Conveyancing - Selling Your Property

The very first thing you are required to do by law when selling residential property is to have a Contract for Sale drafted by your Licensed Conveyancer. Your Licensed Conveyqancer will handle the conveyancing process from start to finish for you.

A real estate agent cannot commence to market your residential property until they hold a draft contract for sale in their office. This is the law in New South Wales. If you do not comply with this requirement there can be a large fine imposed.

When you sell your property will you receive enough money from the sale to payout the mortgage, real estate agent's commission and your licensed conveyancers fees and disbursements. Always do your calculations before listing your property for sale.

When providing instructions for your contract for sale to be drafted you should consider the following:

1.Have all improvements on the land been approved and do you have the documentation to substantiate this? E.g. house, garage, shed, alterations to the property etc
2.If there have been improvements on the land which have not been approved seek the advice from your Licensed Conveyancer as to what type of disclosure should be included in the contract for sale.
3.What are the inclusions. The standard inclusions are usually blinds, built-in-wardrobes, clothes line, curtains, dishwasher, fixed floor coverings, insect screens, light fittings, range hood, stove, tv antenna. Even though these are the standard inclusions you can add or subtract from this list.
4.Will there be any exclusions? E.g. items you wish to take with you - garden statues.
5.The length of the contract from exchange to settlement. The usual time period is 35 to 42 days.
6.Will you be requesting the purchaser to release the deposit to you after exchange in order that you can pay the deposit on another house which you may purchase.
7.Is the property to be sold by "private treaty" or auction.

You should then interview real estate agents to determine which agent you wish to list your property with. They will require you to sign an Agency Agreement which will state the estimated sale price of your property, their commission (which is usually on a percentage basis on the sale price) and the length of time the agency agreement is in existence for.

REMEMBER: Should you with to terminate the Agency Agreement with the real estate agent you must strictly comply with the terms in the Agency Agreement for withdrawing your instructions.

These are just some points to consider and you should always speak with your Licensed Conveyancer before making any decisions regarding your sale.