The Contract
Once you’ve made the decision to sell your property, one of the first tasks is to have the Contract for Sale of Land drawn up based on your instructions.
The contract will include not only the legal terms and conditions of sale, but will also specify what items are included or excluded from the sale, and any other special requirements you might have like a longer or shorter settlement than usual. There are a lot of ways that a contract can be varied, so it’s important to discuss your situation in detail with our Licensed Conveyancer.
You also need to know your disclosure responsibilities, as failing to disclose certain things can lead you into a lot of trouble.
The Deposit
Once a purchaser has been found and the contract has been signed and dated it is then that the contract is legally binding, and a deposit is usually paid by the purchaser and held in the trust account of the selling agent.
Settlement
Settlement (the day that the money is exchanged for the property and keys handed over) is scheduled in accordance with the contract, and is usually 6 weeks after signing contracts. During the wait for settlement our Licensed Conveyancer will liaise with your bank in relation to releasing any mortgage held on the property. In this time you should arrange disconnection of electricity and other services.
Before settlement the purchase price will be adjusted to reflect the council rates, water rates and strata fees that need to be shared between the parties. There may be other adjustments, based on the Contract for Sale.
Prior to settlement, our Licensed Conveyancer will attend to checking the draft settlement figures and obtaining updates with the Local Council and Water authority for any amounts owing on the property and will ensure that these debts are paid from the sale proceeds. We will also ensure that these adjustments and any other adjustments in accordance with the Contract are paid by the Purchaser and added to the purchase price on settlement.
Contact Mallia Conveyancing to find out more or to arrange a consultation with our experienced Licensed Conveyancer, Amanda Mallia. At Mallia Conveyancing we can work around your schedule and offer mobile serivce, after-hours or weekend appointments available upon request.