HighSpec Properties FAQs

I know you will have millions of questions when you endeavour to purchase a property.

Here I have listed answers to the most frequently asked questions that I get asked on how to buy real estate.

If you cannot find the answer you were looking for here, please feel free to contact me personally.

What is a Certificate of Title?

A document issued under the Torrens System of Title, showing ownership and interest in a parcel of land.

What is a Company Title?

Company title is term used to describe a conventional title held by a company whose shareholders occupy the building(s) in accordance with articles of the company. The company may find it desirable to create a strata scheme over such a title.

What is a Torrens Title?

The title to land by registration. Originating in South Australia under the stewardship of R.R.Torrens (later Sir Robert Torrens) and enacted in 1858. The Torrens titles has superseded the ‘Common Law Title’ system throughout Australia. Under the Torrens system dealings and ownership of land are managed by registration with the Titles Office.

What is Strata Title?

(a) The formal ownership of property held within a strata plan where property is defined within horizontal and vertical boundaries; (b) A scheme of property ownership where each proprietor owns parts of a building and has joint rights with other proprietors over the land and other common areas.

What is a Strata Building Report

Before purchasing a strata title unit, it is prudent to obtain a strata inspection report to ascertain whether the books and records of the Owners’ Corporation are in order. The books and records may reveal issues that are not apparent from a visible inspection of the building. It is important that the purchaser is aware of the state of the building before becoming the owner of the property.

What is Stamp Duty

The tax imposed by state governments on certain contracts (e.g. Contracts of Sale and Registered Leases). The amount of tax payable is calculated as a percentage of the contract value. See also individual state legislation.

Do you offer a free consultation?

Yes, we offer a free discover session. We are happy to meet up and discuss your search to gain a better understanding of your priorities when buying your next property. If you’re sick of spending all your weekend looking at property and you’d rather be doing something you love, why not give Amanda a call today ?

on 0410 608 352.

Do you work with all budgets and all property types?

Yes, we help purchase properties from small studio apartments right through to the luxury market. For investors, First Home Buyers through to retirees wanting to downsize.

How can I know I am not paying too much for a property?

This is one of the most important reasons to engage HighSpec Properties and have us negotiate for you. We conduct extensive due diligence for all of my clients on recent sales in the selected area. We inspect each property personally and discusses the positives and negatives of each shortlisted property. Using this due diligence strategy ensures, we know what a property is worth and that we purchase at the right price.

Is there a limit to the amount of properties you will view?

No, there isn’t. We will view and qualify every property that meets your search criteria until we have found the perfect property for you. The initial Buyers Agent agreement is for 6 months however this can be extended.

What is the difference between a Buyers’ Agent and a Selling Agent?

The key difference between a Buyers Agent and a traditional selling agent is who each represents. As a Buyers Agent, We work exclusively for you the buyer, whereas the selling agent works for the vendor or seller. By law, an agent cannot act for both parties in the transaction.

Is a Buyers’ Agent fee tax deductible?

If you are buying property for investment, the cost of using a buyers’ agent could be tax deductible. Check with your accountant for full advice.

Am I eligible for a 1st Home Buyers grant?

To be eligible for the grant, you must be an Australian citizen or a permanent resident of Australia. You must be buying or building your first home in Australia and you must have the intention of living in the home as your primary residence within 12 months of settlement. There are no restrictions as to your income or the area in which you plan to buy or build. Nor are there restrictions regarding the value of the property. However, if you are planning to purchase your first home with another person, you must both meet the eligibility requirements to receive the grant.

How much stamp duty do I have to pay?

You are liable to NSW stamp duty if you are involved in a sale or transfer of land (including improvements) or a business in NSW.

A liability for stamp duty arises when the sale or transfer occurs and it is immaterial whether or not the transaction is effected by a written instrument or by other means, including electronic means. However, if the sale or transfer is effected by a written instrument, liability for stamp duty arises when the instrument is first executed.

Stamp Duty in New South Wales is payable within 3 months of the date liability arises. The purchaser or transferee is liable to pay the duty.

When is settlement?

Settlement usually occurs 42 days after exchange of contracts, however this can vary depending on the vendor’s contract. This is also something that can be negotiated prior to making an offer on a property.

What is an Auction?

A sale usually in public, by an auctioneer, in which property is sold to the highest bidder.

What is a Sale for Private Treaty?

A sale negotiated directly between the parties or their agents.

What is a 66W certificate?

You can waive the cooling-off period by giving the seller a ‘66W certificate’. This is a certificate that complies with Section 66W of the Conveyancing Act 1919. The certificate needs to be signed by your solicitor or conveyancer.

If you use your cooling-off rights and withdraw from the contract during the five business-day period, you will have to pay the seller 0.25% of the purchase price. This works out to be $250 for every $100,000.

How does the Exchange of Contracts work?

It is the formal legal process that creates a binding contract for the sale of real property on agreed terms. The vendor and purchaser each sign a copy of the sale contract and then exchange these documents, after which time the contract becomes legally binding on the parties. The parties are then bound to proceed to settlement, subject to any cooling off period that may apply. A deposit is usually also paid by the purchaser to the vendor during the exchange process. Any party that unilaterally declines to proceed to settlement may forfeit deposit monies or be subject to a damages claim.

What is a Cooling Off Period?

When you buy a residential property in NSW there is a five business-day cooling-off period after you exchange sale contracts. During this period you have the option to get out of the contract as long as you give written notice. The cooling-off period starts as soon as you exchange and ends at 5pm on the fifth business day.

A cooling-off period does not apply if you buy a property at auction or exchange contracts on the same day as the auction after it is passed in.