It’s hard not to be seduced by the beauty of Sydney; we certainly are. As Australia’s largest city and financial hub, with a population approaching five million, its stunning harbour and waterfront suburbs offer some of the country’s most sought-after property. Before a property can be offered for sale in the state of New South Wales, a solicitor or conveyancer must prepare a contract. That contract shows title, zoning, inclusions and other details of the property. Most houses are held under Torrens Title, giving the owner unlimited title to the land recognised by the government. Apartments, on the other hand, are usually Strata Title, under which airspace within the apartment is owned and common areas are the responsibility of the Owners' Corporation, of which each owner is a member. In Sydney, property is generally sold by either private treaty or auction. When purchasing at auction, a buyer must be aware that a binding contract comes into existence on the fall of the hammer and a 10 per cent deposit is payable immediately. When buying via private treaty (i.e. the property has an asking price), the buyer has no legal interest in the property until contracts are exchanged – even after a buyer's offer has been accepted. Exchanging contracts involves the seller signing one contract, the buyer signing an identical one and exchanging the two (usually via their legal representatives). The five-day cooling-off period under a private treaty sale is regularly waived by the inclusion of a section 66W certificate in the contract by the seller. The sale of property to non-residents is restricted in Australia, with approval granted by the Foreign Investment Review Board. New developments often gain pre-approval, which allows half the stock to be sold to non-residents.