SERVICING CLIENTS IN NEWCASTLE FOR OVER 40 YEARS
CALL US: 02 4969 7816 | SCHEDULE A FREE CONSULTATION
Selling Property
Understanding conveyance and legal costs when selling
Your home is one of the most important assets you own so it is important to ensure your interests are well looked after throughout the sale process Palmieri Conveyancing brings this extensive experience, comfort and peace of mind.
If you are selling your property, you must have a contract for sale prepared before you or your agent market the property. The contract for sale will set out your terms and conditions for the sale of your property, and it is important to consider your specific circumstances, so that appropriate terms of the contract work for your particular requirements.
THE CONTRACT
If you have engaged a real estate agent to sell your property then make sure you arrange for a contract for sale of land to be prepared by Palmieri Legal Chambers before they start their marketing campaign. Your property can’t be advertised by a real estate agent until a Contract for Sale of Land has been prepared. In order to prepare your contract, we need to obtain all the “prescribed documents” such as a council zoning certificate, a copy of the title and other title documents, strata plans and sewer diagram. The contract can usually be prepared in around 5 business days.
OFFER OF ACCEPTANCE
Your real estate agent should let you know when an offer is given by a prospective purchaser. Once you’ve accepted an offer, the agent will issue a sales advice to all parties with details of the agreed price and possibly some special conditions that have been agreed. The contract is then legally binding.
DEPOSIT
Typically, 10% of the purchase price is the deposit paid on exchange of contracts. However, this may be negotiated before exchange to accept a 5% deposit, bank guarantee or deposit bond. If there is no agent involved on the sale then the deposit may be held in Palmieri Legal Chamber's trust account.
EXCHANGE
Contracts are exchanged when you and the purchaser have signed separate but identical copies of the contract and the agreed deposit is paid. Contracts are dated and your signed contract is given to the purchaser’s Licensed Conveyancer/Solicitor, and the purchaser’s signed contract is given to Palmieri Legal Chambers (hence the term “exchange”).
COOLING-OFF PERIOD
Every standard Contract for Sale of Land in New South Wales for residential property includes a 5 business day cooling-off period, starting the day contracts are exchanged. The cooling-off period exists in case the purchaser changes their mind after exchange. You, as the vendor, don’t have this right. If the purchaser backs out, they’re required to pay you 0.25% of the purchase price. Cooling-off periods don’t apply at auctions. Cooling off periods can be extended if agreed by both parties in writing before the expiry of the cooling off period. After the cooling off period the contract is legally binding on both parties.
WAIVING THE COOLING-OFF PERIOD
The cooling-off period can be waived as part of the negotiation process. A Section 66W certificate provided by the purchaser’s Licensed Conveyancer/Solicitor, will waive the cooling off period on exchange of contracts.
SETTLEMENT
Settlement, otherwise known as completion, is the date that your property is legally transferred to the purchaser. This is also the day the purchaser takes possession of the property, and the balance of the purchase price is paid to you.
5 steps to guide you through the conveyancing process
