SALE
Step 1
Contract Preparation
When selling property in NSW you are required to have a contract for sale prepared prior to the property being advertised. We obtain all title documents and prescribed documents to prepare the contract for you. We will also liaise with you for any additional documents required to be disclosed in the contract for sale, such as a tenancy agreement and vendor disclosure statement. Once we prepare the contract for sale, a copy is provided to your sales agent so that marketing of the property can commence, and any inspections can be organised with potential purchasers.
During this time, you can consider whether you want to sell at auction or with or without a cooling off period.
It is also at this time when any potential purchasers will request for amendments to the contract for sale, additional documents, request for your authority to obtain additional reports such as a building and pest inspection or strata report. Any of these requests will be forwarded to you for your instructions.
Step 2
Exchange
At the time of exchange, we ensure that our office is provided with the original signed purchaser counterpart contract for sale and your original signed counterpart contract for sale. Once we receive the contract for sale, we ensure that the purchaser has made payment of their deposit funds and will proceed to exchange.
If exchange takes place with a cooling off period, the purchaser can exercise their cooling off period rights and rescind the contract for sale and forfeit their initial deposit to you, which is usually 0.25% of the contract price. Otherwise, if the purchaser decides to proceed, the contract is deemed unconditional at the expiration of the cooling off period and the balance of the deposit funds is due and payable to you.
If you have a discharging mortgagee, we will prepare your discharge of mortgage form for your execution and will liaise with the discharging mortgagee in readiness of settlement.
Step 3
Pre-Settlement and Settlement
Settlement is the final stage of your conveyance. At this stage, we will be provided with the purchaser’s proposed settlement statement. We will provide you with our final email of advice containing a breakdown of the statement and other costs for settlement, we will request for your instructions regarding settlement.
We will also liaise with the discharging mortgagee and purchaser’s solicitor to confirm an agreed date and time for settlement is scheduled.
On the day of settlement, you will be required to provide vacant possession of the property (unless otherwise stated in the contract). To provide vacant possession you must remove all your belongings and items from the property. You will then be required to arrange to release all the property keys to your sales agent’s office.