RM Property Conveyancing

26/03/2025

Lake Macquarie City Council are still very slow at issuing 10.7 zoning certificates!

At the moment, they are taking 10 days or more to come through.

Why does this matter?

You cannot sell your house without the 10.7 certificate. So yes, it matters.

If you're looking to sell, get started early!
Your contract may take at least 10 days to be ready.

18/10/2024

Here's an easy-to-read cheat sheet showing how much 0.25% deposit is required to exchange contracts.

Why pay a deposit to the real estate agent?

That's an easy question to answer.

To lock-in the purchase, you need to do 2 things:

1) Pay a deposit of 0.25% of the purchase price
2) Sign contracts and authorise contracts to be exchanged.

Once this is complete, the property is considered "off the market" and the cooling-offer period starts.

When do you pay the remainder of the deposit?

Pay the remainder of the deposit to the real estate agent trust account 𝐁𝐄𝐅𝐎𝐑𝐄 the cooling-off period expires. This day will vary depending on the conditions you have negotiated.

11/10/2024

Have you considered the cost of house insurance on your new property?

I’m not here to sell you house insurance. No way!

But, I do want to highlight the fact that if you are borrowing money, you’ll need to have house insurance.

Now, if you’re buying a house in a flood zone or bushfire zone, your insurance may be a little on the expensive side. Did you know that?

Do yourself a favour. Get an online insurance quote for the house you’re thinking of buying. You do not want any nasty surprises.

10/10/2024

Safeguard yourself from scams when buying a house with this simple hack.

It’s unbelievable but true. Scammers in the past have intercepted emails, changed the bank details and sent them to buyers. The poor buyer, believing the email is legit, transfers money to the dodgy account, only to find out later that it wasn't the right account.

The largest amount we have heard being scammed this way was $240,000.

But, we’ve found a way to outsmart the scumbags.

Instead of transferring the full amount, try this:

➡Start by transferring a small test amount, like $50, to the agent’s trust account.
➡Ask the agent to confirm they’ve received it.
➡Once you have confirmation, you can confidently send the rest of the deposit.

This simple step could save you from losing thousands of dollars to fraud.

Never rely on ANY email that asks you to pay a deposit to a trust account.

Help us beat the scammers. Share this with someone you know who is thinking of buying. It could save them from losing their deposit.

20/09/2024

I can't believe people looking to buy a house don't know this about deposits, yet it is one the most important steps to securing your next home or investment property.

This short slide will explain it clearly for you.

Remember: Knowing is better than guessing.

Will you do 5 minutes of reading to become a better buyer?

Please, save this post or share it with someone you know who could benefit.

19/09/2024

I've seen this tactic secure properties even if the price offered wasn't the highest 😲

Let’s talk about a game-changing strategy that not many buyers consider but can seriously elevate your offer:

𝗜𝗻𝗰𝗹𝘂𝗱𝗲 𝘆𝗼𝘂𝗿 𝘁𝗲𝗿𝗺𝘀 𝗮𝗻𝗱 𝗰𝗼𝗻𝗱𝗶𝘁𝗶𝗼𝗻𝘀 𝘂𝗽𝗳𝗿𝗼𝗻𝘁 with your offer!

Better yet, discuss these details with the agent 𝗯𝗲𝗳𝗼𝗿𝗲 you even make an offer.

𝗪𝗵𝗮𝘁 𝗮𝗿𝗲 "𝗧𝗲𝗿𝗺𝘀 & 𝗖𝗼𝗻𝗱𝗶𝘁𝗶𝗼𝗻𝘀"?

Terms and conditions are the specific requests or requirements you'd like the seller to agree to when you sign the contract for the property. The most common ones we see include:

➡️ 𝗦𝗲𝘁𝘁𝗹𝗲𝗺𝗲𝗻𝘁 𝗧𝗲𝗿𝗺𝘀
When are you planning to move in? Does the seller want a longer settlement? Is there a tenant currently occupying the property?

Consider your own timeline—do you need to give notice at your rental, or do you have a particular move-in date in mind?

All of these factors can affect when you take possession of your new home.

𝗣𝗿𝗼 𝘁𝗶𝗽: Ask the agent about the settlement timeline or check the front page of the contract for this key detail.

➡️ 𝗙𝗶𝗻𝗮𝗻𝗰𝗲 𝗔𝗽𝗽𝗿𝗼𝘃𝗮𝗹
Are you still waiting on formal loan approval? While you might have pre-approval, formal approval can take 7 to 10 business days. The standard cooling-off period is only 5 days, so it’s crucial to include a finance clause in your contract that allows for a 10 business day approval period. This small detail can provide the cushion you need to avoid any last-minute financing stress.

➡️ 𝗗𝗲𝗽𝗼𝘀𝗶𝘁 𝗦𝗶𝘇𝗲
First home buyers, this one’s for you. If you’re only able to put down a 5% deposit due to a government scheme, you’ll need to clarify this in your terms. Your agent or conveyancer can ask the seller if they’re willing to accept a 5% deposit with the remainder paid at settlement. If this applies to you, make sure it’s clearly outlined in your contract.

𝗙𝗲𝗲𝗹𝗶𝗻𝗴 𝗢𝘃𝗲𝗿𝘄𝗵𝗲𝗹𝗺𝗲𝗱?

If these terms and conditions sound like a foreign language, don’t worry—you’re not alone. Drop a comment below or send me a DM, and I’ll guide you through putting together an offer that stands out.

Before you take the plunge and make an offer, reach out. I’ve been in the game for 24+ years and can share a few insider tips on how to negotiate like a pro to get your offer accepted.

Remember, price isn’t the only factor that seals the deal. Smart terms and conditions can make your offer more attractive, even if it’s not the highest one on the table.

18/09/2024

Real Estate Agents regularly miss this and it STOPS contracts from exchanging!

😠 The worst part is that it could cause you to miss securing your new home 🏡

The problem: Real Estate Agents NOT confirming via email that the deposit paid by the purchaser is in their trust account.

Without the confirmation of the deposit, contracts cannot be exchanged.

But there is a way to avoid it.

We (conveyancers and solicitors) do not have access to the real estate agent's trust account so we don't know when it lands.

Here's how to make things run smoother as a buyer:

➡️ After confirming the account details by phone or SMS, transfer the required deposit to the agent's trust account

➡️ Email a copy of the deposit receipt you receive from the bank to the agent & your conveyancer

➡️ The next day, contact the agent to make sure they've received your deposit into their trust account.

➡️ Remind them to send the Confirmation of Deposit to us or whichever conveyancer represents you.

That's it. Once they confirm they hold the deposit, we can move forward to sending the contract for exchange, which secures the property for you 🥳

03/09/2024

Real Estate Agents regularly miss this and it STOPS contracts from exchanging!

Agents NOT confirming via email that the deposit paid by the purchaser is in their trust account.

Without the confirmation of deposit, contracts cannot be exchanged.

We (conveyancers and solicitors) do not have access to the real estate agent's trust account so we don't know when it hits the trust account.

Here's how to make things run smoother as a buyer:

➡️ After confirming the account details by phone or SMS, transfer the required deposit to the agent's trust account

➡️ Email a copy of the deposit receipt you receive from the bank to the agent & your conveyancer

➡️ The next day, contact the agent to make sure they've received your deposit into their trust account.

➡️ Remind them to send the Confirmation of Deposit to us or whichever conveyancer is representing you.

That's it. Once they confirm they hold the deposit, we can move forward to sending the contract for exchange, which secures the property for you 😊

23/08/2024

What it looks like to go from
"OMG! What do I do?" to
"Woohoo!! We've bought our first house 🥳"

The process wasn't as scary as you thought it would be was it, Bell ? 😁

Congratulations you two. Enjoy your 😃

21/08/2024

𝙇𝙤𝙤𝙠𝙞𝙣𝙜 𝙖𝙩 𝙗𝙪𝙮𝙞𝙣𝙜 𝙖 𝙝𝙤𝙪𝙨𝙚 𝙨𝙤𝙤𝙣?
𝙒𝙝𝙖𝙩'𝙨 𝙩𝙝𝙚 𝙘𝙤𝙨𝙩 𝙤𝙛 𝙞𝙣𝙨𝙪𝙧𝙖𝙣𝙘𝙚 𝙛𝙤𝙧 𝙩𝙝𝙖𝙩 𝙝𝙤𝙪𝙨𝙚 𝙮𝙤𝙪'𝙧𝙚 𝙞𝙣𝙨𝙥𝙚𝙘𝙩𝙞𝙣𝙜 𝙤𝙣 𝙩𝙝𝙚 𝙬𝙚𝙚𝙠𝙚𝙣𝙙?

House insurance is a must-have if you’re taking out a mortgage.

However, insurance rates can vary significantly based on your location and property type.

For instance, being in a flood or fire zone can dramatically impact your premiums, with costs ranging from $3,500 to $10,000 a year.

I had a client who checked & he found out he was in a flood zone. The quote he got? $6,500.

What to do:

* Search for an insurance company or go to Compare the Market.
* Fill in their quote for the house you're looking at buying.
* Review the quote and make sure you can afford to pay it annually and avoid any nasty surprises.

It's just another way to help reduce your stress when buying a home.

16/08/2024

EVERY person saving for their first home must seriously consider doing this!

Use your superannuation to save for a deposit on a home.

It could be considered the best way to save for a deposit.

Why?

Superannuation contributions are only taxed at 15%. Most people working are taxed around 30% or more.

It's an instant 15% saving!

It's only available for first-home buyers.

It's called the First Home Super Saver Scheme (what a mouthful).

Here's some information to see if it is something you could benefit from.

https://www.ato.gov.au/individuals-and-families/super-for-individuals-and-families/super/withdrawing-and-using-your-super/early-access-to-super/first-home-super-saver-scheme

How you can use some of your eligible voluntary super contributions to help buy your first home.

11/08/2024

𝗙𝗶𝗿𝘀𝘁 𝗛𝗼𝗺𝗲 𝗕𝘂𝘆𝗲𝗿 𝗦𝘂𝗽𝗽𝗼𝗿𝘁 𝗶𝗻 𝗡𝗦𝗪: 𝗦𝗮𝘃𝗲 𝗼𝗻 𝗦𝘁𝗮𝗺𝗽 𝗗𝘂𝘁𝘆, 𝗚𝗲𝘁 𝗚𝗿𝗮𝗻𝘁𝘀, 𝗮𝗻𝗱 𝗠𝗼𝗿𝗲

Check Your Eligibility for NSW Government First Home Buyer Support. First Home Buyer Assistance Finder link at the end of this post.

𝙆𝙚𝙮 𝙏𝙖𝙠𝙚𝙖𝙬𝙖𝙮𝙨

- Stamp Duty Relief: The First Home Buyers Assistance Scheme can save you having to pay thousands in stamp duty on homes under $1 million.

- First Home Owner Grant: Secure $10,000 toward a new or substantially renovated home.

- Shared Equity Support: The NSW Government may cover up to 40% of your home’s purchase price.

Stepping into the property market in NSW is challenging, but you don’t have to do it alone. The government offers several programs to lighten the load.

First Home Buyers Assistance Scheme

With this scheme, first-time buyers can enjoy full or partial stamp duty exemptions. If you buy a house or unit under $800,000, you will not have to pay stamp duty.

On homes valued between $800k & $1m, buyers receive a partial exemption from stamp duty.

First Home Owner Grant

You might be eligible for $10,000 if you're building a new house or unit, purchasing a newly built or substantially renovated home. And even better news, this can be combined with the stamp duty exemption too 😍

Shared Equity Home Buyer Helper Program

Designed for key workers and other eligible groups, this program allows the government to take up to a 30% equity stake in your home, reducing your upfront costs.

What do you qualify for?

Use the Home Buyer Assistance Finder (link below) to see if you qualify for any of these benefits.

https://www.revenue.nsw.gov.au/grants-schemes/first-home-buyer

Want personalised advice?

Reach out to our team for a free consultation.

First home buyers in NSW may be eligible for a duty exemption, concession or grant.