Once you’ve made the decision to sell your property, one of the first tasks is to have the Contract for Sale of Land prepared.
In putting the Contract together it is necessary for you to comply with disclosure obligations by attaching certain documents identifying the property and providing information in relation to zoning. We can assist you in ordering and collating the correct searches and enquiries so as to ensure you comply with all of your disclosure obligations.
The contract will include not only the legal terms and conditions of sale, but will also specify what items are included or excluded from the sale, and any other special requirements you might have like a longer or shorter settlement 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 with us so that we can ensure that the Contract meets your specific needs.
The Deposit and signing 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 6 weeks after signing contracts. We will liaise with your bank in relation to releasing any mortgage held on the property. In this time you should arrange disconnection of electricity and other services.
Before settlement the purchase price will be adjusted to reflect the council rates, water rates and strata fees that need to be shared between the parties. There may be other adjustments, based on the Contract for Sale.
Once settlement takes place, the real estate agent will be be authorised to release the deposit to you, less their fees and the net proceeds of sale will be paid to you or in accordance with your direction.
Contact us to discuss the sale of your property today.