Conveyancing In NSW - The Sale Process Explained
In accordance with conveyancing laws in NSW before any property can be advertised for sale a contract must be prepared so that a prospective purchaser may inspect it. This has to occur regardless of whether the property is being sold privately or through a real estate agent.
Choosing An Agent
- You choose a selling agent and either you or the agent advises us accordingly.
- We prepare your Contract and forward it to the selling agent. The time frame for preparation of a contract is dependent upon us receiving the appropriate documents from the local council.
- Now we wait until the agent has found a purchaser.
After A Purchaser Has Been Found
- Once a price has been negotiated a copy of the contract is forwarded to the purchaser's conveyancer/solicitor for approval and signature.
- We arrange for you to have a meeting with Julie (our Director) to go through the contract and you'll sign the original.
- Once these details are sorted out we exchange contracts with the purchaser's solicitor.
After Exchange Of Contracts
- If you still hold a mortgage on the property then after exchange we contact your bank and arrange for this to be discharged.
- We arrange for you to sign the transfer, which will transfer ownership of the property to your purchaser.
- Suitable time for settlement is now arranged with the purchaser's solicitor and any banks that are involved.
- Settlement is attended by us on your behalf. In exchange for the title deed and transfer we receive the balance of the sale funds.
- We contact you to advise that your matter has now been finalised.
- The real estate agent receives an order on the agent via facsimile which releases the balance of the deposit to you. It also allows for the keys to be released to your purchaser.
- Any funds not required to pay out your mortgage are collected by us and are available after settlement. They can be collected by you after settlement, sent out to you in the mail, or banked directly into your nominated account.
- An adjusment is made at settlement in regards to the rates and water, allowing for days in which the purchaser is in possession of the property, so that your share of these are paid out. We also notify these authorities after settlement of the change in ownership.
- We forward to you a letter confirming settlement, details of the break down of the settlement funds, and our tax invoice and receipt of which is paid out at settlement.