Selling Your Property
Local leaders in conveyancing. At Kells we take the hassle out of selling your property.
It is our aim to make the legal aspects of selling as stress-free as possible.
- Preparing the contract for sale
- Exchanging contracts with your purchaser
- Completion of your sale (settlement).
Step 1 – Listing your property for sale
The law requires that before your property is listed for sale your real estate agent must be in possession of a draft contract for sale. Upon receipt of your instructions we will:
- Send to you our cost agreement and disclosure
- Send to you a questionnaire regarding your property
- Obtain the certificates and documents from Land Registry Services, the local Council and water authority that are required to be included in your contract for sale
- Prepare the contract for sale and provide it to your real estate agent.
Your property may now be advertised for sale.
It is important that you return to us the completed questionnaire as soon as possible to ensure that the contract we prepare is accurate and complies with NSW Legislation.
Step 2 – Exchanging contracts
Exchange of contracts is a term used to signify the creation of the legally binding relationship between you and the purchaser. Until such time as contracts have exchanged, any offers made by a prospective purchaser are not binding on the parties.
The cooling off period is normally 5 clear business days after exchange of contracts takes place. The length or existence of the cooling off period can be amended by mutual agreement. The cooling off period is for the benefit of the purchaser only. You, as the vendor, cannot pull out in the cooling off period.
Once you have accepted an offer from a purchaser the following needs to take place:
- The purchaser will need to:
- Obtain unconditional loan approval (unless they are a cash buyer)
- Obtain any pre-purchase inspections (such as pest and building inspection reports and/or strata inspection report)
- Sign the contract with their lawyer/conveyancer
- Pay the deposit
- Send the contract for exchange
- You, as vendor, will need to sign the contract. This can be done either in office with ourselves or alternatively with your appointed real estate agent.
Step 3 – Completion of your sale
Completion, or settlement as it is sometimes referred to, is the day on which the purchaser pays the balance of the purchase price, takes possession of the property and has legal title transferred to them. Prior to completion, the purchaser will carry out a final inspection.
On the completion date you must have:
- Vacated the property (unless there is a tenant)
- Left the property in the same condition as it was in at the time of exchange
- Cancelled any services, such as electricity and gas supply
- Provided all keys and remotes to the real estate agent.
On settlement we will arrange for the sale price to be distributed as requested by you. An example of this is:
- Payment to your lender of the amount required to discharge your mortgage
- Payment of any Council and water rates (and possibly strata levies) that may be owing
- Payment of legal fees
- Payment of commission to the real estate agent
- Payment to you of the net proceeds of sale.
We will provide you with a detailed statement showing the distribution of funds. When settlement has been completed we will notify you and your real estate agent.
Our conveyancing experts have the local knowledge and experience to protect your interests and ensure a smooth settlement.
REQUEST A CALL BACK
Need help with a legal issue?
Send us your details and one of our team members will be in touch.