Selling
Contract for the Sale of Land to Agent
If you're planning on selling your property, you are obligated to have a Contract for the Sale of Land in existence prior to advertising it for sale. We will prepare this for you and provide a copy to your real estate agent (if any) in a timely fashion.
Exchange of Contracts
Once you have accepted a sale price we will update the contract and liaise with the real estate agent and the purchaser's conveyancer to organise 'exchange'. There are two identical copies of the Contract for Sale, one for you and one for the purchaser. Each party will sign their own contract. The purchaser will pay a deposit, normally 10% of the sale price. The contracts are then dated and swapped or 'exchanged' so that each party holds a copy signed by the other party. At this time, the purchaser will have a 5 business day cooling-off period unless a Section 66W Certificate is provided by the purchaser's conveyancer or solicitor waiving the cooling-off period. A cooling-off period does not apply if a property is sold at auction.
Insurance
Please ensure that your insurance is current up until the date of settlement as liability for any damage caused to the property will only pass to the purchaser after settlement has taken place.
Notify Your Lender/Bank of Your Sale
It is imperative that we notify your lender of your sale as soon as possible following exchange of contracts to ensure they will be ready to settle on time. Most lenders will require you to complete and execute a Discharge Authority. Our office will supply you with such document if applicable. If you haven't already done so, please provide us with your lenders contact details and loan account number.
Sign Transfer
This document is prepared by the purchaser's conveyancer and is required to be signed by you before settlement.
Settlement and Adjustment of Rates
If your property is sold without tenants then your primary obligation is to deliver vacant possession of the property to the purchaser on settlement. This also implies that the condition of the property on settlement must be the same, or similar to, the condition as at the date of sale.
Adjustments of outgoings are undertaken towards the end of a conveyancing transaction on a pro rata basis. This is when the purchaser pays the balance of the sale price to you. Depending on the property, outgoings would include council rates, water rates, strata levies and in some transactions land tax and rent. We recommend that you do not pay any outstanding outgoings before settlement.
If applicable, please advise our office as to how you require your sale proceeds to be disbursed. Prior to settlement we will provide you with a comprehensive settlement statement listing all the costs associated with your sale.
Following settlement, you will be notified together with the agent of settlement taking place.
If you're planning on selling your property, you are obligated to have a Contract for the Sale of Land in existence prior to advertising it for sale. We will prepare this for you and provide a copy to your real estate agent (if any) in a timely fashion.
Exchange of Contracts
Once you have accepted a sale price we will update the contract and liaise with the real estate agent and the purchaser's conveyancer to organise 'exchange'. There are two identical copies of the Contract for Sale, one for you and one for the purchaser. Each party will sign their own contract. The purchaser will pay a deposit, normally 10% of the sale price. The contracts are then dated and swapped or 'exchanged' so that each party holds a copy signed by the other party. At this time, the purchaser will have a 5 business day cooling-off period unless a Section 66W Certificate is provided by the purchaser's conveyancer or solicitor waiving the cooling-off period. A cooling-off period does not apply if a property is sold at auction.
Insurance
Please ensure that your insurance is current up until the date of settlement as liability for any damage caused to the property will only pass to the purchaser after settlement has taken place.
Notify Your Lender/Bank of Your Sale
It is imperative that we notify your lender of your sale as soon as possible following exchange of contracts to ensure they will be ready to settle on time. Most lenders will require you to complete and execute a Discharge Authority. Our office will supply you with such document if applicable. If you haven't already done so, please provide us with your lenders contact details and loan account number.
Sign Transfer
This document is prepared by the purchaser's conveyancer and is required to be signed by you before settlement.
Settlement and Adjustment of Rates
If your property is sold without tenants then your primary obligation is to deliver vacant possession of the property to the purchaser on settlement. This also implies that the condition of the property on settlement must be the same, or similar to, the condition as at the date of sale.
Adjustments of outgoings are undertaken towards the end of a conveyancing transaction on a pro rata basis. This is when the purchaser pays the balance of the sale price to you. Depending on the property, outgoings would include council rates, water rates, strata levies and in some transactions land tax and rent. We recommend that you do not pay any outstanding outgoings before settlement.
If applicable, please advise our office as to how you require your sale proceeds to be disbursed. Prior to settlement we will provide you with a comprehensive settlement statement listing all the costs associated with your sale.
Following settlement, you will be notified together with the agent of settlement taking place.
Disclaimer: All material contained in the pages of this website is general information only, and is provided for the purposes of alerting consumers to some of the risks, responsibilities and procedures associated with buying and selling property. The information on these pages may change from time to time and it should never be relied upon as your only source of information. It is therefore recommended that you contact our office for any specific queries that you may have.
