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First Home Buyers Guide to Conveyancing in New South Wales

  • SYC Legal
  • Aug 25
  • 3 min read

Updated: Oct 31

Purchasing your first home is an exciting achievement. However, the process can also feel overwhelming, particularly when it comes to the legal aspects. To help you navigate with confidence, we have prepared this guide to answer some of the most frequently asked questions about conveyancing in New South Wales (NSW).


What is Conveyancing?


Conveyancing is the legal process of transferring property ownership from one party to another. It ensures that the transaction complies with the contract and all legal requirements.


Key steps in Conveyancing


The key steps involved in conveyancing include:


  • Preparing and reviewing contracts;

  • Conducting property and title searches;

  • Liaising with vendors, purchasers, and lenders;

  • Ensuring all legal obligations are met.


Why should I use a property lawyer?


While some buyers attempt to manage conveyancing themselves, engaging a qualified property lawyer is strongly recommended. A lawyer protects your interests at every stage of the process by:


  • Reviewing and negotiating the contract;

  • Conducting due diligence and searches;

  • Identifying risks and ensuring compliance with legal requirements.


What are the costs involved in Conveyancing?


Conveyancing costs can vary depending on the complexity of the transaction. Typical expenses include:


  • Professional fees: Generally range from $1,000 to $2,500;

  • Disbursements: $300 to $1,000 for searches and registrations;

  • Stamp duty: Calculated on the property’s value. First home buyers may be eligible for exemptions or concessions.


Do I have to pay Stamp Duty?


Yes, unless you qualify for a full exemption or reduced rate under the First Home Buyers Assistance Scheme.


What is the Cooling-Off Period?


Most private sales (not auctions) include a five-business-day cooling-off period after signing the contract. During this time, you may:


  • Arrange building, pest, or strata reports;

  • Confirm finance approval;

  • Obtain legal advice.


If you withdraw during this period, you will forfeit 0.25% of the purchase price to the vendor. The cooling-off period does not apply to auction sales and can be waived with a Section 66W Certificate signed by your lawyer.


What does settlement mean and what happens on settlement?


Settlement is the final stage of the property transaction. It is where legal ownership is formally transferred from the vendor to the purchaser. On settlement day, the following generally occurs:


  1. Confirmation that all contractual conditions have been satisfied;

  2. Preparation and agreement on a Statement of Adjustments (covering rates, taxes, and other outgoings);

  3. Payment of the balance of the purchase price (including adjustments);

  4. Release of keys to the purchaser following completion of settlement;

  5. Lodgment of the Transfer of Land with NSW Land Registry Services to formally record the change of ownership;

  6. Notification of relevant authorities (such as council, water authority, and the owners corporation) of the new ownership.


How long does conveyancing take?


The standard settlement period in NSW is 42 days (6 weeks) from the exchange of contracts. However, shorter or longer timeframes can be negotiated.


Additional Considerations for First Home Buyers:


Understanding your rights


First home buyers should be aware of their rights throughout the conveyancing process. This includes understanding the terms of the contract and any potential risks involved. Engaging a property lawyer can help clarify these rights and ensure they are upheld.


The importance of due diligence


Conducting due diligence is crucial when purchasing a property. This involves researching the property’s history, checking for any encumbrances, and understanding local zoning laws. A property lawyer can assist in this process and provide valuable insights.


Financing your purchase


Understanding your financing options is essential. First home buyers may have access to various grants and assistance programs. It is advisable to consult with a financial advisor to explore these options and determine the best course of action.


Conclusion


Buying your first home is a significant milestone. Understanding the conveyancing process is key to ensuring a smooth and stress-free experience. By engaging an experienced property lawyer, you can be confident that your interests are protected, risks minimised, and the process handled efficiently.


At SYC Legal, we provide practical, tailored guidance to help first home buyers navigate the journey to home ownership with clarity and peace of mind. Contact us today at info@syclegal.com.au or click here to arrange a confidential discussion about how we can assist you.


*The information in this article is for general guidance only and does not constitute legal advice. You should seek professional advice before relying on or acting upon this content.

 
 
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