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Once you have decided to sell you should contact your Conveyancer as the first step. You may have contacted an agent to sell your property but by law they cannot proceed until a contract as been prepared.
The contract details ownership, title details, conditions of the sale together with inclusions and exclusions. There are certain documents which must be attached by law. You should only have one agreement at a time.
Appointing an Agent
A real estate agent must have a signed agency agreement before he or she can list your property for sale. It is essential you choose an Agent you like and trust.
Read any agency agreement thoroughly before signing it as it is a legal contract and should be for a term you are comfortable with.
Exchange of contracts
Contracts may be exchanged either by the estate agent or by the conveyancer and may be by auction or private treaty.
Cooling off period
If the agent exchanges contracts the sale will usually be subject to a 5 day cooling off period during which the purchaser can change their mind about the purchase. If this happens the purchaser forfeits 0.25% of the sale price to the vendor.
The purchaser may at any time waive their cooling off rights by providing a s66W certificate prepared by their conveyancer after they explain the effect of the certificate before it is handed to the vendor's conveyancer or solicitor.
There is no cooling off period if the property is sold by auction.
Discharge of existing mortgage
Your conveyancer should contact your lender to obtain the mortgage discharge forms for you to complete and sign before they are returned to the lender. Just before settlement the lender will provide a payout figure which will be paid from the proceeds of your sale.
A Transfer will be sent to you for signing once received from the purchaser's conveyancer and needs to be signed and returned to us to prepare for settlement.
The building remains the vendors responsibility and liability until settlement so any insurance should be maintained and not allowed to lapse before settlement.
If the property is tenanted you must ensure the tenant is given at least 30 days written notice by either you as landlord or by the managing agent. Your conveyancer will verify that the appropriate notice has been given. The sale cannot be finalised until the property is vacant including all possessions.
Council, Water and Strata levies are adjusted between the purchaser and vendor at settlement. Your conveyancer will account to you for the proceeds of sale after adjustments.
Change of ownership details will be sent to the various authorities including Council, the water authority and the Valuer General.
Selling Enquiry Form:
With a law firm conveyancing background, Jacqui has your conveyancing needs covered, Sydney and Inner West.
Licensed Conveyancer. Lic. 05007249. Justice of the Peace. Member Australian Institute of Conveyancers (NSW).
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