Start by instructing a solicitor before placing any offer. Most buyers overlook legal risks by engaging too late. At Pannu Lawyers, we protect our clients right from the beginning. Our legal team identifies hidden issues, negotiates terms, and explains every clause in plain English. This early legal involvement often prevents serious complications down the track. Yes it does cost but it can save a lot of headaches down the transaction.
2. Secure Pre-Approval from a Lender
Before entering any negotiation, it is recommended that you obtain formal loan pre- approval from your bank or lender. With pre-approval in hand, you gain a clear understanding of your borrowing capacity. This also strengthens your position during price negotiations. Avoid relying on verbal estimates—banks withdraw informal offers frequently.
3. Insist on a Full Contract Review Before Signing
Do not sign any contract without legal review. Our team at Pannu Lawyers thoroughly examines all sale contracts before our clients commit. We negotiate critical terms, explain all obligations, and make an attempt to remove unfavourable clauses. Many buyers sign first and regret it later. You must understand exactly what you are committing to and there is no exceptions to this.
4. Order Pre-Purchase Inspection Reports
It is recommended that you always arrange for building, pest, and strata reports before proceeding. These reports uncover structural defects, pest activity, fire safety issues, or hidden levies. When we represent clients, we help interpret these reports and determine if the risks warrant withdrawal or price renegotiation. Without inspections, buyers take on serious liability.
5. Review the Title and Council Zoning
Check title searches, easements, and zoning regulations early. Pannu Lawyers conducts these searches immediately upon engagement. This ensures buyers do not unknowingly purchase land with planning restrictions, drainage easements, or council limitations. Overlooking this step can compromise your ability to build, renovate, or lease the property.
6. Budget for Stamp Duty and Pay on Time
Calculate your stamp duty liability in advance and prepare funds before exchange. NSW law requires buyers to pay stamp duty within 3 months of exchange. Delayed payments attract fines and penalties. At Pannu Lawyers, we assist clients with accurate calculations and timely submissions to Revenue NSW.
7. Understand the Cooling-Off Period
In NSW, residential buyers usually receive a five-day cooling-off period. During this time, you can withdraw for any reason, though you forfeit 0.25% of the purchase price. However, auction purchases carry no cooling-off rights. If you waive or shorten this period, we make sure you do so with full awareness of the risks.
8. Conduct a Final Inspection Before Settlement
Always inspect the property again just before settlement. You must confirm the property remains in the same condition agreed upon at exchange. If any inclusions are missing or if damage has occurred, we take immediate steps to enforce your rights. Final inspection protects you from surprises on handover day.
9. Complete Post-Settlement Requirements Promptly
After settlement, notify utility providers, update your address with relevant bodies, and check that the transfer has been registered correctly. Pannu Lawyers manages all legal filings with NSW Land Registry Services and ensures your name appears correctly on the title. We also advise on any ongoing obligations like council rates or strata levies.
10. Bonus: Check First Home Buyer Benefits
If this is your first purchase, check if you qualify for stamp duty concessions under the First Home Buyer Assistance Scheme. We guide clients through eligibility criteria and handle the application process in full. Many buyers miss out simply due to incomplete paperwork or poor advice.
Final Word
Purchasing property in NSW demands more than signing a contract and arranging a mortgage. You must address legal, financial, and regulatory matters with precision.
Failure to do so often results in loss, delay, or legal disputes. That is why buyers across Sydney continue to trust Pannu Lawyers the Best Property Lawyers in Sydney to handle their purchase with confidence and competence.
We act fast. We act smart. We act in your best interest from beginning to end. Buying a property is NSW and looking for a solicitor to assist you in conveyancing , contact Pannu Lawyers Today on 02 9920 1787 or 1300 VAKEEL.
