 weeks (or 42 days).
Congratulations and Welcome – you are now a proud owner at The Vintage!
We trust the above information will help you however, should you have any questions, please do not hesitate to contact our office (02) 4988 2400 or by email at salesinfo@thevintagerealty.com.au
DISCLAIMER: All images and statements of any kind on this website, are based on information at time of publishing and subject to change at any time. This website is not a legally binding obligation or warranty. Vintage Realty (NSW) Pty Ltd accepts no liability for any loss or damage arising as a result of any reliance on this website or its contents.