Buying a home or investment property is an exciting milestone — but the legal and financial process can be overwhelming, especially for first-time buyers. Whether you’re purchasing in Sydney or regional NSW, it’s essential to understand each stage of the property buying journey.
This guide buying property in New South Wales outlines every step in the process so you can move forward with clarity and confidence.
Getting Started
Buying a house in NSW can be an exciting time, but it’s essential to get started on the right foot. The first step in the property purchase process is to understand the legal aspects of buying a house. Seeking professional advice from a real estate agent or a solicitor who specialises in property law can be invaluable. They can guide you through the sales process and help you understand the key considerations involved in buying a house.
Researching the market is also crucial. Understanding current trends in the property market will help you make informed decisions when it comes to purchasing a property. Additionally, consider your finance options and get pre-approval for a home loan. This will give you a clear idea of how much you can afford to pay for a property, ensuring you stay within your budget. Starting with these steps will set a solid foundation for your property journey.
1. Get Your Finances in Order
- Set a budget based on your income and expenses
- Get pre-approval from your bank or lender
- Factor in extra costs like stamp duty, conveyancing, inspections, and insurance
Understanding and budgeting for buying costs, such as transfer duty and other essential expenses, is crucial when saving for a house deposit.
Tip: NSW first home buyers may be eligible for government grants and stamp duty exemptions. Ask us for guidance!
2. Start Property Hunting
- Budget
- Preferred location (suburb, proximity to transport, schools, etc.)
- Property type (house, unit, townhouse)
- Long-term goals (investment vs home ownership)
When searching for properties, use platforms like Domain, realestate.com.au or attend open homes.
3. Review the Contract of Sale
Once you find a property you like, the agent will provide a Contract of Sale.
Before signing, it’s essential to have the contract reviewed by a licensed conveyancer or solicitor. Reviewing all legal documents is crucial to ensure legal compliance and proper transaction completion. They’ll explain:
- Key conditions
- Inclusions/exclusions
- Title details and easements
- Deposit terms
- Settlement period
This is where Complete Conveyancing Sydney comes in — fast, thorough contract reviews so you can negotiate confidently.
4. Conduct Inspections
Inspect the property thoroughly by arranging for:
- Building and pest inspection (for houses)
- Strata inspection report (for units/townhouses)
- Any additional reports depending on the property (e.g., flood risk, zoning)
These inspections help uncover hidden issues that could affect your decision or bargaining power.
5. Make an Offer or Bid at Auction
You can either:
- Make a private offer (subject to conditions)
- Bid at auction (no cooling-off period if you win)
Work with your conveyancer to ensure you’re clear on your rights and obligations, especially in an auction setting. It's crucial to prepare for auction day by reviewing the contract of sale and understanding auction rules before participating in competitive bidding.
6. Exchanging Contracts
Once you’ve found a property you’re interested in, the next step is to exchange contracts. This is a critical part of the property purchase process, and it’s essential to understand the legal requirements involved. The contract of sale will outline the terms and conditions of the sale, including the purchase price, deposit, and settlement period. Carefully review the contract and seek advice from a solicitor if you’re unsure about any aspect of it.
The seller will typically require a deposit to be paid at the time of exchanging contracts. This deposit is usually 10% of the purchase price and is held in a trust account until settlement. It’s important to understand that exchanging contracts is a binding agreement, and you should only proceed if you’re sure you want to purchase the property. Be aware of the cooling-off period, which allows you to withdraw from the contract with written notice. Understanding these steps will help you navigate this crucial phase of the property purchase process with confidence.
6. Sign the Contract & Pay the Deposit
Once terms are agreed and the sale contract is understood:
- Both parties sign the contract
- You’ll pay a deposit (usually 10%)
If you buy via private treaty, you’ll usually have a 5-business day cooling-off period unless waived.
7. Finalise Your Loan
Submit the signed contract to your lender to finalise your loan. This includes:
- Property valuation
- Consulting with different lenders to explore personalized loan options and finalize the best deal
- Signing mortgage documents
- Insurance arrangements (required for settlement)
8. Conveyancing & Legal Checks
Your conveyancer will:
- Confirm title and ownership details
- Coordinate with your lender and seller’s legal team
- Lodge necessary forms with NSW Land Registry Services
- Prepare for settlement
It is crucial to ensure that your conveyancer is licensed with NSW Fair Trading to comply with legal requirements and ensure a smooth property purchase.
This ensures all legal aspects of the transfer are handled correctly and on time.
9. Settlement Day
On settlement day:
- The balance of the purchase price is transferred
- Ensuring adequate money is available for the final transaction is crucial
- Legal ownership is registered in your name
- You receive the keys and can take possession
Your conveyancer manages this entire process and will confirm once settlement is complete.
10. Post-Settlement Checklist
After settlement, make sure to:
- Update your address for utilities and postal services
- Move in or prepare the property for tenants. The excitement and significance of moving into your new home cannot be overstated, as it marks the transition to homeownership and the celebration of this important milestone.
- Lodge documents for any government rebates (if applicable)
Why Work With Complete Conveyancing Sydney?
We specialise in helping NSW buyers with:
- Fixed-fee, no-surprise pricing
- Fast turnaround on contract reviews
- Clear, personal advice throughout the process
We also specialise in selling property in NSW, ensuring a smooth transaction for both buyers and sellers.
Whether you’re a first home buyer or seasoned investor, we’ll help you navigate the process with ease.
Ready to Start Your Property Journey?
Let Complete Conveyancing Sydney guide you through every step — from contract review to settlement. Contact us today for a free quote or friendly advice.
