selling your property
I want to sell my property, what is the first thing I should do ?
To be able to sell and market your property in New South Wales, it is a legal requirement to have a Contract for Sale. Whether you choose to enlist a Real Estate Agent or to market the property yourself, the Contract must be available to any potential purchasers to inspect.
At Jackie Gardner Conveyancing, once your instructions are received advising that you would like to sell your property, I will begin to prepare the Contract the same day to ensure there are no delays.
You should think about the things you may like to include or exclude from the sale of your property or if you would like a longer or shorter settlement than usual. Perhaps you would like to purchase another property in the same time frame and do a simultaneous settlement on the same day. You should also be aware of your disclosure responsibilities in a Contract, these are all things your Conveyancer will discuss with you.
At Jackie Gardner Conveyancing, once your instructions are received advising that you would like to sell your property, I will begin to prepare the Contract the same day to ensure there are no delays.
You should think about the things you may like to include or exclude from the sale of your property or if you would like a longer or shorter settlement than usual. Perhaps you would like to purchase another property in the same time frame and do a simultaneous settlement on the same day. You should also be aware of your disclosure responsibilities in a Contract, these are all things your Conveyancer will discuss with you.
Read more about how to get your house ready for sale here.
Real Estate Agent
Once you have decided to sell your property, you can make an appointment for a Real Estate Agent to attend on your property and discuss with you the price you may expect to receive from your property.Before an Agent can market your property, you must sign an Agency Agreement with them. This gives the Agent the right to market and sell the property on your behalf. Your property will then be placed ‘on the market’ to any potential purchasers.
An offer has been accepted
Once you have accepted an offer, your Agent will forward to Jackie Gardner Conveyancing, a Sales Advice. This contains all the information required to be inserted on the Contract, including the price agreed upon.
Upon receiving the Sales Advice, I will contact you to confirm the details in the Sales Advice, and to organise for you to sign the Contract. The Contract will then be sent the same day to the Purchaser’s Conveyancer to ensure there are no delays.
Upon receiving the Sales Advice, I will contact you to confirm the details in the Sales Advice, and to organise for you to sign the Contract. The Contract will then be sent the same day to the Purchaser’s Conveyancer to ensure there are no delays.
Exchange of Contracts and Cooling Off Period
Prior to exchange of Contracts, Jackie Gardner Conveyancing will ensure the deposit has been paid to the Agent and then exchange of Contracts will take place. You will then be advised as to a settlement date, which is usually 4-6 weeks, depending on what has been agreed upon.
The Purchaser usually has a cooling off period of 5 working days. This is when pest and building reports may take place, if not already done, and perhaps to finalise the Purchaser’s finance.
If a Purchaser does not require a cooling off period, or wants to waive their cooling off rights, their Conveyancer will provide a Section 66W Certificate on exchange of Contracts and Contracts will be binding on both parties. The seller does not have the benefit of a cooling off period and is locked in after exchange of Contracts.
If for some reason during the cooling off period the Purchaser does not want to proceed with the purchase, they may choose to withdraw from the Contract, ie rescind the Contract. If the Purchaser rescinds the Contract, then you will be entitled to retain 0.25% of the selling price. The remainder of the deposit will be returned to the Purchaser. You are then able to re-market the property again.
The Purchaser usually has a cooling off period of 5 working days. This is when pest and building reports may take place, if not already done, and perhaps to finalise the Purchaser’s finance.
If a Purchaser does not require a cooling off period, or wants to waive their cooling off rights, their Conveyancer will provide a Section 66W Certificate on exchange of Contracts and Contracts will be binding on both parties. The seller does not have the benefit of a cooling off period and is locked in after exchange of Contracts.
If for some reason during the cooling off period the Purchaser does not want to proceed with the purchase, they may choose to withdraw from the Contract, ie rescind the Contract. If the Purchaser rescinds the Contract, then you will be entitled to retain 0.25% of the selling price. The remainder of the deposit will be returned to the Purchaser. You are then able to re-market the property again.
Discharge of your Mortgage
Should you have a Mortgage on your property, Jackie Gardner Conveyancing will arrange for you to sign the necessary discharge of mortgage documents, and contact your bank to confirm the settlement date.
Remember, it could take up to two weeks for your bank to receipt the Discharge Authority into their system. Therefore, it is best to organise these documents early in the settlement process, or settlement could be delayed.
Remember, it could take up to two weeks for your bank to receipt the Discharge Authority into their system. Therefore, it is best to organise these documents early in the settlement process, or settlement could be delayed.
Settlement Process
Once your settlement date arrives, Jackie Gardner Conveyancing will attend to settlement on your behalf, you are not required to attend settlement. You will need to ensure that you provide the house keys to the Agent prior to the settlement time, and that you give vacant possession as indicated in the Contract, unless the property is tenanted. It is most important to ensure that your property is still insured until the settlement date, as you are still liable for the property until settlement occurs.
Council, Water and/or Strata Rates are adjusted at settlement and must be paid out. If you are in arrears, please be aware that cheques will be drawn from your settlement money to pay the rates. If you are up to date or in front of your rates, reimbursements will be made in the settlement figures.
Utilities such as electricity, phone or gas are not adjusted at settlement. You will need to arrange for these to be disconnected prior to settlement and any final meter readings obtained. Following settlement, your Real Estate Agent will then be authorised to release the deposit, less their commission, to you. You will need to provide Jackie Gardner Conveyancing with your forwarding address to ensure any final letters regarding settlement are forwarded to you.
Council, Water and/or Strata Rates are adjusted at settlement and must be paid out. If you are in arrears, please be aware that cheques will be drawn from your settlement money to pay the rates. If you are up to date or in front of your rates, reimbursements will be made in the settlement figures.
Utilities such as electricity, phone or gas are not adjusted at settlement. You will need to arrange for these to be disconnected prior to settlement and any final meter readings obtained. Following settlement, your Real Estate Agent will then be authorised to release the deposit, less their commission, to you. You will need to provide Jackie Gardner Conveyancing with your forwarding address to ensure any final letters regarding settlement are forwarded to you.