Contracts & recommendations for NSW

[Bricks & Mortar]

Hi Guys,

Looking for some advice as to a property purchase in NSW
haven't bought in that state before and I'm unaware of NSW idiosincrecies


1) Firstly from previous theads, I get the impression that .25% is the correct deposit in NSW? (as 10% is in VIC)
2) When purchasing our QLD properties we had to use a QLD solicitor
does this also happen in NSW, where you must use a NSW solicitor/conveyancer?
3) On a previous thead someone had a severe problem with rates being charged by a conveyancer for an off the plan, Although we are looking at a established property, can anyone recommend a solicitor/conveyancer in the Albury area? (or Wodonga if Vic solicitors are allowed)
4) Property purchases seem final once the vendor agrees, and the buyer can lose his/her deposit......can anyone elaborate on this
5)Any other peculiar things in purchasing in NSW compared to VIC/QLD that we should be aware off

sorry for the abundance of questions!
and thanks in advance

Cheers
Timm

 

[geoffw]

1) Firstly from previous theads, I get the impression that .25% is the correct deposit in NSW? (as 10% is in VIC)

I would have thought 10% negotiable (they may accept 5% or a deposit bond). This is the deposit at exchange, as distinct from one at offer (see below)

2) When purchasing our QLD properties we had to use a QLD solicitor does this also happen in NSW, where you must use a NSW solicitor/conveyancer?

You need to use somebody who is familiar with the law of that state. I have used an ACT solicitor for a NSW purchase- but that choice was available because many ACT solicitors do cross border transactions. You might be hard pressed to find a Melbourne solicitor, for instance, who is familiar with NSW laws, but a Wodonga solicitor may have had Albury transactions.

4) Property purchases seem final once the vendor agrees, and the buyer can lose his/her deposit......can anyone elaborate on this

That happens in Queensland, but not in NSW. Vendor and purchaser can agree, but either party can pull out before exchange takes place. Though it's common practice for a "good faith deposit" to be given- $1000 to $2000 which may be lost if the purchaser pulls out. (I have had the vendor pull out at this stage and I received no compensation).