Selling property can be a stressful process. We support you with all aspects of the selling process and we ensure you understand every step to create a more efficient and effective process.
BEFORE YOU SELL
You will need to appoint an agent and then instruct us to prepare the sale documents (Contract of Sale and the Vendor’s Statement or section 32).
It will be important to negotiate the rate of commission to be paid to the agent and the cost of marketing your property for sale.
In order to provide the agent with the sale documents, we will ask you to complete our Section 32 Information Sheet. Once this is returned to us, we will prepare your sale documents within 1-2 weeks.
What Are You Prepared To Accept?
Consider price, deposit, special conditions (such as making the contract subject to the purchaser obtaining finance or the sale of the purchaser’s existing property), length of settlement (usually 60 or 90 days, less often 30 or 120 days). If there is something on the property which is not part of the deal, then that too needs to be stated in the contract as not included.
Be aware that a cooling off period of three clear business days applies from the date that the purchaser signs the contract. This allows the purchaser a change of mind. In order to exercise it, the purchaser must give notice in writing. You will be required to refund any deposit paid less $100.00 or 0.2% of the purchase price, whichever is greater.
However, there is no cooling off period for residential property and small rural property sold at auction or within three clear business days before or after an auction.
ONCE THE CONTRACT IS SIGNED
If the purchaser agrees, you may be able to receive an early release of the deposit prior to settlement. Referred to as a section 27, this document is served on the purchaser who has 28 days to object or consent.
Estate Agents encourage this process because they deduct their commission prior to transferring the balance to the seller.
However, if your property is heavily mortgaged (80% or more of the sale price), then expect an objection to the deposit being released early. It is important to understand that the early release of a deposit is not a right and cannot be relied upon to fund, for example, a deposit on a new property purchase.
At settlement, adjustments will be made between the seller and purchaser, including council rates, water rates and owner’s corporation fees.
We will notify you once settlement has occurred. You can expect to receive funds within 24 hours and a Settlement Report shortly thereafter.
LAWYER OR CONVEYANCER?
We know that you have a choice. Conveyancers are favoured as a cheaper alternative to lawyers, but we have a greater depth and breadth of knowledge. Our experience extends to other areas of law that may be relevant to your sale or purchase.
If, in the hands of a conveyancer, your sale or purchase becomes complex, technical or the subject of a dispute, then the conveyancer will hand over your file to a lawyer. We receive referrals from conveyancers in our area on a regular basis.
Buying and selling properties are often the largest legal and financial transactions in life. We can manage these transactions by providing you with excellent legal advice and support.
When reviewing your budget, consider whether saving money on legal advice is saving at all.
In Victoria, at least 90% of conveyancing is conducted electronically via PEXA (Property Exchange Australia). Around Australia, there are 153 financial institutions and 8,267 practitioner firms subscribed to e-conveyancing. PEXA is not only efficient, it also allows you to track your settlement online.
Mackinnon Jacobs Lawyers ensures you are protected from every angle and can assist with all legal aspects in relation to selling property. If you would like our lawyers to provide you with personal, tailored advice, call or contact us via email.
YOU MAY FIND THE FOLLOWING LINKS HELPFUL:
Would you like to know more?Contact our property law expert Brian Irving on 1300 424 452 to receive personalised advice about your case.