When it comes to selling your property, it is prudent that you have the help of an experienced legal team who can put your rights and interests at the forefront, while being able to provide a positive experience for all involved.
Selling your property can be a very complex decision, so it’s important to also have advice from your accountant, or financial advisor to ensure it is in your best interests to sell.
If you have decided it’s time to sell your property, our team at FGD are here to help.
There are four steps involved in selling your property: –
Marketing
You have engaged the services of a real estate agent, and now you need to finalise the marketing Contract for Sale.
The marketing Contract for Sale is required under legislation prior to marketing your property for sale.
The Contract must include various documents, such as Land Titles Searches, Government enquiries, a Building, Pest & Compliance report, and an Energy Efficiency Rating. If you are selling a Unit, or Townhouse the Contract will also need to include information relating to the Owner’s Corporation.
The Contract will also include ‘standard’ Conditions, which are determined under legislation. These conditions protect both the Seller’s & Buyer’s rights under the Contract. In addition to these conditions we will include various Special Conditions which are tailored to each of our client’s individual situations.
Once the marketing Contract is finalised, we will provide this to your agent to begin marketing your property.
Pre-Exchange
You have accepted an offer on your property and it’s now time to work towards exchange.
We will liaise with the Buyer’s solicitor to finalise the details of the Contract. Sometimes this can include negotiating changes to the Contract, as requested by the Buyer. We will advise you in relation to these requests and guide you through the negotiation process so the Contract has your interests and rights protected.
After Contract terms are agreed and the Buyer has paid their deposit, we can now exchange.
Exchange
Exchange is when your sale is effectively ‘locked in’ and a date for settlement is set.
If you have a mortgage on your property, you will now need to advise your bank that you are selling. This will include submitting a ‘Discharge Authority Form’ to your bank advising them of the sale and settlement date. We will provide you with guidance on how to complete this form. Once lodged, your bank will liaise with us directly to arrange settlement.
You will need to make sure additional services (eg. electricity, gas, internet) are notified of the sale, and the final reads are booked so your accounts can be cancelled. ACT Revenue and Icon Water will be automatically notified of the sale on Settlement.
The maintenance of the property is your responsibility until settlement, and although in ACT insurance risk passes to the buyer on exchange, it is recommended that you keep your insurance policies in place until the Settlement date.
Settlement
Settlement is the day the Buyer pays you the balance purchase price, and you transfer your ownership to the Buyer.
Following Settlement, your real estate agent will be instructed to release to keys to the Buyer and pay the deposit to you.
If you are selling a property in the ACT or NSW, please contact one of our experienced property solicitors, or conveyancers on 02 6115 9000