Selling Property
Asset Conveyancing provides property and conveyancing services in South Australia, Victoria, New South Wales, Queensland, Western Australia, and Tasmania. Our experienced professionals have a wealth of knowledge and are ready to assist with a range of property transactions.
The decision to sell a property can come about for a number of reasons, not always a natural progression to upsize or relocate. No matter what your circumstances for selling, we will provide tailored, professional assistance so you can navigate the process and complete your transaction as seamlessly as possible.
We can help with:
- Selling residential property / rural property / vacant land
- Selling commercial and industrial property
- Strata title and community title sales
- Selling off the plan
- Auction sales
- Preparing contracts for sale of land
Preparing the contract for sale of land
A written contract is required when offering a residential property for sale. The contract must meet the regulatory requirements specific to the property’s location and may need to include certain disclosure material. Typically, the contract will show the legal description of the property and include details of any registered interests and encumbrances such as mortgages, easements, and restrictions.
The type of disclosure material required will depend on the property and its location. A prospective purchaser may be able to rescind (terminate) a contract that does not meet any mandatory requirements, so it is important to ensure that the contract is compliant. The contract will also need to specify the items to be included and/or excluded from your sale.
Each property is different, so it is important to have your contract prepared by a professional and obtain advice that is relevant to your property and circumstances. A conveyancer can also assist with drafting special conditions, outside of the standard conditions, to help protect your interests.
What happens after a buyer’s offer is accepted?
Once any pre-conditions are met, any cooling-off rights expired, and binding contracts are in place, we will start preparing for completion of your sale. Tasks include:
- Verifying your identity as required by legislation for all parties involved in a property transaction
- If there is a mortgage, notifying your lender to arrange for the loan to be paid out and the mortgage over the property released on settlement.
- Liaising with the agent to confirm the amount of deposit held.
- Liaising with the buyer’s representative and dealing with any enquiries about the property or settlement arrangements.
- Checking transfer documents.
- Calculation of settlement figures and reaching agreement with the buyer’s conveyancer or lawyer.
- Confirming the balance of loan with the lender.
- Preparing for online settlement through PEXA.
Getting ready for settlement
Buyers are typically entitled to a final inspection just before completion to ensure that the property is clean and tidy, vacant and with all items (as required under the contract) removed.
The settlement adjustment sheet shows the balance of funds required from the buyer to complete the purchase which takes into account the purchase price, deposit held, and relevant adjustments such as council rates, water rates, strata fees, etc.
Completing your property transaction through PEXA
Traditionally, property settlements involved the physical meeting of lawyers, conveyancers, and financial institutions to check and swap documents and bank cheques. Documents would then need to be taken to government authorities to transfer the title and change ownership details.
E-conveyancing has streamlined this process through an electronic platform known as PEXA. Online conveyancing removes the location and time barriers of physical settlements. Parties can now complete a conveyancing transaction online with improved transparency and efficiency.
We are PEXA certified and fully conversant with this system of conveyancing, which visually tracks the progress of each stage of your matter and facilitates the online lodgement of documents and faster access to sales funds.
A conveyancing transaction requires an understanding of complex property and contract laws, and the processes involved to transfer title from one party to another. We have a deep understanding of the laws and processes across all states and can help clients Australia wide.
If you need assistance, contact [email protected] or call (08) 8232 8446 for professional Australia wide conveyancing and property services.