You’ve decided to sell your home...
A Contract for Sale of Land can take 7-10 days to prepare due to the requirement of a council Section 149 Certificate. Please bear this in mind when planning the sale of your property.
Decide on which real estate agent you will use.
Gather any papers you have relating to your home (such as Council rate notices, building inspection certificates, Certificate of Title (Deed), survey reports etc.
Ring your solicitor and provide them with the details of your real estate agent, conditions of sale and information about you and your property.
Your solicitor will order any searches and certificates which are required, as well as prepare your Contract for Sale of Land. The contract will be forwarded to your nominated real estate agent once complete.
Your solicitor will also negotiate details with any purchasers’ solicitor. Please be aware that your property cannot be advertised for sale without a valid contract.
Once your contract has been prepared and sent to the real estate agent, your solicitor will send you a letter confirming that the contract has been issued. Once the agent has your contract in their possession, your property can be advertised for sale.
Wait for a purchaser!
Once a purchaser has been found, negotiations will determine the final price of your property and detail any “inclusions” and “exclusions” (dishwashers, tv aerials, sheds, pool equipment, furniture etc) which are to be part of the sale.
Contracts will be exchanged (usually under a “cooling off” period), pending settlement, the time of which will be determined by many factors, including the availability of your finance provider to attend settlement, preferred dates for both you and the purchaser to move house etc. Settlement generally occurs around 42 days from the date of exchange of the contract.
Settlement of your matter is the meeting which takes place between representatives of all parties concerned (solicitors for both parties, lenders and any other involved party). You are not normally required to attend settlement personally. All documents are comprehensively checked by all parties and handed over. Once your solicitor has received all the cheques from the settlement (usually the next business day), then they will be ready for you to collect or your solicitor may offer to deposit the cheques into your nominated bank account. Most lending institutions charge a fee for attending settlement. (Please note: Electronic funds Transfers are not currently allowed in settlements as each party to the settlement must physically view, receive or hand over and check each item.).
Download our Conveyancing Brochure in Adobe Acrobat format for more information about purchasing, including a glossary of conveyancing terms to help you understand the process. We also have a glossary of home loan terms available.