NSW investors can double check their legal rights and responsibilities after the Law Society of NSW published free guides on buying and selling residential property.
President of the Law Society, Justin Dowd, said it’s vitally important to understand your legal obligations when buying or selling a property.
“Making a mistake or misunderstanding the legal requirements when buying or selling property can have a significant impact on your finances and lifestyle,” Mr Dowd said.
“Buying or selling a home is often the biggest financial decision we’ll ever make, especially in a city like Sydney, where property prices can be astronomical.
“It is therefore important that if you are thinking of buying or selling a property, you should get in touch with a solicitor as soon as possible so that they can talk you through the process and advise you on how to proceed,” he said.
Real Estate Institute of New South Wales CEO, Tim McKibbin, said the guides would help buyers and sellers to understand the sometimes confusing and daunting task of buying a property.
“Buying or selling a property is not an everyday occurrence for most people, which makes these guides a welcome addition.
“Clear and concise, they will assist people to understand their legal obligations and explain key areas of buying and selling; like the differences between an auction and private treaty, stamp duty, and other taxes.
“They will also provide information about different types of ownership, such as strata title and what happens at settlement.”
The two free guides published online yesterday give consumers clear information on the key requirements for buying and selling a home in NSW. You can link to the guides through the Law Society website.
Your Guide to Selling a Home: A checklist for selling a house or apartment in NSW includes topics such as preparing the contract for sale; what laws you will need to comply with as a seller; how the conveyancing process works; information about agent’s fees; how the ‘cooling off’ period works; and what happens at settlement.
Your Guide to Buying a Home: A checklist for buying a house or apartment in NSW includes the pros and cons of buying ‘off the plan’; the differences between an auction and private treaty; should you pay for inspections; stamp duty and other taxes; information about different types of ownership, such as strata title; and what happens at settlement.