No matter what the reason for selling your property, navigating the legal process can be a complex and sometimes stressful event. At Coastwide Conveyancing, we aim to provide you with a seamless conveyancing experience. Based here in Shellharbour, we understand the local market and are committed to protecting your interests every step of the way.
What Should I Do Before I Sell My Property?
The conveyancing process for a seller begins well before the ‘for sale’ sign goes up. It starts with preparing the Contract for Sale (contract), a crucial document containing information about the property and setting out the terms of the transaction.
In New South Wales, the contract is typically prepared by a licensed conveyancer or solicitor and must include certain prescribed disclosure documents. Agents must not advertise a property for sale unless a complete contract is available to any interested purchaser. The disclosure legislation also requires vendors to make certain promises to the buyer about the legal ownership of the property.
We can prepare your contract, arrange for the relevant disclosure documents, and discuss your obligations as a vendor so you are well-informed before putting your property on the market.
What Happens When a Buyer is Found?
Once a buyer is found, we will review and negotiate any proposed amendments to the contract. We’ll act as your legal representative, ensuring that the contract terms are favourable and that you are protected from any potential pitfalls.
We will communicate with the buyer’s conveyancer, managing all legal aspects of the transaction. This includes dealing with enquiries, or ‘requisitions’, raised by the buyer’s representative.
What is an Exchange of Contracts?
This is when the contracts are checked to make sure they are identical, then ‘swapped’ and dated. Subject to any cooling-off rights, they become binding, and you are legally required to sell the property and can no longer accept any other offers.
If the buyer has retained their cooling-off rights, they will have 5 business days to change their mind and rescind (terminate) the contract. In such cases, the buyer will forfeit .25% of the purchase price.
Cooling-off rights do not apply to auction sales and certain other sales.
What Happens Between Exchange and Settlement?
We will manage the settlement process, coordinating details with your bank (if you have a mortgage), the buyer’s conveyancer, and other relevant parties. We will ensure all final adjustments for rates and water usage are calculated correctly and that all necessary documents, including the transfer of land, are prepared. Attention to detail ensures there are no last-minute surprises.
Sellers have an obligation to maintain the property in the same order and state of repair as it was at the time of exchange of contracts. You should also continue your insurance cover until settlement.
You will need to continue to pay all rates and taxes in relation to the property. Any rates and taxes paid by you past the settlement date are adjusted in your favour on a pro rata basis.
On settlement day, we will coordinate the completion of your sale through an online conveyancing platform known as PEXA. If you have a mortgage, this will be repaid from the settlement funds.
Ready to Start the Process of Selling Your Property?
Our commitment is to provide you with peace of mind, knowing that a local expert is handling every aspect of your property sale with precision and care. Contact Coastwide Conveyancing for a no-obligation discussion about how we can help. Call 02 4295 3047 or email [email protected].