GUIDE TO SELLING PROPERTY
This guide will help you understand the various steps involved in selling a property.
Real Estate Agents
Most people enlist the services of a real estate agent. If required, we can recommend names of Sales Agents (in your area) so please let us know if you need our help in choosing one or a couple.
The Vendor disclosure legislation in New South Wales requires you to have a Contract for the Sale of Land ready and available before marketing the property and this Contract must include all necessary documents as set out in the relevant law. It is illegal for you or your selling Agent to advertise your property for sale unless a complete Contract is available to any interested purchaser to look at.
Accepting an Offer
An acceptable Purchaser’s offer will be agreed through the agent. At this point, put the agent in touch with Swift Conveyancing so that we can prepare a copy of the contract and send it to the Purchaser’s Conveyancer. You will then need to send us the deeds or, if the property is mortgaged, let us have details of your bank or building society so that we ensure the bank or building society attend on settlement.
A 10% deposit is usually paid on exchange to be held in the agent’s Trust Account. Contracts are signed and exchanged and become binding on both parties. The standard settlement period is 42 days from the date of exchange, however, this can be varied to suit yourself and/or the seller prior to exchange.
Buying and selling at the same time
If you are involved in two transactions, you will probably wish to complete both at the same time so that you can move out (and in) on the same day. Because completion dates are fixed on exchange of contracts, this means that contracts usually have to be exchanged on the same day or the settlement dates agreed to before exchange.
After Exchange of Contracts
We will report to you, your Agent, your Bank and Body Corporate (if applicable) and advise them of the exchange. If property is tenanted and Vacant Possession on completion has been agreed to, we will ensure the real estate agent serves a Notice to Vacate on the tenant. We will submit the Transfer to you for signing. You will need to ensure you have also signed any necessary Discharge Authority papers where the mortgage over the property is held. Alternatively, we will send you a Discharge Authority for signing after exchange. We then co-ordinate all parties for settlement. You are not required to attend settlement.
You need to ensure you have cancelled the following:
- Insurance on the property
- Gas Company (if applicable)
- TV cable company
- Any other service you have except for Council, Water Board & Body Corporate.
Leave all necessary keys to the house, garage, shed etc with the real estate agent. We will contact you to advise settlement has been effected. We will then fax an authority to the agent to release the keys and arrange for release of the deposit held by them to be sent to you directly or as you direct. We will notify the Body Corporate (where applicable) of change of ownership.