Selling Property
What you need to know
Selling a home or investment property can be exciting and rewarding; it can also be frustrating, and even intimidating.
It requires the preparation of a legal contract for the sale. The contract is usually based on a standard printed form. It should contain all of the terms of sale (including the price) as negotiated between the seller and buyer. Often the contract will also include additional conditions (called ‘special conditions’) required by either the seller or the buyer.
Contracts are usually prepared by your real estate agent, however, licensed conveyancers can also prepare contracts for you.
It is wise to speak with your conveyancer before you appoint a real estate agent and before you sign any contract prepared by the agent for you. Your conveyancer may be able to alert you to specific matters that need to be addressed in the sale of the property and can advise you on any special conditions whether required by you or requested by the buyer.
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How the conveyancer handles your sale
Your conveyancer plays an important role in the selling process, offering advice and assistance on matters including:
- Your legal obligations including your insurance responsibilitiesUnderstanding special conditions or “subject to?” clauses
- Advising on additional clauses you may need in your contract
- The buyer’s cooling-off rights
- Your rights to withdraw from the sale
- Circumstances in which a party can avoid settlement
- Calculation of adjustments of rates and levies
- Preparation of settlement statements
- Discharging any mortgage liabilities
- Payment of outstanding property accounts
- Change of ownership notifications
What the conveyancer does for you
The specific conveyancing services involved in a sale include:
- Advising on the Contract of Sale;
- Searching with government departments and local authorities for anything affecting the property;
- Compliance with all special conditions and time limits;
- The preparation of necessary documentation;
- Liaising with existing mortgagees and financiers;
- Discharging mortgages, caveats and liens;
- Calculation of adjustments of rates and levies;
- Preparation of settlement statements;
- Properly accounting for all monies expended or held in trust;
- Assistance with signing the transfer document;
- Attendance at settlement on your behalf, and
- Sending notifications of change of ownership following settlement.