Selling your Home
At Gordon Garling Moffitt, our team of conveyancing experts understand just what a big decision it can be to sell your home. Our conveyancing team is keen to ensure the process is as rewarding and as simple as possible for you.
When selling your home you have the option to sell it privately (do it yourself) or you can engage a real estate agent to attend to the marketing of your home for you. Prior to marketing any residential property, you must have a Contract for Sale prepared.
A real estate agent will require you to sign an Agency Agreement before they begin marketing your property to potential buyers. Then once your property is sold, there will be a commission payable to the agent from the proceeds of the sale.
Your real estate agent will be able to provide you with advice as to market value of your property and will outline various marketing alternatives for you. They will also discuss with you whether selling at auction is an option you should consider.
Your accountant will be able to advise you on any taxation implications related to your sale, such as Capital Gains Tax or GST. You should always discuss any potential sale with your Accountant.
Contract For Sale
The next step is to prepare a draft Contract for Sale.
The Conveyancing Act (NSW) requires that the Contract contain certain documents showing all necessary information about the property and confirming that all necessary searches have been carried out. We will make sure that your Contract meets all the legislative requirements of the Act.
Searches in relation to your property will be conducted with the local council and Land and Property Information. These searches include Title Search, Planning Certificate and the sewer certificate.
You also need to advise us:
- if there have been any modifications to the property, whether there is a swimming pool and if you hold any Council approvals.
- whether there is an existing lease over the property and if the home will be sold subject to an existing tenancy.
- of details of any mortgage you have in relation to the property.
We will send you a simple Vendor's Questionnaire that will assist you with answering all these types of questions.
Once all searches have been carried out the contracts are then prepared in our office and we will ask you to make an appointment so that we can explain the contract to you and if all is in order have you sign the contract.
When the purchaser's lawyers advise us that their client has signed their copy of the contract and the deposit has been paid, we will then attend to exchange of contracts.
Once contracts have been exchanged, it is now a legally binding contract. A five day cooling off period means the contract can be rescinded during that time without giving any reason. Often however, it is agreed between the parties to waive the cooling off period so that the purchaser is bound to buy the property immediately following exchange of contracts.
Final settlement generally takes place 4 to 6 weeks after contracts have been exchanged. It is possible to request a longer period of time should you need it as long as this is done before contracts are exchanged.
Prior to settlement it is now important that you make arrangements for any mortgage over the property to be discharged. Your bank (or lender) will have documentation that they will need signed in order to attend to the discharge of your mortgage. We will assist you in this process.
Whilst we are preparing for the discharge of your mortgage the purchaser's solicitors will be conducting various searches and will forward us a Transfer document for you to sign.
At this point you need to be aware that you are still fully responsible for the property and need to maintain any insurance over the property and meet any requirements in relation to your mortgage repayments. It is also advisable that you ensure the property is well maintained up until the date of settlement.
A suitable time and venue for settlement is arranged between all the parties. This usually takes place where the title deed is being held - generally at the seller's law firm or at the bank.
We will attend the settlement meeting on your behalf and hand over the title deed and the signed transfer to purchaser's solicitors in return for a bank cheque for the sales monies payable to you.
If applicable, we will then hand cheques to your bank to enable any mortgage you have over the property to be discharged.
Any outstanding council rates and our legal fees will be paid on settlement. Unless instructed differently by you, we will deposit the remaining funds directly into your bank account and forward you a settlement statement showing the distribution of sale proceeds.
We will also hand over an authority for the agent holding the deposit to release those funds to you.
After settlement the change of ownership of the property is registered and all relevant governmental bodies are notified of the new owners’ details.