Selling a house or an investment property is not something you do on a regular basis. Some of us only do it two or three times in our lifetime so it pays off to do “homework” first, to familiarise yourself with the process to avoid any nasty surprises, which may delay sale of your property.
When you have made the decision to sell your property, one of the first tasks is to have the Contract for Sale of Land drawn up. The contract will include not only the legal terms and conditions of sale, but will also specify what items are included or excluded from the sale, and any other special requirements you may have, eg. longer or shorter settlement than usual. You also need to know your disclosure responsibilities, as failing to disclose certain things can cause lot of problems. Our firm will guide through this process and will advise you of your responsibilities. We can provide a draft contract to your real estate agent usually within 3-5 business days from the date we receive your instructions to prepare the contract.
Exchange of contracts
Once a purchaser has been found, you will be required to sign a copy of the contract. The purchaser will sign a counterpart contract and pay the deposit, which is usually 10% of the sale price. The contracts are then dated and exchanged.
Once the contracts are exchanged, we will liaise with your lender to organise a discharge of mortgage. You will also be required to sign a Transfer of land form, which transfers the ownership from yourself to the purchaser. Prior to settlement we will provide you with a settlement statement outlining details of the settlement adjustments and other conveyancing costs, including discharge of your loan, which are required to be paid at settlement. At settlement we will make sure that the title deeds to the property are handed over to the purchaser and the balance of the sale price is paid to you. Your responsibility will be to make sure that the property is vacant and the keys are handed over to the real estate agent prior to settlement.
Contact us to discuss the sale of your specific property.