Preparing to sell your property:
Selling your property can be a complicated, a lot of work and stressful time. At Viconveyancing, our conveyancers go through the selling process every day. So we appreciate what you’re going through at the moment, and will guide you through step by step of the way.
There are a number of stages involved in a standard conveyance in selling your property.
- Preparation of Contract of Sale and Section 32. – The Contracts surrounding these transactions are typically complicated, so they require a professional knowledge to ensure you are protected. At Viconveyancing we prepare and ensure that your Contract of Sale and Section 32 is secured and protected. The Real Estate Agent makes the documents available to prospective buyers before the sale or auction.
- Choosing a reliable Real Estate Agent to present your property in the best possible light. – Choosing a professional and reliable Real Estate Agent can be time consuming in hours of researches into whom can present your property in the best possible light with a first good impression on potential buyers. At Viconveyancing, we have a business relationship with several highly professional and reliable Real Estate Agent to assist you in selling your property.
- Exchange contracts with the buyer. – After you have signed your Contract of Sale you exchange your copy with the copy signed by the Purchaser. Your reliable Real Estate Agent will take care of this on your behalf.
- The Transfer of Land. – This is a legal document that tells the Land Title Office to change the registered ownership of the property into the Purchaser’s name.
- – The purchase price of the property is “adjusted” to allow for expenses associated with the property that have been paid in advance or are owing at settlement. Adjustments are necessary because rates are charged over a 12 month period, and the sale of the property will take place in-between those periods. It is unfair if you have to pay for rates and charges that apply to the period after the property is sold. Our Conveyancer will have calculated or adjusted those relevant rates accordingly and fairly.
- Discharge of mortgage (If applicable). – You must give a clear title at settlement. We will notify the bank or lending institution that holds the mortgage. Once they know what the settlement date is, they will advise our office what the final payout figure for the mortgage inclusive of costs for discharging the mortgage. A formal discharge of the mortgage is handed over to the Purchaser’s Solicitor/Conveyancer at settlement. This is then lodged at the Land Titles Office.
- Settlement – This is the special day, the one you have been waiting for! And everyone GOAL in property transaction!! Everyone gets together and exchanges the documents and cheques that complete the sale of the property. As long as everyone has done their job properly, it should be a simple process and transfer will go through smoothly. After settlement, we will advise the relevant authorities that you no longer own the property.
Selling property by Private Sale:
- Property is advertised and prospective buyers are invited to make offers
- You and the buyer agree on a sale price through negotiation, usually with assistance from an estate agent
- The contract can be conditional. If you agree, the buyer can make the sale subject to obtaining a loan, a satisfactory building inspection report, or other conditions.
For residential and small rural properties, the buyer has three business days to change their mind. This is called ‘cooling off’ and is not possible in some circumstances.
Selling property by auction:
- Usually conducted by an agent acting as an auctioneer, and governed by strict rules
- Advertised for a specific place, time and date. Prospective buyers bid and the property is offered to the highest bidder.
There is an advertising campaign with open house inspections for several weeks leading up to the auction date. The vendor does not have to advertise a reserve price or advise the agent of their lowest acceptable offer.
On the day of the auction the property may be open for inspection, for at least half an hour before the bidding starts.
An off-the-plan Contract is not your typical selling property by Auction or Private Sale. It is an agreement to sell land, apartments or other property before construction has been completed. It is a complicated process, including contract oversights and legal complications. At Viconveyancing, our professional Conveyancers who can avoid these costly mistakes and promote a faster and less stressful sale for yourself and Real Estate Agent include:
- Compliance with all relevant legislations.
- All costs and charges for buyers are clearly outlined.
- Registration of Title period clearly outlined.
- Special conditions specify made to protect your rights.