NSW Property Law: Frequently Asked Questions

For many residential purchases in NSW, buyers receive a cooling-off period after exchange. This gives some time to reconsider the purchase, although important exceptions apply, including auctions and matters where the cooling-off period is waived by certificate.

Buying property in NSW involves more than signing a contract. A solicitor can review the contract, explain key risks, manage deadlines, and guide the matter through exchange and settlement. This is especially helpful for strata purchases, off-the-plan contracts, family arrangements, and transactions with unusual conditions.

Usually, no. Property bought at auction in NSW is generally binding once the auction ends. That is why buyers should have the contract reviewed and their due diligence completed before auction day.

A 66W certificate is used in NSW to waive the usual cooling-off period for a residential property purchase. It is often used where a buyer wants the contract to become binding immediately on exchange, so legal advice should be obtained before signing.

Before buying a strata property, it is important to understand the levies, by-laws, common property responsibilities, financial position of the owners corporation, and any planned repairs or disputes. A careful review can help uncover issues before you commit.

Buying off the plan means agreeing to purchase a property before construction is complete or before the subdivision is registered. These contracts can involve longer timeframes, disclosure requirements, changing completion dates, and conditions that should be reviewed carefully before exchange.

Off-the-plan purchases can involve project delays, changes to plans, longer settlement timeframes, and more detailed contract terms. These matters can still be attractive, though they should be approached with a clear understanding of the contract and the risks involved.

Joint tenants own the property together as one legal interest, so if one owner dies, their interest usually passes automatically to the surviving owner. Tenants in common each hold a separate share, which can be equal or unequal, and that share can generally be left under a will.