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The content on our website is intended only to provide a summary and general overview on matters of interest. It is not intended to be comprehensive, nor to constitute legal advice. You should always obtain legal or other professional advice, appropriate to your own circumstances, before acting or relying on any of that content. Use of this website, or the receipt of any information from us or this website, is not intended to create, nor does it create, a solicitor-client relationship between us.

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Purchasing and selling a business

MTYF conveyancing for purchase of a new business

If you are buying a business, make sure you are not buying any problems at the same time.

Before agreement on the final price, ask your accountant to check the accounting records of the business including the financial statements, to ensure the business is fundamentally sound and a going concern.

You should and also check with council to ensure that the way you intend to use the premises for your business is a permitted use, and whether or not you may require council approval for such use. You should also check to see whether there are any licensing laws and regulations that you must comply with in order to run your business.

Once these things are checked, you can hand the complete transaction over to MTYF for the conveying of the new business to you with minimum risk.

MTYF business conveyancing experts will:

After receipt of the contract from the seller and before execution, MTYF will closely examine the terms of sale and advise you if any of these could have a negative impact on you or the future of the business before you sign (while there is time to negotiate and make changes);

MTYF will also undertake all necessary searches to ensure that you are protected and that all assets owned by the business you are buying are unencumbered.

After the terms of the contract have been agreed upon by both parties, MTYF submit the contract to the sellers so that exchange of contracts can take place, deliver any necessary forms or documents you might need to provide, and attend to settlement on your behalf.

MTYF conveyancing for sale of an existing business

Once you have found the buyer and negotiated the selling price, it is advisable to have MTYF specialists draw up a contract of sale on your behalf.

This will enable your MTYF conveyancer to raise and deal with any issues that may impact on you after the sale, and cover them in the contract – including issues such as current leases on premises, future restrictions on trade, fixtures and stock included with the sale, amongst other issues which may negatively affect you.

MTYF will then submit the contract to the purchasers for their execution and ensure that the buyer correctly submits transfer forms and other essential documents prior to exchange and settlement.

Finally, MTYF will attend settlement on your behalf and deposit the correct amount into your nominated bank account upon settlement.

How MTYF protects you and your investment

1. MTYF Conveyancing Specialists are fully qualified and accredited

  • We are members of the Australian Institute of Conveyancers, NSW Division.
  • We have full professional indemnity cover – if anything goes wrong, and it’s our fault, we will pay for it (we are also proud of the fact that no MTYF client has ever needed to make a claim).

 

2. MTYF Conveyancers are experts in all types of property transactions

  • We have expertise in all types of conveyancing in NSW, including commercial and residential property (new and Torrens title), strata title, buying ‘off the plan’, business premises and rural properties.
  • We operate 7 days a week, to support your needs at weekend auctions and allowing you to exchange private treaty contracts on weekends.
  • We keep you constantly updated on progress, so you always know what is happening.

 

3. MTYF offers FIXED RATE CONVEYANCING on all standard residential
real  estate

  • Our fixed rate conveyancing offers for buyers and sellers lets you know exactly where you stand for all residential properties including strata units. There are no hidden extras and all conveyancing costs are covered.
  • The only additional out of pocket costs you will be asked to pay are disbursements – typically less than $500 per conveyance (excluding optional inspections such as pest inspections).
  • Please note that stamp duty, which is a state government tax, is payable in addition to the purchase price of the property and not included in the cost of conveyancing. To calculate stamp duty go to:  http://stampduty.calculatorsaustralia.com.au/stamp-duty-nsw

Property refinancing

If you purchased your property some years ago, you could be living with an old fashioned mortgage which is far less flexible than today’s home finance products and slower to pay off. Furthermore, your personal financial circumstances may have changed since the time you purchased the property and you may now have different needs and priorities. Whatever your reason, it can do no harm to  investigate whether you can do better, either by switching to another home loan provided by  your current mortgage supplier, or by switching to a competitor mortgage supplier.

If you think you could benefit from refinancing your property, why not talk to our property finance associates who would be happy to advise you on any hidden or other exit costs that may be associated with paying out your current mortgage early, and help you replace it with a modern product that offers you a better deal, requires minimal start-up costs, or releases some of the capital tied up in your home for  a new  investment in property or any other asset. There is no obligation on your part.

Mortgage and Non Mortgage Options

Traditional mortgage products:

1. Basic variable mortgage

Basic variable mortgages are no frills mortgages, usually provided for a term of 15 – 25 years (long enough to pay off the property). The interest rate is generally based on the official Reserve Bank Rate and can be revised from time to time, although you generally have the option to fix the rate for a number of years in advance. Borrowers also have the option of repaying interest plus capital, or interest only depending on their needs. These mortgages are reasonably  cheap to exit, e.g. if you win the lottery or find a cheaper source of finance, but if  your mortgage provider  offered you a “honeymoon rate” for the first part of the term, and you quit the mortgage before this, you may be charged an exit  fee equal to the discount you were given.

2. Variable mortgage with extra options

By paying a slightly higher interest rate, you may gain access to more sophisticated options which can actually help you reduce the cost of the property over the life of the mortgage, or pay the mortgage off faster. These include:

  • Payment in fortnightly instead of monthly instalments, since you make 26 payments a year instead of 12 ( with compound interest, every little bit counts over the long term)
  • Ensuring there is the ability to make additional payments off the principle (the amount borrowed) at any time i.e. monthly, annually or as a one off lump sum. The reason mortgages take so long to repay is that for the first few years most of what you are paying is interest. By reducing the capital amount owing, you can pay off the debt much faster – which is why it makes sense to pay in any unexpected bonus, inheritance or windfall that comes along. Some mortgage products allow you to do this, others do not.
  • Setting up a mortgage offset account which is bank account linked to your mortgage. You pay your salary into this account and draw on it as you normally would, and the credit balance of your transaction account is offset against your outstanding mortgage balance daily, reducing the overall interest payable.

 
3. Fixed rate mortgage

You can always convert your flexible rate mortgage to a fixed rate, freezing your repayments for a period of time (typically up to 3 years). You win if interest rates go up sharply; you pay more if they drop sharply.  Fixed rate loans are traditionally a strategy for coping with periods of rapid interest rate increases, but since today’s mortgage rates are at a historical low, you may feel that it is wise to protect yourself against any increase in the near future. Be warned, however that if you exit a fixed interest mortgage early, you may be charged and exit fee equal to the interest the bank would have earned over the remaining period.

4. Split rate mortgage

With certain loan products, you can choose to have part of your mortgage at the variable rate and the balance at a fixed rate for a period of time (typically for up to 3 years).

5. Construction loan + mortgage

This product was developed especially for home buyers building on a vacant block or undertaking major renovations. The construction loan releases the money to the builder in stages – the first typically when construction begins and the last amount typically prior to completion. As soon as the building work is complete, the loan normally converts to a variable rate mortgage.

Non-conforming loans:

Non-conforming loans are loans to borrowers who are unable to meet the conditions set by a bank or other mortgage company for one of their standard home finance products – despite the fact that these borrowers may have no problem servicing a loan. Two common forms of non conforming loans are “low doc” loans and a line of credit.

1. Low doc loans

A low doc loan of up to 80% of the value of the property is one that bypasses the minimum requirements set by banks building societies and mortgage lenders, thus providing finance to borrowers who can afford the repayments, but do not meet the lender’s criteria regarding income or credit rating. Low doc loans may be useful for:

  • Self employed home buyers who do not have an audited and regular income source;
  • Immigrants who may not have lived in Australia long enough to establish a credit record; or
  • Individuals who may not have a flawless credit rating due to a previous business failure or for any other cause.

2. Line of credit

A line of credit is a pre-approved loan against the value of fixed property or another asset which the borrower can draw down wholly or in part at any time, paying interest only. A line of credit may be useful for:

  • Financing of renovations before a property is placed on the market;
  • Capital for investing in shares or purchasing a large ticket item such as a car which is effectively borrowed at home mortgage interest rates;
  • Short term home finance which can be replaced with a conventional mortgage if the property appreciates, thus increasing the borrower’s equity in the property.

Real Estate Finance & Mortgage Guide

Lower interest vs. lower total cost – which is best?

There are several different types of real estate finance and hundreds of lenders in the market.  So which is the best option for you? To answer this important question, MTYF believes you could benefit from the professional advice provided by our property finance associates.

Our associates will explain that a low variable interest rate does not necessarily add up to good deal over the life of the mortgage, tempting as it may be to first home buyers who are usually stretched to the limit of their repayment capacity.

The truth is that a basic variable interest rates may exclude access to many of the options that could shave thousands of dollars off the total amount you pay for the property over the life of the mortgage. Why? Because the most obvious way to save money on the overall cost of the property is to pay the mortgage off faster. The more years you shave off, the more interest you save and the sooner you pay off the capital. This can be accomplished fairly painlessly in several ways, including:

  • Pay a little more than the minimum payment each month – even a few dollars makes a difference;
  • Make a one off lump sum payment if you receive a bonus or an inheritance;
  • Pay the mortgage fortnightly instead of monthly – painlessly paying of an extra month a year (26 payments instead of 12);
  • Link the mortgage to an offset account which earns interest on your salary to repay the interest component of the mortgage.

On the other hand, some or all of these options may only be available to you if you choose a more sophisticated mortgage at a slightly higher interest rate.

There is also the issue of whether or not you would be better off to freezing your interest rate in today’s low interest environment. Mortgage interest rates are linked to the Reserve Bank rate and can theoretically vary from month to month, but you could choose to fix the rate for a period of time, or to cover both options by fixing half the mortgage and leaving half at a variable rate.

MTYF property finance associates have access to more than 300 financial products from more than 100  finance providers and will help you to assess your total borrowing capacity and select the most suitable loan structure to meet your needs and objectives.  There is always a mortgage solution you can afford if you know where to look for it.

The Mortgage and Non Mortgage Options

Property refinancing

Conveyancing – FAQs

1. Why is accurate  conveyancing so important?

  • Accurate and reliable conveyancing is essential to ensure that a real estate buyer obtains watertight title to the land and improvements (buildings) and to guarantee that the new owner has the legal right to sell or mortgage the property in the future.
  • Almost all property sales involve a deadline or settlement date on which the money and title are exchanged by representatives for the buyer and seller. Failure to meet this deadline may cost the buyer a large amount of money, as well as the extra cost of short term bridging finance until the buyer’s money can be handed over. A professional conveyancer will ensure that the settlement takes place in a timely manner.

2. What is the legal difference between single dwelling and strata title?

In legal terms, what is basically being conveyed after a sale is the title of the land itself. In the case of a single dwelling (detached home, semi or terrace), this includes all the structures built on it, legally described as ‘improvements’. In the case of a multi story block, what is being sold is not the land itself, but a share of the air space above the land.

3. Do you need to use a lawyer to make conveyancing legal?

A person acting for themselves does not need any qualifications whatsoever to do conveyancing. You typically have three options:

  • Pay a member of the Australian Institute of Conveyancers like MTYF to do the job;
  • Pay a lawyer to do the job at law firm rates of charging; or
  • Buy a do it yourself conveyancing kit.

Struggling first home buyers may be tempted by the DIY option, but they should be aware that mistakes could cost them dearly in missed settlement dates and penalties, including the loss of  up to 25% of the  deposit for non compliance. Further, without professional and detailed knowledge of all the pitfalls that may be found in a sale contract, a buyer could be paying market price for an encumbered title. This is why most buyers use the services of a conveyancing professional such as MTYF who are happy to provide an upfront fixed price estimate.

4. What are the benefits and risks of “buying off the plan”?

Benefits: When you buy a home and land package or strata unit of the plan before construction is complete, you enjoy certain benefits. The major benefit is that except for the initial deposit, you don’t have to hand over a cent until completion (other than the possible payment of stamp duty, depending on the period of time between exchange of contracts and completion).  This may give you extra time to shop around for cheaper finance or to complete the sale and settlement of another property, before completing the purchase of the new “off the plan” property. Other advantages include the possibility of specifying your own finishes (i.e. carpets and fittings), and you move into brand new premises with brand new appliances and fittings.

Risks: There are also certain disadvantages, since you cannot register the ownership of a residence that is not yet built, nor can you obtain a mortgage on a property that does not yet exist. For this reason “off the plan” conveyancing takes place only immediately before completion. It is also essential to scrutinise the offer to purchase very carefully when buying “off the plan” to ensure you are covered against unreasonable delays in completion, bankruptcy of the developer, poor quality workmanship, and the non-supply of specified fittings and finishes.

5. What does “unencumbered” mean?

“Unencumbered” means that there are no pre-existing liabilities, conditions or third party legal rights to the property that might adversely affect your title. These may include guarantees signed for third parties with the property as collateral, any loans for a purpose made against the value of the property, any easements granted to neighbours guaranteeing them access to the property, and any existing rights for government, state or local authorities or bodies to compulsorily purchase the property for future public use.

6. What are my legal rights and obligations after I make an offer through an estate agent?

Generally, you have a five day cooling off period after the offer is countersigned by the vendor, but unless you are withdrawing your offer because the vendor has misrepresented the property, you may be liable to pay 25% of your deposit to compensate the vendor. You have a right to expect the title to be registered in your name after settlement.
It is important to note that the offer is not accepted unless it is signed by the buyer and the seller – until then, you can still be gazumped by another buyer who makes a higher offer.
Once the offer has been accepted, you have an obligation to pay the seller in full on the settlement date.

7. What are my legal rights and obligations when I am the highest bidder of a property at auction?

There is no cooling off period when you buy under auction conditions (which include after the property passes in at auction but on the same day of auction). The buyer must sign the contract on the spot, so bidders must inspect the contract carefully before bidding. Once you sign the contract, you have an obligation to pay the seller in full on the settlement date, failing which you may lose your deposit. This means that if your funds are delayed, (for example, because settlement on another sale is delayed), you will have to seek bridging finance through a deposit guarantee or similar loan product to enable the sale to be completed.

Conveyancing services for Property Developers

A growing demand for  housing and commercial real estate in NSW and prevailing low interest rates  have combined to make property development of both strata units and home and land packages an excellent business opportunity for investors with construction and development  capital available.

At the same time, the complex nature of all categories of property development demands efficient and experienced conveyancing expertise. MTYF are experienced in all areas of property development conveyancing including land subdivisions, strata & community title developments, commercial and retail building developments, and aged care facilities.

MTYF will ensure compliance with the requirements of local council bodies, Land and Property Information, and all relevant legislation including the Conveyancing Act 1919, Real Property Act 1900, Environmental Planning and Assessment Act 1979, Strata Schemes Management Act 1996, and other relevant legislation.

MTYF conveyancing for real estate sellers

If you are selling your property, you too need the security and reassurance of having the legal details of the change of ownership and receipt of the proceeds handled on your behalf by a qualified conveyancing specialist like MTYF who can ensure compliance with the Real Property Act 1900, Conveyancing Act 1919 and the requirements of Land and Property Information NSW (LPI).

MTYF services to sellers are comprehensive and include:

  • Preparation of the contract for sale and advice on the key terms of the contract;
  • Assisting you to comply with the terms of the contract, any special conditions and key dates;
  • Coordinating the settlement date of the property you are selling with that of any property you are buying if these are occurring within the same time frame;
  • Ensuring that you are paid in full on settlement and that all outstanding rates and other charges are paid and accounted for;
  • Arranging for the discharge of your mortgage (if any) and any other encumbrance that may hinder settlement to ensure that the sale of your property can be settled at completion;
  • Ensuring that all documents that you are required to sign are correct and provided to you in a timely manner;
  • Making arrangements with the agent to pay the balance any deposit they hold, less their commission, to be paid to you and notifying the agent that the sale has settled;
  • Calculating the settlement figures and adjustment of outgoings (i.e. rates, land tax and body corporate levies);
  • Attending settlement on your behalf and banking sale proceeds to your account as you direct; and
  • Notify you in writing of settlement and provide you with a copy of relevant documents for your future accounting and other needs.

Fixed fee offer and a full range of services

Unlike some of our competitors, who charge a sliding fee depending on the value of the property being conveyed, our standard fees apply whether you are buying a cottage or a palace. Once contracts have been exchanged, MTYF will charge you a fixed fee for the purchase of any residential property including a strata unit.

MTYF standard Conveyancing services include:

  • Liaising with your mortgage provider to ensure that their requirements are met and that funds for your purchase are available for settlement;
  • Reviewing the contract and advising you on any clauses or conditions that may require your attention;
  • Preparing, organising and executing the required property transfer documents;
  • Advising you of key dates (such as finance approval, building and pest inspections);
  • Conducting a range of searches of the property and title to ensure your title is unencumbered and watertight;
  • Liaising with your mortgage provider to ensure that they will discharge the loan and release the certificate of title at settlement;
  • Organising the valuation of the property (if required) and the stamping of documents;
  • Preparing for and attending the settlement as your representative and making payments in accordance with your instructions;
  • Arranging for payment of all outstanding rates, land tax and body corporate levies at settlement; and
  • Notifying you in writing of settlement and providing you with a copy of relevant documents for your future accounting and other needs.

Important information: Home and land packages and buying “off the plan”

When you buy a home and land package or strata unit “off the plan” before construction is complete, you enjoy certain benefits. For example, you can usually specify your own finishes such as carpets and fittings, and you move into brand new premises with brand new appliances and fittings. Furthermore, you don’t have to pay anything except the deposit until the time the home is completed. However, there are also certain disadvantages, since you cannot register the ownership of a residence that is not yet built, nor can you obtain a mortgage on a property that does not yet exist. For this reason, conveying “off the plan” property only takes place shortly prior to completion. At the same time, it is essential to scrutinise the offer to purchase very carefully to ensure you are covered against risks such as unreasonable delays in completion, bankruptcy of the developer, poor quality workmanship, and the non-supply of specified fittings and finishes.

Conveyancing FAQs

Three Stages of Conveyancing for Buyers

Stage 1. Before contracts are exchanged

You know you’re probably going to have to look at quite a few properties and bid at quite a few auctions before you find the right property at the right price. It will be of immense help to you if you can arrange pre-approved, in principle, finance from a bank or any other mortgage lender before you start looking. This will not only help you set your price range, but also ensures that you can put in an offer with confidence, knowing that the finance has been approved in principle. MTYF can assist by linking you with our property finance associates who in turn can arrange your pre-approved loan. MTYF will also promptly review and advise you on the sale contract to ensure that it does not contain provisions that will disadvantage you, and to ensure that you don’t risk your deposit by buying a property where good title cannot be passed.

Stage 2. After contracts are exchanged

At this stage, you will have made an offer which has been signed off by the owner, or bid successfully at an auction and signed a contract on the spot. This is the stage when most of the conveyancing work is done. It is now essential to move quickly and efficiently. As soon as you inform MTYF that contracts have been signed, we will begin discussions with mortgage lenders and the seller’s conveyancer to arrange payment of all required disbursements such as search fees, make arrangements for registration of your mortgage, and make arrangements for settlement which is when the property is transferred to your name (although the mortgage holder will retain the certificate of title as security for the loan).

Stage 3. Settlement

At this stage, MTYF will have taken steps to ensure that you will have sound and clear title for your new property purchase, that all vendor liability and encumbrances on the property have been discharged, and that your finance has been organised. MTYF will then attend to settlement on your behalf and ensure that you become the registered owner of the property.

If you have a new mortgage, the certificate of title will be retained by the mortgagee as security. If not, MTYF will hand over the certificate of title together will all receipts and paperwork  that you may require in order to sell, mortgage, or bequeath the property in the future.

Conveyancing for buyers – know and manage the risks
Listed below are some key risks a good conveyancer can help you guard against:

  • Advising you of any third party claims or other encumbrances on title such as the possibility of resumption for rail, road or other government purposes.
  • Gazumping – your offer is not binding until contracts are exchanged between buyer and seller – you can be gazumped up to that moment, which is why pre-approved finance is an important advantage.
  • Advising you on any contract clauses that are disadvantageous to your best interests.
  • If you buy under auction conditions you must hand over your deposit immediately, and you could lose it all if you cannot meet the settlement date stipulated in the contract. If you are up or down-sizing for example, and your purchase depends on the settlement of your current property, MTYF may advise you to take out a deposit guarantee for low cost protection.
  • Even if you buy a property for sale by private treaty (non-auction conditions), and there is a cooling off period, you should be aware that invoking the cooling off period could cost you 25% of your deposit.

MTYF Fixed Fee Offer and a full range of  Services

Links

Stamp Duty Calculator
https://www.apps08.osr.nsw.gov.au/erevenue/calculators/landsalesimple.php

 

Exemptions, Grants & Land Tax
http://www.osr.nsw.gov.au/buying-or-selling-property

 

Australian Institute of Conveyancing (NSW)
http://www.aicnsw.com.au/

 

NSW Gov Directory
http://www.service.nsw.gov.au/nswgovdirectory/home-building-advisory-council

 

Foreign Investment Review Board (FIRB)
http://www.firb.gov.au/content/default.asp


Local Councils

http://www.olg.nsw.gov.au/public/my-local-council/find-my-council

 

Moving and Change of Address
http://www.australia.gov.au/information-and-services/family-and-community/change-my-address/new-south-wales

 

Electoral Commission
Every time you move, you must update your address on the electoral roll.
http://aec.gov.au/enrol/change-address.htm

 
Motor & Maritime Registration Department
http://www.rms.nsw.gov.au/roads/registration/index.html

 
Sydney Water
http://www.sydneywater.com.au

About Us

MTYF – due diligence with convenience

MTYF is a modern company established to provide key personal and business services with a high standard of accuracy and due diligence and a high standard of personal customer services.

Services provided by MTYF include real property conveyancing for buyers, sellers and property developers, assistance with negotiating property finance, and assistance with buying or selling a business in NSW.

Conveyancing

MTYF provides a smooth, efficient, hassle free and cost effective conveyancing service to assist you to move into your new property, sell your old property, expand your property portfolio, or buy or sell a business. We also advise property developers who wish to streamline the often complex process of developing and marketing a new property concept.

Property Finance

Through our property finance associates, we can link you to professional property finance advice and connect you to more than 300 sources of property finance.

Serge Serdechniy – MTYF Principal

Serge Serdechniy MTYF Principal


Serge is an internationally qualified lawyer and administration management professional with a background in Real Property, Business Law and Australian Immigration law.

After immigrating to Australia from Eastern Europe, Serge worked for an international law firm in Sydney and also practiced Real Property Law. He is an experienced conveyancer and often uses his multilingual skills to provide a range of services to new migrants to help them settle successfully in Australia.

In 2006 he commenced a ten year tenure with the Australian Federal Government Department, working on compliance, administrative services, policy development, programme and contract negotiations / management in the National Office in Canberra, and was promoted to Executive Level.

Serge is a member of the Australian Institute of Conveyancers and is a member of The Law Society of New South Wales. In 2012, Serge was admitted as a Judge / Arbitrator of the American International Commercial Arbitration Court (AICAC).

Privat: Mortgage & Finance

At MTYF our experienced finance and securities team acts for a number of mortgagees, private lenders, superannuation funds and managed funds in relation to a diverse range of lending and securities transactions. Our finance and securities team offer a complete range of advice and assistance in relation to loan and securities documentation and compliance for both Consumer Credit and Business transactions. Our services range from the drafting of loan offers and documentation sets, to comprehensive and specialised mortgage documentation and compliance advice through to loan recovery and mortgagee in possession proceedings in the event of default and enforcement.

Our team practices over a number of jurisdictions and can assist you in relation to lending, compliance and enforcement throughout Australia.

LOAN DOCUMENTATION

Our loan documentation is prepared to comply with the latest developments in mortgage and securities law. We tailor the mortgage documentation to your specific needs (first mortgages and second mortgages) and provide legal advice on all matters pertaining to ensuring that the loan contract is valid and enforceable and the mortgage is properly registered and enforceable in the event of a default.

Home Loans

Most people need to borrow to buy or build a home. Therefore, it is a good idea to spend time in getting to know the various types of home loans.The first things that most people do when considering a home loan is work out their maximum purchase price. Most banks generally lend up to 80% of the purchase price of the property, other banks may lend up to 95 to 100%, provided that the borrower meets certain strict conditions.Generally, you will need 5 to 20% of the property’s purchase price as a deposit.

The bank lends a percentage of the valuation of a property, not a percentage of the purchase price.If you are borrowing over 80% you will need to take out Lenders Mortgage Insurance. The Lenders Mortgage Insurance is a once only payment. Lenders Mortgage Insurance insures the bank against non- payment or default on your residential property loan it protects the bank and not the borrower. If the borrower defaults on the repayments and the property is sold for less then the outstanding loan amount, the insurer will pay the monies owed to the lender.

What are the benefits?
You benefit from having Lender’s Mortgage Insurance because you can buy a property with a smaller deposit.
What do you do first.

  • Look for the right loan.

The first step is to get a pre-approval from the bank

  • Assess income & outgoings
  • Establish how much you can borrow
  • Discuss options such as deposit saved.
  • Discuss type of loan to suit your individual needs
  • Complete an application
  • Provide all documentations as requested

The next step is to find the property

  • Your offer is accepted on a property
  • Contact your bank / broker
  • Contact One Title Conveyancing to review the contract
  • Provide the front page of the contract of sale to your bank / broker

The next step is getting your unconditional approval

  • All checks, valuations have been completed by your bank
  • Your loan is formally approved
  • Approval sent to One Title Conveyancing
  • You are now ready to exchange contracts

Refinancing your property loan

People refinance their home loans when their loan has expired or more commonly where they want to switch to a better deal or borrow additional funds against their property. The biggest costs in any home loan transaction are usually the mortgage stamp duty, lenders fees and legal fees.

At conveyancing we can help you save money on all three fronts. If you refinance your loan through home loans you may be entitled to free lenders fees and legal fees. In certain circumstances a home loan refinance may be exempt from payment of mortgage stamp duty. The solicitors at conveyancing will be able to advise you on the best way to reduce or eliminate mortgage stamp duty by taking advantage of the mortgage duty refinance exemptions available under stamp duty law.

At conveyancing our conveyancing solicitors and paralegals have many years of dedicated experience in refinancing of home loans. We encourage a climate of continual learning and development to keep abreast of changes in the law of property, finance and stamp duty.

Process for refinancing

No matter whether you’re looking for a new home, refinancing or looking for an investment property, there are hundreds of home loans, all with different rates, fees and features. By comparing all the home loan products against each other and we can assist you to find the right home loan that suits your needs.

We will:

  • Liaise with you and your lender to ensure that the loan documentation is prepared and signed
  • Advise you of any searches that may be required by your lender
  • Assist you to meet any requirements imposed on you by your lender
  • Assist you to complete and lodge the mortgage duty exemption forms
  • Liaise with lender to ensure they are prepared for settlement

Contact Us

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Address: Edgecliff Business Centre
Level 5, 203 - 233 New South Head Rd, Edgecliff NSW 2027, Sydney Australia
Phone number: 1800 831 821
Email address: info@mtyf.com.au
Work hours: Mon-Fri 9am-5pm AEST

Privat: Property Law Conveyancing

Our Conveyancing Specialists can assist with all types of residential and commercial conveyancing. Whether you are buying or selling a house, vacant land, unit, townhouse, shop, commercial property or industrial property, we will ensure the process is as seamless as possible.

ACTING FOR A BUYER

It is critical when buying a property that you do your due diligence and have the right people around to help you. We assist with the terms of contract and special conditions, ensure that the property is transferred to you free from any mortgages or other encumbrances, can assist you to understand if there may be any tax implications in relation to your sale or purchase, and arrange for payment of stamp duty.

To ensure your interests are protected we undertake the following processes when acting for you as a buyer in a typical purchase conveyance:

  • Review the contract and advise you on the terms;
  • Note and advise you of key dates (such as finance approval, building and pest inspections);
  • Conduct a range of searches of the property and title;
  • Liaise with your bank to ensure that their requirements are met and that funds for your purchase are available at settlement;
  • Arrange the payment of State duty (transfer duty/stamp duty);
  • Calculate the settlement figures to ensure the correct amount is paid to the seller at settlement;
  • Liaise with the seller’s solicitor or conveyancer to book settlement and arrange for the handover of the keys to the property;
  • Attend settlement on your behalf, collect the property’s certificate of title (where there is no mortgage) and report to you;
  • Pay all outstanding rates, land tax and body corporate levies; and
  • Notify you in writing of settlement and provide you with a copy of relevant documents for your future accounting and other needs.

ACTING FOR A SELLER

For sellers we prepare the contract and handle the transfer for you. As a seller it is also necessary for us to arrange for the release of any encumbrance on your property to ensure that the sale of your property can be settled on the settlement day.  The following is an outline of the processes that we undertake when acting for you as the seller of a property in a typical sale conveyance:

  • Prepare and review the contract and advise you on the terms of the contract;
  • Note key dates (such as finance approval, building and pest inspection dates and settlement);
  • Assist you to comply with the terms of contract any special conditions and key dates;
  • Make sure that at settlement you are paid in full and that all outstanding rates and other charges are paid and accounted for;
  • Arrange for the discharge of your mortgage or any other encumbrance;
  • Check off all documents that you are required to sign are correct and provided to you in a timely manner;
  • Make arrangements with the agent for the balance of the deposit less commission to be paid to you and notifying the agent that the sale has settled;
  • Calculate the settlement figures and adjustment of outgoings (i.e rates, land tax and body corporate levies);
  • Attend settlement on your behalf;
  • Bank sale proceeds to your account as you direct;
  • Notify you in writing of settlement and provide you with a copy of relevant documents for your future accounting and other needs; and
  • We ensure compliance with the relevant legislation such as the Real Property Act 1900, and the Conveyancing Act 1919.

PROPERTY DEVELOPMENT

We advise property developers in relation to all types of development including land subdivisions, strata & community title developments, commercial and retail building developments and aged care facilities. Our advice covers all aspects of the development process including:

  • Property acquisition;
  • Contract negotiations and structure;
  • Due diligence;
  • Funding arrangements and options;
  • Management of consultants and time limits;
  • Construction contracts and staged works;
  • Strata titling and plan registration;
  • Redevelopment;
  • Joint ventures;
  • Impact, code and self-assessable development;
  • Material change of use;
  • Town planning issues.

Due to the complex nature of the various types of property development it is essential to engage an experienced and qualified team to assist you throughout all of the different stages of development including dealings with local council bodies, Land and Property Information, and to ensure compliance with the relevant legislation including the Conveyancing Act 1919, the Real Property Act 1900Environment Planning and Assessment Act 1979Strata Schemes Management Act 1996, and other relevant legislation.

This webpage (and any material or wording appearing on this webpage) is provided for general information purposes only and does not constitute any legal advice. It does not take into account your objectives, your instructions or all of the relevant facts and/or circumstances. MTYF accepts no responsibility to any person who relies on the information provided on this website. We further refer you to our Disclaimer.

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