As your representative, we will help protect you from costly mistakes and see that you get the result you hope to.
Conveyancing, finance, settlements – we help take the headaches out of each and every step. Also, by reading the Five Step Guide you will avoid many pitfalls before you sign a contact, otherwise it is often too late once contracts have been exchanged.
When you are ready simply fill out the on-line Selling Questionnaire and we’ll take care of the rest.
At any time throughout the process, feel free to contact us for any information or advice.
Step 1 – Listing your property: find an agent you can trust
Finding the right agent for you can sometimes be the hard part. In most cases you will be using a local agent. but which one? It’s not always the case of using the biggest agency or even the cheapest.
How much is your property really worth? Should you list with the agent that gives you the highest estimated selling price? One agent tells you auction another private sale. One agency recommends, for example, a $13,500 bells and whistles marketing campaign, another says lets go just with the internet first and gauge the market response.
It’s not just about selecting the agency, most importantly its the selling agent, the person who you and the buying public will be dealing with on your behalf. experience, local knowledge, knowing the buyers out there, the small things which will all pay dividends.
The above doesn’t answer the question of who to select. Often it comes down to referral and recommendation.
If you are ready to instruct us, please take the 5 minutes required to complete the Selling Questionnaire.
Step 2 – Pre Contract
As your legal representatives, it is our role to act on your behalf and look after your interests.
There are many steps to take in the sale process.
We start by taking detailed instructions, which is done by you filling in the on-line Selling Questionnaire.
If you don’t have a copy of the title, we will obtain this through a title search.
Section 32 (vendors statement)
Prior to signing any contract for the sale of your property a disclosure statement providing prescribed information must be given to any intending purchaser.
To prepare a proper Section 32 Vendor’s Statement we need information about the property and we have to obtain certain documents to attach to the contract and Section 32 Vendor’s Statement.
We will apply to the proper authorities for statutory government certificates including town planning, local council, water , etc.
What happens if you don’t get it right.
Sale of Land Act 1962
S32 (5) “Where a vendor–
(a) supplies false information to the purchaser in the statements or certificates required to be given by this section; or
(b) fails to supply all the information required to be supplied in the statements or certificates required to be given by this section–
the purchaser may rescind any contract for the sale of the land which has been entered into on the basis of that information at any time before he accepts title and becomes entitled to possession or to the receipt of rents and profits.”
That is, the buyer can cancel the contract and you can lose the sale.
At Conveyancing Excellence we have a proud tradition of getting it right. Unfortunately, the consequences for not getting it right are serious.
Our intentions are to make sure that your interests are fully protected as well as to give you the speediest possible service. It will help us to achieve these objectives if you take 5 minutes and complete the Selling Questionnaire.
Building works as an owner-builder
If in the last 7 years you have built or done renovations worth more than $12,000 as an owner-builder, special attention has to be made to comply with the Building Act 1993. An building defect’s inspection report has to be included in the contract and the works need to be insured by an approved insurer e.g. Australian Home Warranty Pty Ltd. If a contract is signed in contravention of the Act, the contract is voidable at the option of the purchaser.
Capital Gains Tax
Be aware of the potential tax liability associated with your sale. For example unless the property is used as your principal residence, you may be taxed on any profits made by you on the re sale of such property.
If you intend to sell within 12 months of a purchase, or if you believe you might be affected by any Capital Gains Taxes, you should contact the Tax Office or your Accountant or financial adviser.
Ditto with GST.
GST is payable unless you qualify for an exemption. The sale of your own personal residence is a major exemption from GST.
Care, caution and consideration needs to be given to all other property sales including investment, commercial and brand new developments. Unless the contract contains a special condition regarding GST, the selling price will be deemed to include GST. If you are registered for GST and you are not entitled to an exemption, it is your responsibility to pass on the GST to the ATO.
Another exemption is the sale of an investment property which is considered to be the “sale of a going concern”. If this may be the case this needs to be discussed so the correct special conditions are added to the contract.
A partial exemption is the application of the margin scheme which requires a valuation report of the property as at 1 July, 2000.
Where you have chosen to auction the property we will prepare the auction documentation.
Presenting your Property
First impressions count, so it’s important to make sure your property looks its best from the moment it goes onto the market for sale. In getting your home spotless, we highly recommend the Squeaky Clean Team.
We are happy to give you a competitive quote on our professional fees. As well you reimburse us for our out-of-pocket expenses for all title searches, certificates, settlement fees and gst.
Step 3 – Post Contract
Once the Property is Sold–Discharging your Mortgage
Once the contract for the sale has been signed you need to make an appointment with your bank or credit union to sign a “Discharge Authority”. We will also write to the lender to make settlement arrangements. In most cases you need to continue making mortgage repayments.
If the property sold is occupied by a tenant AND you have sold the property with “vacant possession” NOTICE has to be given to the tenant. In the case of the Residential Tenancies Act the minimum period is 60 days. If the tenant has a fixed term tenancy, notice cannot be earlier than the expiry date of the lease. Usually your managing agent will arrange this. Please advise us if you wish us to give notice on your behalf. This is not applicable if you have sold subject to the tenancy.
Step 4 – Pre Settlement
Deposit, transfer, adjustments and other things to consider
If you want an early release of deposit we will arrange with your estate agent to account to you for the deposit. Generally the earliest the deposit can be released to you is 28 days after contracts have been signed. Please note there are additional fees applicable for obtaining an early release as this can involve protracted communications with your lender.
The Purchaser or their representative will prepare the Transfer of Land document. This needs to be executed by you or your attorney. If the registered proprietor is a company you will need to advise us if the company has a common seal or not.
At settlement an adjustment is made for council and water rates as well as owners corporation fees (if applicable). We suggest that you don’t make any payments in the last 3 weeks before settlement to avoid errors.
The adjustment of rates will ensure that all rates and taxes due on the property up until settlement date are paid and the Purchaser pays from the settlement date on a pro-rata basis. Most Councils will require all rates for the current rating year to be paid at settlement even though they may not be due until a later date. This will be reflected in the adjustments. Any arrears and/or outstanding interest on the rates and charges will be adjusted together with fees pertaining to the discharge of any mortgage or caveat.
We will arrange and attend to settlement on your behalf. With the balance of monies due we can pay this directly into a nominated bank account. Please provide us with your bank account details if this is what you wish.
The purchaser is entitled to an inspection of the property in the week preceding settlement. The purpose is to check that the property is in the same condition and state of repair as at the date of contract. Problems arise when vendors post-contract seek to remove or exchange light fittings or curtains and even garden plants. If you wish to keep any such chattels these must be specifically excluded in the contract. Talk to us for further advice in this regard.
On the day of settlement you need to leave the keys with your estate agent. Arrangements need to be made with the removalists to have the property vacant by the appointed time of settlement which is normally around 2pm on the day of settlement. We will advise you of the exact time of settlement closer to the settlement date.
Electricity, Gas, Telephone
You should arrange for an electricity meter reading, gas reading and arrange for the disconnection of telephone services to be made so final accounts can be sent to you.
Step 5 – Post Settlement
Once settlement has occurred, you can cancel your insurance on the property and claim any refund of premium to which you may be entitled.
You should notify the Electoral Office of your change of address.
A card is obtainable for that purpose from a participating Australia Post Office.
Notice of Sale
We will notify the council, water and Owners Corporation Authorities of the change of ownership.
You need to contact the utilities for final readings of electricity, gas & telephone as discussed above.
Instruct Us Now
If you are ready to sell and wish to instruct us to act for you, please complete the online Selling Questionnaire.
One word describes the service – EfficientChristine with Hodges Real Estate