SELLING PROCESS
Deciding to sell your home can be exciting, stressful and emotional – often, all at the same time. The process for selling your property starts long before you have found a buyer.
Prior to the property being placed on the market
In order to sell a property, you will a Section 32 Vendors Statement prepared. A Section 32 must be provided to any perspective Purchaser of a property prior to a Contract being signed. A Section 32 Vendors Statement sets out information critical to the property, for example – rates of the property, any covenants, encumbrances, easements or planning zones that may affect the Purchasers decision to purchase. In the event the Section 32 is missing critical information, it may be possible for a Purchaser to terminate the Contract right up until the settlement date.
We will prepare the Section 32 for you and will send to you for review. Once you have confirmed the contents are accurate, the Section 32 together with a draft Contract of Sale is provided to your Selling Agent to assist with the marketing campaign.
Whilst the property is being marketed, we will arrange for you to sign Mortgage Discharge papers and complete Verification of Identity so that we are ready for when Contracts have been signed.
Once an offer has been accepted and Contracts signed
Congratulations! Your house has now been sold…almost. Often, Purchasers will make their offer to purchase subject to finance or subject to a building and pest inspection. The Contract is only deemed unconditional once these conditions have been satisfied.
Whilst the Purchaser is arranging their finance and inspections, we will send your Mortgage Discharge Papers to your Mortgagee so that they can start the discharge process. Most Banks need a minimum of 10 business days in order to commence work on the discharge or provide a Section 27 Release of Deposit Statement.
In the event the Purchaser is unable to obtain finance or if there was a major structural defect or pest infestation, the Purchaser may elect to end the Contract and any deposit monies will be returned to them. The property will then be placed back on the market.
Unconditional Contract
Now you have officially sold! If you are looking to purchase a new property, a Section 27 Release of Deposit Statement can now be served on the Purchaser in order for you to obtain funds to place a deposit.
We will now also prepare the Duties Online Form and forward to the Purchaser for completion. Once the Purchaser has completed their portion of the form, you will be required to digitally sign this form.
Two weeks until settlement
You should now be living amongst packing boxes and getting ready for your move! We suggest you contact your utilities providers to ensure disconnection on the settlement day. We will arrange for the water connection to be transferred to the new owners.
The Agent will also be arranging a final inspection of the property with the Purchasers. This is expected to occur within 7 days of settlement.
We will also arrange to send you the Statement of Adjustments at this time and, if available, the indicative amount required to discharge your mortgage.
Settlement Day
You will need to ensure that the property is vacant of all of your belongings and the keys delivered to the Real Estate Agent by the time appointed for settlement.
Everyone's property journey is a personal and individual one and therefore, so are the answers to your questions.
If you have a question that hasn't been answered above or, would like an answer personalised to you, contact us for an obligation free chat!