Expert Conveyancing Services for Property Sales In and Around Dubbo, NSW
Call the experts today!Looking to sell your property? There are strict conveyancing guidelines that need to be followed in order to sell your property.
Ensure you get the right advice, call the experts on 02 6882 1133!
What happens during the sale of a property:
Contract Preparation
In order to sell a residential property, a contract must first be prepared prior to offering the property for sale, whether through an agent or privately.
The contract will include the following:
The contract will include the following:
- Copy of the title search and documents creating any easements or restrictive covenants
- Section 10.7 certificate from the local council
- Sewerage diagram and drainage diagram
- Swimming pool compliance certificate
- Home owners warranty insurance (if applicable)
- Any other ‘prescribed documents’ as required
The contract will also include details such as improvements, inclusions, settlement time frames, and any other specific terms and conditions as required by the vendor.
Exchange of Contracts
Once the contracts have been prepared, both the vendor as well as the purchaser are required to sign identical contracts. Once contracts are ‘exchanged’, both parties are legally bound to the contract.
All contracts for residential property in NSW will automatically have a five working day cooling off period where the purchaser can get out of the contract for whatever reason, however forfeit 0.25% of the purchase price to the seller (this does not apply to properties sold at or on the day of auction).
A 10 working day cooling off period applies to off the plan purchases.
A 10 working day cooling off period applies to off the plan purchases.
The cooling off period can be waived by the purchaser by providing a S66W Certificate and does not apply for land over 5 acres or commercial properties. The vendor is not entitled to a cooling off period.
Settlement
The standard settlement period is 42 days (6 weeks) however a shorter or longer settlement period can be negotiated between the parties.
Generally if settlement is delayed by the purchaser or their bank, penalty interest may be charged by the vendor.
Generally if settlement is delayed by the purchaser or their bank, penalty interest may be charged by the vendor.
On the day of settlement the purchaser is entitled to do a final inspection of the property and if everything is in order settlement will proceed. This occurs once the balance of the purchase price is paid to the vendor and the property is transferred into the purchaser's name.
Once settlement is completed, the agent is advised. They will then release the keys to the purchaser and pay the balance of the deposit to the vendor.
