Conveyancing For Selling Property
Property Law & Conveyancing
Newcastle Conveyancing Solicitors For Property Sales
Once you’ve made the decision to sell your property, one of the first tasks is to have the Contract For Sale drawn up. The real estate agent will require the Contract to be able to market the property.
Get the right legal advice for your situation from our licensed conveyancers or conveyancing solicitors.
Our contracts are drafted to protect your best interests as the vendor with special conditions which ensure your legal rights are protected.
Find out more about how we can help Selling Property.
The Contract for Sale
The contract will specify the legal terms and conditions of sale, what items are included or excluded from the sale, and any other special requirements; you might like to have a longer or shorter settlement date than usual, or perhaps that the contract be conditional upon another contract for you to buy your next property. There are a lot of ways that a contract can be varied, so it’s important to discuss your situation in detail with us.
You also need to know your disclosure responsibilities, as failing to disclose certain things can give purchasers rights to pull out of the contract.
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 is usually held in the trust account of the selling agent.
Settlement (the day that the money is exchanged for the property and keys handed over) is scheduled in accordance with the contract, and is usually 4 weeks after exchanging contracts. During the wait for settlement your lawyer/conveyancer will liaise with your bank in relation to releasing any mortgage held on the property. During this time, you should arrange disconnection of electricity, gas, telephone, NBN and any other services like Foxtel.
Before settlement the purchase price will be adjusted to reflect the council rates, water rates and strata fees that need to be apportioned between the parties. There may be other adjustments, based on the Contract for Sale.
Settlement will take place via an electronic platform called PEXA, where the funds are transferred between the parties and the documents for the transfer of title are electronically lodged at Land Registry Services NSW.
Once settlement takes place, the real estate agent will be authorised to release the keys to the purchaser and the deposit to you, less their marketing expenses and commission.