SPEAK WITH A CONVEYANCING SPECIALIST IN SYDNEY

Before your property can be put on the market, the law requires that your real estate agent has a draft contract for sale in place. Once we receive your instructions, we will:

• Send to you our cost agreement and disclosure
• Send to you a questionnaire regarding your property
• Obtain the certificates and documents from Land Registry Services, the local Council and water authority that are required to be included in your contract for sale
• Prepare the contract for sale and provide it to your real estate agent.
• Your property may now be advertised for sale.

It is important that you return to us the completed questionnaire as soon as possible to ensure that the contract we prepare is accurate and complies with NSW Legislation.

The exchange of contracts is the point at which a legally binding agreement is formed between you and the buyer. Until contracts are exchanged, any offers made by a potential purchaser are not legally enforceable.

In most cases, there is a 5-business-day cooling-off period following the exchange of contracts. This period exists for the benefit of the purchaser and can be adjusted or waived by mutual agreement. However, as the vendor, you are not permitted to withdraw from the sale during this period.

Once you have accepted an offer from a buyer, the following steps must take place:

The purchaser will need to:

• Obtain unconditional loan approval (unless they are a cash buyer)
• Obtain any pre-purchase inspections (such as pest and building inspection reports and/or strata inspection report)
• Sign the contract with their lawyer/conveyancer
• Pay the deposit
• Send the contract for exchange

You, as vendor, will need to sign the contract. This can be done either in office with ourselves or alternatively with your appointed real estate agent.

Completion, or settlement as it is sometimes referred to, is the day on which the purchaser pays the balance of the purchase price, takes possession of the property and has legal title transferred to them. Prior to completion, the purchaser will carry out a final inspection.

On the completion date you must have:

• Vacated the property (unless there is a tenant)
• Left the property in the same condition as it was in at the time of exchange
• Cancelled any services, such as electricity and gas supply
• Provided all keys and remotes to the real estate agent.

On settlement we will arrange for the sale price to be distributed as requested by you. An example of this is:

• Payment to your lender of the amount required to discharge your mortgage
• Payment of any Council and water rates (and possibly strata levies) that may be owing
• Payment of legal fees
• Payment of commission to the real estate agent
• Payment to you of the net proceeds of sale.
• We will provide you with a detailed statement showing the distribution of funds. When settlement has been completed we will notify you and your real estate agent.