Terminology for Selling Property Conveyancing
CONTRACT
We prepare the Contract and provide a copy to you and the Agent. We retain the originals to complete once a buyer is found
CONTRACT SEARCHES
To prepare the Contract we must obtain a search of the Title, deposited plan, drainage diagram and Planning certificate. Once these have been ordered we will have the draft contract ready for you in 2 – 3 days
VENDOR DISCLOSURE
Vendor disclosure regulations require you to disclose anything that may affect the Property such as a notice for road widening etc or structures erected on the property without council approval. If disclosures are not made a buyer may have rights to claim damages against you or end the contract.
CONTRACT INCLUSIONS
We will request detailed instructions as to what inclusions are passing with the sale, such as fixed floor coverings, light fittings, blinds, curtains, flyscreens, tv antenna etc.
BUYER FOUND
The Contract is completed and submitted to the Purchaser’s Solicitor as soon as a buyer is found. The Contract leaves this office the day we receive the Agent’s Sales Advice
COOLING OFF
You may elect to provide the Purchaser with the benefit of a 5 day Cooling-of period from the date of Exchange of Contracts or request that the Cooling-off rights be waived such that exchange is binding upon you and the Purchaser – PLEASE REFER TO THE COOLING OFF BROCHURE
CONDITION OF YOUR DWELLING
We discuss with you the condition of your Property including whether you have made alterations or additions with or without council approval so that all matters concerning the Property are advised to the Purchaser – SEE ABOVE REGARDING DISCLOSURES
EXCHANGE
Exchange is effected when the Purchaser is ready to proceed. The Purchaser pays the Deposit and we formally Exchange the Contracts and date them. Thereafter we proceed to settlement of the Sale which is normally six (6) weeks from the date of Exchange. Exchange makes the contract binding.
AFTER EXCHANGE
After Exchange we request a payout figure on your Bank, if any, answer requisitions and attend to all other matters in readiness for settlement. 10 – 14 days prior to settlement, we will provide you and the Buyer’s Solicitor with draft Settlement figures
RATES
The Purchaser pays the proportion of Council and Water Rates due to the date of Settlement. These figures are adjusted in the final settlement figures. If rates are due prior to exchange please attend to payment. If they are not due until after the completion date you do not have to pay them. We will make the necessary adjustments on settlement.
INSURANCE AND MORTGAGE PAYMENTS
You must keep the Property insured up to the date of completion. Once the sale has been completed you can cancel the insurance and seek a refund. You must continue to make mortgage payments up until the contracts have been exchange. After exchange we will arrange discharge and you will need to cancel any direct debits.
COMPLETION
Approximately 10 days before completion we will prepare the draft settlement figures and submit them to you for your approval. You are not required to attend settlement, we co-ordinate the entire procedure. We telephone you immediately after completion to confirm it has completed and make final checks regarding the availability of any balance funds to you. After settlement we forward to you final settlement letters detailing all matters regarding your sale so you have a full record of the transaction.
LEGAL FEES
Refer to our Cost Disclosure & Agreement. These are the legal costs of acting on the sale. They include some expenses which are detailed on the Cost Disclosure. These other expenses are disbursements. Upon instructions from you to prepare your contract we request monies on account of contract preparation. The balance of the sale costs are not paid until completion of your sale.
OTHER EXPENSES
These are out of pocket expenses or fees paid for certificates and enquiries we have recommended for your sale and which you have instructed us to obtain. These other expenses are in addition to the Fees set out in the Cost Disclosure.
SURVEY REPORT
A survey report will be helpful to your sale even if you have made alterations to your property. Most buyers require a survey report to ensure that the house and other structures do not encroach on adjoining boundaries and the house and other structures are the required distances to boundaries (side and front).
BUILDING CERTIFICATE
A Building Certificate provides evidence to a buyer that all structures on the property at the date of the Certificate have been approved by Council and that council will not order any rectification works. Most buyers will want to ensure that the structures on your property have full council approval.
HOME WARRANTY ACT
If you have erected a house, installed a pool, garage or other structure with a value over $15,000.00 at any time during the past 7 years then a Home Warranty Certificate may be required to be annexed to your contract. If a builder did the construction, the Certificate will be with your building contract. If you performed the work as Owner Builder you will need to obtain Home Warranty Insurance before a contract can exchange.
LAND TAX
If the property you are selling is not your principal place of residence then you will be liable for Land Tax . Please arrange to lodge your Land Tax Return and pay any assessment. Land Tax must be paid before or on the completion of your sale.
SWIMMING POOL
If you have a swimming pool, please provide Swimming Pool Registration Certificate and Swimming Pool Certificate of Compliance..