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Spotlight on Property Law: What Inner-West Families Need to Know Now | CM Law Blog
Buying a home is a big deal and shouldn't be taken lightly. Many families in Sydney's inner west are choosing to seek the help of conveyancing solicitors to guide them through the maze that is property law. By choosing to use a property lawyer, these families are making sure that they get the best deal. So how can a conveyancer help you?
There's a lot of legal material to wade through when you're buying a home, and a property solicitor can help you get through it all unhurt. The first thing your lawyer will take you through is the Contract for Sale. This contract will include details of the land you're buying, including a zoning certificate, a full title search, and a sewer diagram. But not everything you need to know is actually in this contract. This is where your conveyancer will come in and they'll help you fully understand the contract before you even think about signing it.
When it comes to the exchange of contract, your conveyancer will help you out again. The exchange of contracts is exactly what it sounds like - both parties (the seller and the buyer) have identical Contracts for Sale and will sign and swap them so each party has the contract signed by the other party. A conveyancer will be able to go through both Contracts for Sale to make sure that they are exactly the same, and neither party is getting a better deal.
Even if you've never bought property before, you would have heard of the term 'cooling off period'. The cooling off period is the time frame that the person intending to buy the property has to change their mind after signing the Contract for Sale. This period is usually about five business days long. If you do change your mind about buying the property, be aware that you will have to pay the seller 0.25% of the asking price. However, if you know you want to buy the land and you aren't interested in a cooling off period, speak to your conveyancer before signing the contract and they can organise a certificate that shows that you understand the contract and are willing to go ahead.
