Selling Property
Whether you are selling your home or investment property by choice or necessity, we aim to make the conveyancing process as stress-free as possible. We will guide you through the transaction so you can make informed decisions that align with your best interests and legal obligations.
We can help you with:
• Selling residential property / rural property / vacant land
• Selling commercial and industrial property
• Strata title and community title sales
• Auction sales
• Preparing contracts for sale of land
Getting your Property on the Market
In most cases, vendors choose a real estate agent to assist with marketing their property and negotiating with potential buyers. A reputable agent can advise on market conditions and guide you on how best to present your home for sale. They can suggest the most appropriate method of sale for your circumstances and generally take some of the emotion and stress out of the sales negotiations.
Private treaty sales and auctions are the most common methods used to sell residential property. Your choice will depend on factors such as the type of property being sold, the current state of the market, and your preferences.
For private treaty sales, the property is listed at a fixed price or price range. Potential buyers can make offers on the property and the seller and buyer can negotiate the price. If a real estate agent is engaged, they will orchestrate the negotiations and should convey all offers received to the vendor. Private treaty may be preferred by sellers who want more control over the sales process and are willing to wait for the right buyer.
Auction sales involve potential buyers bidding on a property in an open and competitive environment. The property is listed for sale with a reserve price – the minimum price the seller is willing to accept. The auction is held on a specific date, time and location, and the highest bidder at the end of the auction is the successful buyer. An advantage of an auction is that it creates a sense of urgency among potential buyers, which can help speed up the sales process. Additionally, auction sales are transparent, as all potential buyers can see what other buyers offer. That said, auctions can be unpredictable and there is no guarantee that the property will sell on the day.
The Contract and the Seller’s Obligations
A written contract is required when offering a residential property for sale. The contract must meet the regulatory requirements specific to the property’s location and may need to include certain disclosure material. Typically, the contract will show the legal description of the property and include details of any registered interests and encumbrances such as mortgages, easements, and restrictions.
The type of disclosure material required will depend on the property and its location. A prospective purchaser may be able to rescind (terminate) a contract that does not meet any mandatory requirements, so it is important to ensure that the contract is compliant. The contract will also need to specify the items to be included and/or excluded from your sale.
Each property is different, so it is important to have your contract prepared by a professional and obtain advice that is relevant to your property and circumstances. A conveyancer can also assist with drafting special conditions, outside of the standard conditions, to help protect your interests.
After a Buyer’s Offer is Accepted
Once any pre-conditions are met, any cooling-off rights expire, and binding contracts are in place, we will start preparing for completion of your sale. Tasks include:
• Verifying your identity as required by legislation for all parties involved in a property transaction.
• If there is a mortgage, notifying your lender to arrange for the loan to be paid out and the mortgage over the property released on settlement.
• Liaising with the agent to confirm the amount of deposit held.
• Liaising with the buyer’s representative and dealing with any enquiries about the property or settlement arrangements.
• Checking transfer documents.
• Calculation of settlement figures and reaching agreement with the buyer’s conveyancer or lawyer.
• Confirming the balance of loan with the lender.
• Preparing for online settlement through PEXA.
For all your conveyancing needs, please call 02 9548 5199 or email ad***@***********************om.au