Selling a property has a clear and defined process
Selling perhaps one of your most prized asset, can be very stressful and overwhelming as there are many aspects to selling a property that need to be carefully considered, the more informed you are of the processes involved, the easier it becomes to subside that fearful apprehension!
We strive to provide the best outcome to meet with your requirements and providing you with expert advice to achieve the best possible result for the sale of your property, we have provided extensive detailed information on this site covering topics from selling, financing to settling a property all designed to inform and assist our customers to demystify the selling and buying process.
Preparing the property for sale
As the adage reminds us ‘First impressions always last’ – so it is of critical importance that one should always present the property the best way possible.Its all about the visual aspect when selling a property from how it presents from the outside to the inside. Whether the gardens are neatly manicured, the garage decluttered, the fencing up-right, the guttering hanging, simply, if buyers don’t like the outside, they probably won’t look inside.
Listing the property
Documentation and compliance
• A Deposit Plan or a Strata Plan
• The section 149 Zoning certificate
• The Drainage diagram
• The standard page of the contract of sale
Selling a property which is tenanted: If the property is on a month to month residential tenancy, and is to be sold with vacant possession at settlement, a minimum of 90 days notice to vacate must be given to a the tenant by you or the managing agent. If however a fixed term Tenancy Agreement exists, the tenants cannot be required to vacate until the end of the term specified in that written agreement.
Marketing the property for sale
Selling the property
– The standard 5 day cooling off period has lapsed (if applicable)
– All special conditions are met by purchaser and vendor
Inclusions: note that when you sell your property, you not only sell the dwelling, you also agree to sell the inclusions that will be listed in your contract. You must inform your agent and solicitor if you wish to exclude any commonly included items (e.g. special curtains, light fittings) prior to the commencement of marketing as these exclusions must also be listed in the contract of sale as these must be addressed to buyers.
Paying the Deposit: The law requires that the deposit be paid into a real estate agent’s or solicitor’s trust account until settlement, or until an early release of deposit is obtained in accordance with the requirements of The Conveyancing Act 1919.
Cooling-off period: Under the NSW Schedule 1 of The Conveyance (Sale of Land) Regulation 2005 provides the purchaser with the right to a cooling off period after exchanging contracts (the day the buyer signs is not counted nor are weekends and public holidays) basically it allows the purchaser a default period of five days to get out of the contract, unless amended by the respective solicitors. However, there are penalties if the purchaser rescinds the contract during the cooling off period. In NSW agents will accept an amount of 0.25% of the purchase price as the initial deposit and then the remainder of the 10% deposit must be paid before 5.00pm on the day that the cooling off period ends.
If the purchase withdraws from the deal prior to the end of the cooling off period, for any reason, they are liable to lose the 0.25% of the purchase price to the vendor.
If the purchase withdraws from the deal after the unconditional exchange (after the cooling off period concludes) they are liable for the whole of the 10% deposit being paid to the vendor.
Exchanging the contract of sale (Unconditional): Once the property is sold that is, you have exchanged the contract of sale (the contract is exchanged unconditionally). We will provide your solicitor with a copy of the signed contract and your solicitor will confirm the terms of the sale with you at that time. To note that once the contract of sale has been passed on to your solicitor, any changes that may need to be made to the contracts such as altering the settlement date or issues as may be allowed under the contract must be negotiated between your solicitor and the purchaser’s solicitor.
The settlement: Settlement will take place at a time arranged between your solicitor, the purchaser’s solicitors, your bank solicitor and the Purchaser’s bank solicitor (if applicable). It is not necessary for you to attend settlement. Unless otherwise arranged with the purchaser you must vacate the property by the appointed settlement date.
Please also do remember to notify the relevant authorities such as your banking institutions, tax office, Water Board, Australia Post Electoral roll etc… of your new change of address.