Once you have decided to sell your property, one of the first tasks is to have the Contract for Sale of Land drawn up by a conveyancing lawyer.
The contract will include the legal terms and conditions of sale. It will specify what items are included or excluded from the sale, and any other requirements you might have, such as a shorter settlement than usual, or perhaps that the contract be conditional upon another contract for you to buy your next property.
There are many ways that a contract can be varied, so it is important to discuss your situation in detail with your lawyer.
You also need to know your disclosure responsibilities, as failing to disclose certain things can lead you into a great deal of trouble.
Once a purchaser has been found and the contract has been signed and is legally binding, then a deposit is usually paid by the purchaser and held in the trust account of the selling agent.
Settlement (the day the money is exchanged for the property and keys handed over) is scheduled in accordance with the contract. During the wait for settlement your lawyer will liaise with your bank in relation to releasing any mortgage held on the property. In this time you should arrange disconnection of electricity and other services.
Before settlement the purchase price will be adjusted to reflect council rates, water rates and strata fees that need to be shared between the parties. There may be other adjustments, based on the Contract for Sale.
Once settlement occurs, the real estate agent will be be authorised to release the deposit to you, less their fees.
Contact Us to discuss the sale of your specific property.