Once you’ve made the decision to sell your property, one of the first tasks is to have the Contract for Sale drawn up.
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 in detail with your lawyer/conveyancer.
Vendors Statement / Section 32
In addition to preparing the contract, under Section 32 of the Sale of Land Act 1962 the Vendor must also disclose to the Purchaser some important matters which affect the land such as: rates and charges, planning scheme, notices from authorities, building permits and utility services.
Once the Contract and Vendors Statement is prepared and approved then the parties can proceed to contract.
Once a purchaser has been found and the contract has been signed and is legally binding, then a deposit is paid by the purchaser and is held in our trust account pending settlement..
Settlement (the day that the money is exchanged for the property and keys handed over) is scheduled in accordance with the contract. This is usually 30, 60 or 90 days after signing contracts. During the wait for settlement your lawyer/conveyancer will liaise with your bank in relation to releasing any mortgage held on the property.
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.
At settlement, the balance of purchase price will be paid by the purchaser and the proceeds of sale (less any fees and charges incurred in relation to the sale) will be released to you.