While you're saving... house prices keep moving higher
“I didn’t realise I could call you earlier”
Our lovely first home buyers. They’ve been saving, researching, scrolling listings, checking out homes and often they assume a conveyancer was something to be organised once they’d found a property. Maybe even once they’d made an offer.
But by that point, the contract is already in front of them. The clock is ticking. And decisions are now at risk of being made under pressure. Never a good idea.
With that said, here’s what happens when you use a conveyancer for the first time, from that initial conversation through to getting your keys…
You reach out. Maybe you’ve just started thinking seriously about buying. Maybe you’ve been pre-approved and are about to start looking. Maybe you’ve found a property and need someone quickly.
Wherever you are in the process, this first conversation is just that, a conversation. There’s no commitment, no paperwork, no fee for picking up the phone.
What we’re doing at this stage is understanding your situation.
This is also the stage where we can flag things you might not have considered yet. A lot of the costly surprises in a property purchase are entirely avoidable but only if someone spots them before you’ve committed.
You’ve been to the inspections, you’re in love, and there’s a property you want to make an offer on.
Before you sign anything, send us the contract.
In NSW, the vendor (seller) is required to have a contract prepared before they can market a property. That means there’s a contract available before you’ve made an offer and you’re entitled to have it reviewed before you sign.
This is one of the most important things a conveyancer does, and it happens before most buyers even think to call one.
What we’re looking at in the contract:
This review isn’t just a “nice to have”. We’ve seen contracts with conditions that would have cost buyers tens of thousands of dollars if they’d signed without advice.
If the contract looks good (or once any necessary amendments have been negotiated) you make your offer through the real estate agent.
When your offer is accepted, you’ll be asked to pay an initial deposit, typically around 0.25% of the purchase price, to secure the property. This is separate from your full deposit and is paid before exchange.
We’ll be across the timeline here, making sure the conditions and deadlines align with your finance arrangements and inspection requirements.
Before contracts are exchanged, it’s strongly advisable to have the property inspected by a licensed building inspector and a pest inspector. These reports give you an objective picture of the property’s condition. You know, the things you simply can’t assess by walking through with an agent.
We’ll advise on what to look for in the reports and what, if anything, should be raised before you proceed. If something significant is found, this is the moment when you can negotiate, ask for a price reduction, or walk away without penalty.
Exchange is the moment the purchase becomes legally binding.
Both you and the vendor sign identical copies of the contract, which are then literally exchanged between your conveyancer and the vendor’s conveyancer. Your full deposit, typically 10% of the purchase price, though this can sometimes be negotiated, is paid at this point.
Once exchange happens, you are committed to the purchase (subject to any outstanding conditions). This is why everything before exchange matters so much.
In NSW, residential property purchases come with a five business day cooling-off period after exchange. During this window, you can withdraw from the contract but there’s a financial penalty, typically 0.25% of the purchase price.
The cooling-off period is not a safety net for doing your due diligence. It’s a short window for genuine last-minute issues. Your building inspection, finance confirmation, and contract review should all be done before exchange, not during cooling-off.
Settlement typically occurs 42 days after exchange, though this can be negotiated to be shorter or longer depending on both parties’ circumstances.
During this period, a lot is happening behind the scenes, most of it managed by your conveyancer so you don’t have to.
What we’re doing during this time:
You’ll hear from us during this period with updates and any items we need from you.
Shortly before settlement, usually the day before or the morning of, you have the right to conduct a final inspection of the property.
This is your opportunity to confirm the property is in the same condition as when you exchanged contracts, that all inclusions are still present, and that nothing has been damaged or removed.
If something isn’t right, contact us immediately. Settlement can be delayed if the property isn’t in the agreed condition.
Settlement is the final step. It’s the day ownership officially transfers from the seller to you. In NSW, settlements are conducted electronically through a platform called PEXA.
Your conveyancer, the vendor’s conveyancer, and your lender all participate in the settlement online. Funds are transferred, documents are lodged with NSW Land Registry Services, and ownership is registered in your name.
Once settlement is confirmed – usually within a couple of hours of the scheduled time – the agent releases the keys.
That’s it. You own your home!
Buying your first home is one of the biggest financial decisions of your life. You’re dealing with legal documents you’ve never seen before, timelines that move quickly, and a cast of people – agents, brokers, inspectors, lenders – all with different roles and priorities.
A good conveyancer makes you feel like you’re not doing this alone. You should be able to ask questions without feeling judged for not knowing the answer. You should understand what you’re signing before you sign it. You should know what’s happening and what’s coming next.
At Impero, that’s genuinely how we try to work. We’ve seen what happens when people go through this process without adequate support and we’d rather not be the firm that let that happen.
How much does conveyancing cost? Our fees for a standard residential purchase are around $2,200 + GST, plus disbursements (the cost of property searches, typically $300–$500). We’ll give you a clear quote upfront so there are no surprises.
Do I need a conveyancer or a solicitor? For a residential property purchase in NSW, a licensed conveyancer is fully qualified to handle your transaction — a solicitor is not required. Conveyancers are specialists in property law and do this exclusively, every day.
When should I get in touch? As early as possible. Ideally before you start looking. At the very least, before you sign anything.
What if I haven’t found a property yet? Perfect timing, honestly. A quick conversation now means you’re prepared when the right property comes along… rather than scrambling to find a conveyancer while a deadline is already running.
What if the purchase falls through? It happens. We’ll discuss our approach to this when you engage us so you know exactly where you stand.
Ready to Talk?
If you’re buying your first home in Newcastle or anywhere in NSW, we’d love to hear from you. No question is too early or too small.
📍 103 Nelson St, Wallsend NSW 2287 📞 (02) 4910 0522 🌐 imperoconveyancing.com.au 📧 talktous@imperoconveyancing.com.au
The Impero Magazine is your go-to guide for buying, selling, and everything in between.