Hello, I am in the middle of trying to secure my first investment property and running into a wealth of issues from finance to now conveyancing. Looking at the building and pest inspection I am trying to negotiate a $9,720 reduction in the purchase price. I have since relayed this to my conveyancer and told them to communicate it to the seller's solicitor. They have instead come back to me telling me that it is recommended that I sign a 'Deed of Variation' which would cost me and extra $110 to draft up. This deed of variation is supposed to officially reduce the purchase cost of the property so I can pay less stamp duty and the contract is officially chanced so the seller can be bound to the new contract. I told them that I just want to request for the funds to be left for me in a trust account at settlement because it's much easier. They then backflipped and told me that it is illegal and that they're obligated to tell the bank that I am getting more than $5000 off the purchase price and then the bank will most likely decline my loan. What? Is this correct? What is the standard practise to do when you are negotiating a reduction in purchase price? Do you have to let the bank know? How do people speak of getting 'instant equity' when they buy 'below market value' then? How do you get equity when you have to change the contract and change the amount that the bank will lend to you? I don't get it. I don't know whether I've been given the correct advice. This conveyancer is also very rubbish. My finance, due diligence and building and pest inspection clauses lapse TOMORROW and they STILL HAVEN'T sent out a request for an extension for all of these clauses for me. Even though I told them last week! I however do not know the process of switching conveyancers mid contract and what the legal implications of that is. Thank you very much.