The word “settlement” and “completion” mean the same thing in conveyancing – all funds have been received, the title of the property has been transfered and the matter is complete.

A standard cooling off period being five working days from the signing and dating of the contract allows the purchaser time to obtain inspections, gain final loan approval and complete minor negotiations and they can end the contract at any time before the end of the cooling off period (although they will lose their 0.25% holding deposit). A seller is bound to the contract, and cannot end the contract during “the cool off”, but it does give their purchaser confidence to proceed inspections, etc.

However, every transaction is different so please forward your draft contract to us for review once you have made an offer but before signing the contract so we can check your initial terms and negotiate what you need before you put your holding deposit at risk.

Typical changes you might want to request can include a longer cooling off period, a smaller deposit, a longer settlement period, an early possession clause, ensuring you have compliance certificates, removing a tenant, a cleaning clause or there may be something in the contract which would prevent you proceeding at all. Please contact us to discuss what suits you best for your circumstances.

a. Amend the Pexa fee to read: “The Pexa Platform Fee. This is the fee to use the digital property platform to “settle” (or complete) your matter electronically and is compulsory for any NSW transaction. Paper transactions are no longer accepted.

b. Bank Fees & Charges – your incoming and outgoing banks will charge you to approve or consent to the removal of any old mortgage and to approve the registration any new mortgage on your title via the PEXA platform.  

c. Registration Fees for removing old mortgages, transferring names, changing spelling or registering new mortgages and will be charged by the NSW Land Registry Service via the PEXA platform as they keep the title records.

d. Stamp Duty – Property transfers incur transfer duty for the purchasing party and this is charged by the NSW State Revenue Office via the PEXA platform.

e. Building Reports, Strata Reports, Termite Reports, Building Inspection Certificate, Surveys Electrical Report, Plumbing Reports, Pool Compliance Reports, Engineers Reports, Historical Title Searches, Government Enquiries, Neighbour Searches, Floor Reports, Valuations, etc can all be discussed and ordered at your request subject to your needs.

f. Title Insurance – can be charged on settlement at your request if you don’t want to order surveys or building information certificates for your property.

g. Amend “Additional legal fees – If your matter is not “standard” for example any documents or negotiations required for Delayed Settlements, Separations, Bank Guarantees, Change of Names, Notices to Complete,  Licences to Occupy, Deeds of Agreement, Deeds of Co-Ownership, Power of Attorneys, Transmission Applications, Jetty Applications etc then an additional legal…

h. Amend Trust Account “Use of our Regulated Trust Account – A fee is charged for the use of our Trust Account and is often required for property settlements where partners are separating but not yet ready to disburse funds or where you are not using an agent and need to hold deposit funds or if you need to safely hold additional funds for a purchase or loan payout.

All of these fees are broken down in our formal cost agreement as estimates and we recommend you read this document carefully but please talk to us about any additional services you might want so we can tailor a specific quote for you.

This is a tax you pay on the purchase of your property. First home buyers may be exempt or partially exempt, please call us to discuss what your tax obligations will be.