For home buyers and investors, the sale of real estate has financial implications.  It is important to engage an experienced Property Solicitor to ensure that common and costly mistakes are avoided.

We are experienced Property Solicitors and can assist you in all stages of the process.  In a fast moving market you will need a Property Solicitor who can respond very quickly after you accept an offer to sell you property.  Our Property Solicitors will meet you at a place convenient to you or after normal business hours.  

Before you sell:

Consult your accountant

Investors may be liable to pay capital gain tax and/or land tax.  Talk to your accountant and property solicitor to get a general idea of the financial implications of selling you investment property.  

Consult your Bank

Get an indication from your bank of their fees to discharge your mortgage.  Some banks charge exit fees to terminate a loan before its due date.

Putting your property on the market

Some vendors choose to sell their property without an agent and there are many web sites that can assist vendors to do that. You should consult your property solicitor before advertising or showing the property so that you understand the rules that apply about deceptive conduct and dishonest advertising when selling real estate.

If you decide to use a real estate agent – interview several agents before you commit to one. Agencies vary with the commission of fees they change and whether or not they charge you for advertising. Agents will also vary on the suggested selling strategy e.g.  Auction or private treaty.

Preparing the contact for sale

Your property solicitor must prepare the contract and make it available to the agent before the property can be advertised or shown. The law provides that several documents must be attached to the contract including a zoning certificate, sewer and drainage diagram,   strata plan, title search etc. Your property solicitor will order the correct documents and attach these documents to the contract and send it off to the agent.

Exchanging Contracts  

Once you or your agent has found a buyer, your property solicitor will meet with you to ensure that all details in the contract are correct and for you to sign the contact as seller.  Solicitors for the purchaser may request changes in the contract and if this happens your property solicitor will discuss the requests and changes with you. Your property solicitor will receive the contract signed by the puchaser and exchange contracts. Once contacts have been exchanged (subject to any cooling off period) the vendor and purchaser are committed to the sale and puchaser.  

After Exchange

The period between exchange and settlement can be any period agreed to by the purchaser and vendor but is usually 42days. In this period your property solicitor will notify your bank so that they can organize the documents the documents they hand over at settlement – such as your title. The bank also calculates the exact payout figure.

Your property solicitor will  organize the time and place for settlement and correspond with  solicitors for the purchaser to work out exact  amounts to be paid at settlement to the vendor, the vendors bank, the owners corporation for strata rates,  water authority and council.  

Settlement

At settlement property solicitors for the vendor and purchaser plus their banks get together to ensure that the purchase and the purchaser’s bank receive title documents in return for paying the correct amount of money to the vendor and the vendor’s bank.   Vendors do not generally attend settlement. After settlement your Property Solicitor will let you know that settlement has taken place.

After Settlement