If you are selling property, be that your home or an investment property, there is a lot to be taken care of to ensure that the transaction goes smoothly. Speak with one of our experienced conveyancers to minimise the stress involved.
Contract drafting
If you are selling property, the first thing you need to do to get it on the market is to provide a written contract to your real estate agent.
Having a written and compliant contract in place before marketing a residential property is a legal requirement. The contract must include prescribed disclosure documents and vendors must give certain warranties about the property they are selling. Each property is unique, so it is important to go through these requirements with a professional to ensure the contract is compliant and tailored accordingly.
We have experience in contract drafting and will ensure your contract meets with vendor disclosure requirements, specifies all items included or excluded from the sale, and contains special conditions that are appropriate to your circumstances and that protect your interests.
Negotiations and exchange
Prospective buyers may want some additional things in the contract before they are ready to exchange. We can assist you with any negotiations for amendments put forward to ensure that your interests are protected.
Exchange of contracts
Once contracts are exchanged and any cooling-off period expires (as relevant), the parties are legally bound to the contract and the property is no longer on the market.
Exchange of contracts involves duplicate contracts signed respectively by the vendor and purchaser being checked, dated, and swapped by each party’s legal representative. The purchaser will need to pay the deposit which is usually paid to the agent and held in trust until settlement. After settlement, the agent will account to you for the balance of deposit less any fees and commission (as agreed) for marketing and selling the property.
Electronic conveyancing
If you haven’t bought or sold property for a while, you may not be aware that in New South Wales it is now mandated that property transactions take place electronically. Electronic conveyancing is a game-changer, streamlining the process and connecting all the stakeholders, as well as the Land Titles office for fast registration of the title documents. For sellers, it means that any funds coming direct to you will clear more quickly – usually on the day of settlement. This can make simultaneous exchanges and purchases easier and generally allows you access to your money without waiting for cheques to clear.
Outgoing mortgagees
If you still owe money on a loan secured by your property, it is important that your lender is looped into the sale process from an early stage to ensure that they are ready to discharge the mortgage. For an outgoing mortgagee, this means they need to calculate the outstanding sum owed on the loan at the settlement date. For you, it will be necessary to fill out the appropriate forms to put the bank on notice that you intend to discharge your mortgage to get the ball rolling. From there, our conveyancers will invite the lender to the electronic workspace and assist with ensuring they have everything they need ahead of the settlement date.
The settlement adjustment sheet shows the balance of funds to be received from the purchaser on settlement. It takes into account the purchase price, deposit held by the agent and any adjustments such as council rates, water rates and strata fees (as relevant).
Tax implications
The sale of property can have tax implications and it is wise to speak with your accountant to ensure that you are meeting any of your liabilities and you understand the financial effects of your transaction. We can liaise with other professionals on behalf of our clients to ensure they have the information necessary to receive advice relevant to their property transaction.
Whether you are selling the family home, downsizing, or a seasoned investor, we can help. We specialise in all types of property transactions including residential, rural, and commercial sales, purchases, and transfers throughout New South Wales.
If you need assistance, contact us at [email protected] or call (02) 4268 6795 for expert conveyancing advice.