SELLING A PROPERTY
Whether you’re deciding if it’s time to put your property on the market, sprucing it up to get a better price, looking for a real estate agent, or getting ready to hold.
The very first step to take when you decide to sell your property is to have a sale contract drawn up.
Legal terms and conditions are given when drawing up a contract. But aside from that, inclusions, exclusions, and any other special requirements should also be specified. A contract can be varied in a lot of ways, so it’s a must to discuss your situation with your hired conveyancer.
You might also want to look into your disclosure responsibilities, as failure to disclose certain things can be a real headache.
The purchaser will pay the deposit once the contract has been signed and considered legally binding. The payment is usually held in the selling agent’s trust account.
The settlement date will depend on the conditions contained within contract. During the process, your conveyancer will coordinate with your bank & the purchaser’s conveyancer. At the same time, you should also be arranging the disconnection of electricity and other services.
Adjustment of purchase price happens before settlement. This is to reflect council and water rates, and land tax that need to be apportioned between the two parties.
And when settlement is done, the real estate agent then will release the deposit to you, minus their commission.