Selling
STEPS IN SELLING A PROPERTY
CONTRACT:
The contract is prepared before the property is put on the market. It must disclose certain matters and must have various documents specified by conveyancing law attached. Your agent must have a copy of the contract and a signed Sales Inspection Report and Selling Agency Agreement prior to the property being shown to any prospective buyers. Once a buyer is found and a sale is agreed in principle, the contract can be altered to reflect specially agreed terms.
EXCHANGE:
When all terms are agreed, contracts are exchanged and a deposit (usually 10% of the price) is paid to your agent as stakeholder. The deposit is then put in the agent’s trust account pending completion.
PREPARATION FOR COMPLETION:
After “exchange”, there is a 4-6 week period of preparation for completion, during which your solicitor:
- sends the buyer’s solicitor details of the legal title to the property
- replies to enquiries about the legal title and other matters affecting the property
- obtains any necessary consents to transfer and certificates that are required in certain cases
- arranges discharge of mortgages and removal of other encumbrances (such as caveats) from the legal title
- apportions liability for rates and other charges on the property and calculates the exact sum to be paid at completion
- arranges settlement
SETTLEMENT:
The sale is completed at “settlement” when your solicitor:
- hands over the title documents, the transfer of the property and discharges of mortgages and other encumbrances and
- receives the balance of the purchase price
AFTER SETTLEMENT:
Your Real Estate Agent will account for the balance of deposit. Notices of sale must be sent by your solicitor to various authorities and other bodies.
Selling
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City Country Coastal Realty
281 Great Western Highway, Warrimoo 2774
Ph: 02 4753 6866
Fax: 02 4753 6130
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