Conveyancing Central Coast

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.

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.

Conveyancing Central Coast

We’ll Look After You

What is conveyancing & do I need a solicitor?

What should I do as a buyer?

Getting finance approval

House hunting

Review contract & making an offer

Finalise sale & sign contract

Getting formal loan approval

Getting ready to move

Settlement day

Kerrie O’Malley

Jacinda Shears

Leila Berana

Kim Roberts

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Buying

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