Once you decide to sell there are a few matters you need to attend to. You need to choose a Real Estate Agent and a conveyancer to help you through the process.
Generally it’s a good idea to talk to a number of agents before you choose one to represent you. Choose the agent that you are comfortable in dealing with. The agent will advise you on the best way to sell your home and the timing of the sale. You can sell by Private Sale or at a Public Auction.
If you choose FIRST CHOICE CONVEYANCING as your conveyancer we will look after your interests and make the process as smooth as possible for you, from start to finish.
Once you give us your instructions to proceed we will prepare a Contract of Sale and a Vendor’s Statement (often called a Section 32 Statement). This is a disclosure statement by you about the property that must accompany the Contract of Sale.
The help us prepare the Vendor’s Statement we will send you a questionnaire about your property and we will add various documents that are required to be included, such as a Title Search and other property information.
The Vendor’s Statement should include information on:
Once the Agent has a prospective purchaser, the Agent will get them to make an offer by filling out the Particulars of Sale page in the Contract and signing the front page of the Contract and signing the Vendor’s Statement. This offer will then be passed onto you by the Agent for acceptance or otherwise. As part of the negotiation process you would also have agreed on a settlement date.
One thing to remember is that the law allows a Purchaser to have a 3 day “cooling off” period after signing a Contract.
There is no cooling off period allowed with public auctions so there is certainty of the sale. There are auction rules that cover vendor bidding and reserve pricing. The Agent will explain this to you. You need to be present at the auction to sign the Contract of Sale if the property sells.
Even though your property is listed for auction it can be sold prior.
Once we receive the fully signed Contract we will check for any amendments, additions or alterations. Once everything is in order we will proceed with the conveyancing process and work towards settling the property on the agreed date. We require you to complete the Section 27 Form and your bank must confirm the details.
We will also request that the Purchaser signs the Section 27 Deposit Release Statement on your behalf. Please note however, that early release may not occur if the Purchaser makes an objection. See the attached Information on Releasing A Deposit for further details.
If you have a Mortgage on the property we will work with your Lender to discharge the Mortgage at settlement. We coordinate settlement between the parties and their Lenders and meet to exchanges documents and cheques. After settlement we pay the balance of funds from the sale into an account nominated by you, or by bank cheque to you personally.
We will send out a Notice of Disposition to the local council and the water authority to advise them that you no longer own the property.
If you are selling as well as buying we work with all parties to coordinate both transactions so that they settle simultaneously if possible.
Always remember that you must give your Lender sufficient time to value any property before they can give you approval; for your finance. It is always a good idea to check with your Lender to what time frame they require for a valuation and approval.
Although GST will not generally apply to the purchase of residential real estate, there are certain circumstances where it does apply. Land Tax may also be an issue for you if the property is not going to be your principle place of residence. You may need to raise these issues with your financial advisor.
FIRST CHOICE CONVEYANCING works in the same building as MAKIN & KINSEY SOLICITORS. There are lawyers on hand at all times to oversee files and deal with issues as they arise without any undue delays.