SELLING YOUR PROPERTY IN SYDNEY
Eliminate the Stress out of Selling
Selling your property or family home will most likely be a very emotional time in your life. Issues such as managing the sale, making sure your sale goes through correctly in order to be able to buy a new property involve difficult legal contracts and processes. If this is all not handled correctly, your dream can quickly turn into a nightmare.
This article will list briefly what happens in the process, however please note it is only a generally summary and you should consult your legal adviser for specific information and advise relating to your specific sale.
The Contract For Sale
Selling your property will require entering into a contract with a potential buyer which is called a ‘Contract For the Sale of Land’. The Contract will set out all the terms and conditions of the sale, for example the agreed price, the time of completion and the nature of the property being offered for sale and any other necessary special conditions.
What is in a Contract for the sale of land?
Your Conveyancing Lawyer will draw the contract up to include the following:
- the identity of the buyer and seller;
- the title details of the property being sold;
- the agreed price;
- the date on which the final amount will be paid (the ‘completion’ date); and
- other rights such as a ‘cooling off’ period and what inclusions are to be included ( such as curtains, light fittings, stove or shed)
- the rights of the parties in relation to matters such as the adjustment of council, water and strata rates.
What is involved in drafting and exchanging contracts?
We now explain the process as it generally occurs in our firm.
Once deciding to sell, the seller will list their property with a Real Estate Agent who will start to market the property to prospective buyers. At the same time, the seller will contact a Conveyancing Lawyer to draft a contract for the sale.
Once a purchaser is found the draft contract will be negotiated during a “cooling-off period”. Your Conveyancing Lawyer will amend the contract based on the buyer’s details and include any of the amendments agreed to;
1. The buyer will pay a deposit and the contracts will be exchanged.
2. The buyer then issues “requesitions” seeking details of the seller’s title
3. Your Conveyancing Lawyer will execute the transfer of the title to the property pending settlement; and
4. Upon settlement the remainder of the sale price will be paid and the property will be transferred.
Should I give a Cooling-off Period
The ‘cooling-off period’ will enable the buyer time to reconsider the purchase. If your buyer wishes to terminate the contract during the cooling-off period then other potential buyers for your property may no longer be interested in your property, having found another property to buy. You may therefore insist that the buyer waive their right to a “cooling off” period. Your Conveyancing Lawyer will be able to advise you on this.
Getting the right advice
The sale of a property is normally complex process. A Conveyancing Lawyer will help your sale proceed with a minimum of complication and stress, and will help protect your interests if things go wrong, such as the purchaser fails to complete the purchase.
Some people may think that they cannot afford the services of a Conveyancing Lawyer and can handle the transaction themselves. This is strongly advised against! You should think about selling your property as one of the most important legal transaction you will make in your life. During this period a readily available Conveyancing Lawyer who can communicate with you in plain English during every step of the process will be vital.
If you are planning on selling a family home or long-term investment property, consulting a Conveyancing Lawyer will greatly increase your chances of a successful outcome.
If you’re thinking of selling your property, contact the expert Conveyancing Lawyers at Platinum Lawyers (02) 8084 2764. (NSW) Pty Ltd today.
By Rob Nasr – Principal
Platinum Lawyers Sydney
Dated: 17/03/2011
