Selling

So you have decided to sell… What’s next?

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1. Pick you real estate agent

Your real estate agent will need a listing contract from us before they can market your property for sale.

To get your property on the market as soon as possible, we will commence drafting a listing contract to send to the agent within 48 hours of taking your initial instructions. The Council certificates we are legally required to attach to your contract can take up to 7 business days to issue.

It is then over to your agent to find you a buyer at a sale price you are happy with.

In the meantime, there are a few things for you to think about:

  • How much time do I need to move all my things out of the property? OR
  • If I have a tenant, do they need to vacate prior to my sale?
  • If I have an existing mortgage, when do I need to discharge my mortgage?
  • Will I be buying a new property at the same time as my sale?
  • How do I arrange a sale and a purchase to happen at the same time?
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2. Find a buyer

Once a buyer or purchaser has been found, your agent will prepare and send us a ‘sales advice.’

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3. Exchange contracts

As soon as we receive a sales advice from the agent, we will update the contract for sale and submit a copy to the purchaser’s solicitor for them to review and sign.

We will then schedule an appointment with you to review the contract and ensure that the terms are satisfactory to you and as agreed. In that appointment we also arrange for you to sign the contract.

If you have an existing mortgage, you will also need to sign any discharge of mortgage request documents required by your bank. Most banks have their discharge authorities on-line.

We then follow up the purchaser’s solicitor to secure an exchange of contracts for you.

When contracts exchange, you and the purchaser become bound to the contract and must complete the sale.

After exchange, we will:

  • Arrange a land tax certificate and provide a copy to the purchaser
  • Let you know if you have any outstanding land tax payable on the property or if you should apply for a land tax exemption
  • Set up a PEXA workspace for electronic settlement
  • Prepare all necessary documents required for settlement such as a Control of the Right to Deal consent, through the PEXA workspace.
  • Ensure that all required payments such as Council rates are made on settlement
  • If you have a mortgage, liaise with your bank to ensure that a discharge of mortgage is registered at settlement, and
    Keep you advised on the progress towards settlement.
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4. Settlement

At settlement you will receive the balance of the purchase price and the property will be transferred out of your name and into the name of the purchaser.

You can expect settlement to take place in the time frame set out in the contract, which is usually 42 days or 6 weeks after exchange.

From 1 July 2019, it is compulsory for settlement to take place online using the PEXA (Property Exchange Australia) platform. Our Lawyers are PEXA Certified Members.

Using PEXA means that nobody needs to physically attend settlement. We simply log in to the online workspace, along with the purchaser’s solicitor and any existing or incoming mortgagee, to complete your sale.

We will always ensure that you are kept informed of progress throughout your sale.

Contact Us

Office Address: 87 Main Street, Mittagong, NSW 2575

PO BOX: PO Box 150, Mittagong, NSW 2575

Phone: (02) 4872 4004

Fax: (02) 4872 4216

Email: askus@ourlawyers.com.au

DX: 4964 BOWRAL

 

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