Conveyancing Central Coast

Q: Why choose GMS Legal & Conveyancing for your needs?

At GMS Legal & Conveyancing , we have been helping clients on the Central Coast since 1988. From buying or selling property and organising your will to dealing with deceased estates, we can assist you in navigating through various legal processes. Our SAI Global-accredited team will help you understand all the terms and conditions related to your real estate contracts. Contact our team of conveyancing professionals if you seek legal assistance for property-related matters.

Home / Buying / Buying Property

We’ll Look After You

Whether it’s your first time or not, purchasing a property is a significant financial milestone. While the whole process can be fun and exciting, there’s an array of legal work and contracts that need to be reviewed in order to finalise the sale.

At GMS Legal & Conveyancing, our qualified team are here to take care of the hard work for you, simplifying the process to ensure your best interests are protected. Established in 1988, we have served clients from across the Central Coast, including in Lake Macquarie and Toukley. Our goal is to assist in making the settlement process go as smoothly as possible.

What is conveyancing & do I need a solicitor?

Conveyancing is the legal process of transferring property ownership. A conveyancer’s role is to overlook the entire settlement process for both the buyer and seller.

They are often a solicitor or licensed conveyancer who is highly knowledgeable in property contracts, and are there to help define any legal terms, making sure you completely understand and agree with all terms and conditions within the purchasing contract.

For the buyer, the role of the conveyancer is vital as they can assist with:
Preparing, clarifying & lodging legal documents including contracts
Background checks of the property such as certificate of title
Arranging deposits
Calculating taxes & rates adjustments
Keeping track of key dates
Contacting your bank/financial institution on your behalf
Representing/negotiating in your best interest
Family Transfers

Many buyers are unaware of the amount of paperwork that comes with purchasing property, which can result in stress and frustration. At GMS Legal & Conveyancing, our conveyancers will be with you every step of the way, offering reliable legal assistance before, during and after the settlement process.

While it’s not legally required to enlist a conveyancer, having a professional review the contents of your contract is in your best interest—as, if something goes wrong during settlement, you could risk losing your deposit. Particularly for first home buyers, having a conveyancer is extremely helpful as they can answer any question you might have about making an offer, and getting a deposit.

Talk with our conveyancing professionals and friendly legal team . If you need help from a trusted property lawyer on the Central Coast, call GMS Legal & Conveyancing.

What should I do as a buyer?

Getting finance approval

Speak to your bank or financial institution to discuss how much you’re able to borrow out for a home loan. They will typically ask about your income and other expenses to determine whether you’re able to make stable repayments to your loan. You will then receive a finance pre-approval allowing you to look for a home within a specific price range.

House hunting

This is the exciting part. With your finance pre-approval, you can now start shopping for homes. Attend open home inspections and know what you’re looking for. How many bedrooms? What suburb? Is it in walking distance to schools? It can take time to find your dream home, so have patience!

Review contract & making an offer

Once you’ve found your ideal property, it’s time to make an offer! The owner will have a set price and often a lot of negotiation is involved to get both parties to agree on a price. The real estate agent will then provide you with a contract to sign, so make sure you have it looked over by your conveyancer.

Finalise sale & sign contract

If you fully understand and agree to the terms of the contract, you can choose to sign at the real estate office or with your solicitor. You will then pay a small deposit of 0.25% of the purchase price, followed by a 5-day cooling off period. The remaining portion of the agreed deposit amount must be paid afterwards. You should also arrange building and pest inspections at this stage.

Getting formal loan approval

When your offer has been accepted by the owner, your next step is to have your home loan formally approved. If you already have finance pre-approval, you simply need to arrange your bank to value your property, and they will determine whether to provide you with a formal loan approval.

Getting ready to move

Once you’ve signed your loan agreement and mortgage, you can start to look into home and contents insurance, and organise removalists – you’re almost done!

Settlement day

On settlement day, your conveyancer will arrange for your bank to meet with the owner’s legal advisor to pay the balance of your purchase price using the loan and your cash. When this is done, congratulations! The property is now officially yours.

Frequently Asked Questions

Why should I consult a property lawyer and conveyancer?

Buying or selling a property is not just a significant financial transaction; it also involves complex legal processes that can impact the success of your investment. A property lawyer and conveyancer provide legal assistance for real estate transactions. They review and interpret the terms and conditions in the contract of sale and handle the transfer of legal title of the property from the seller to the buyer.

Why choose GMS Legal & Conveyancing for your needs?

At GMS Legal & Conveyancing, we have been helping clients on the Central Coast since 1988. From buying or selling property and organising your will to dealing with deceased estates, we can assist you in navigating through various legal processes. Our SAI Global-accredited team will help you understand all the terms and conditions related to your real estate contracts. Contact our team of conveyancing professionals if you seek legal assistance for property-related matters.

What is the cooling-off period, and how does it affect me?

The cooling-off period is an important aspect of property law that gives buyers a certain period during which they can change their minds about a property purchase. This period varies by state but usually lasts 5 business days or more after the contract of sale has been signed. During the cooling-off period, you can decide not to proceed with the purchase for any reason. However, you may pay a termination fee, usually 0.25% of the purchase price.

Remember, the cooling-off period does not apply to properties bought at auction or within three clear business days before or after an auction.

Who notifies the authorities that I have purchased a property?

Your conveyancer or solicitor notifies the relevant authorities of a property purchase. They are responsible for lodging the necessary forms with the Land Titles Office in your state and legally transferring the property into your name, and they also inform the local council, water authority and utility providers of the ownership change. These administrative tasks are important in finalising the property transaction and should be carried out promptly and accurately.

What happens during the settlement process?

The settlement process involves the legal and financial processes for transferring property ownership from the seller to the buyer. This usually takes place six weeks (or 42 days) after the contract has been signed, but the time frame can vary based on the terms of the contract. During the settlement process, your conveyancer will ensure the following:

All charges on the property have been cleared.
Any outstanding rates or taxes have been paid.
The balance of the purchase price is paid to the seller.

Can a property lawyer assist with strata issues?

Yes, a property lawyer can help if you find yourself involved in a strata issue. At GMS Legal & Conveyancing, we offer legal advice for small-scale property issues. Our team offers assistance for matters such as rubbish removal and strata issues. For more information on how we can help you, get in touch with us.