Selling a property can be exciting, overwhelming and stressful. Let us help you make your sale experience as stress free as possible.
To assist you in your conveyancing transaction and give you a better understanding of the conveyancing process, we have prepared the below checklist.
This is a guide only and we suggest you speak to your Conveyancer or Solicitor for advice on your conveyancing transaction. If you would like our assistance in your sale, please call or email us.
First Steps
- Speak to your Accountant regarding any GST or capital gains consequences in selling your property before engaging a Real Estate Agent.
- Engage a Real Estate Agent to sell your property and complete all necessary paperwork with the Real Estate Agent for their engagement. Ensure you do your own research in respect to advertisement costs, commission and terms of their engagement.
- Engage a Conveyancer or Solicitor to prepare your Contract of Sale and Section 32 Statement.
- Your Conveyancer or Solicitor will need to order the required certificates for the Section 32 Statement which can take up to 20 days.
- You will need to provide all relevant information to your Conveyancer’s or Solicitor’s and answer all their questions to enable them to complete the Contract of Sale and Section 32 Statement. It is important you disclose any material facts or information in respect to the property.
- Once the documents are prepared and checked by you, you will need to sign the Section 32 Statement via DocuSign or with your Real Estate Agent.
- If there is no Mortgage on the property, locate the Certificate of Title.
- Arrange for any photos of the property for advertisement purposes and any inspections or open houses.
- Hold any Auctions or accept any offers.
- If you are renting the property and are selling with vacant possession, you will need to speak to your Managing Agent and discuss the notice period to vacate the tenants before agreeing to any settlement date. Don’t end the tenancy until the Contract is signed and unconditional. If you are selling the property, subject to a lease, you will need to inform your Managing Agent.
- Once you have a Purchaser, are satisfied with any additional special conditions or amendments to the Contract of Sale and the Purchaser has signed the Contract of Sale and Section 32 Statement, you will sign the Contract of Sale via DocuSign or with your Real Estate Agent.
After signing the Contract of Sale
- If this does not concern a sale of a property that was sold at an Auction, or within 3 days of an Auction, the Purchaser has 3 days to cool off under the cooling off period under the Contract.
- Wait under the Contract becomes unconditional.
- Arrange with your Conveyancer or Solicitor to prepare the necessary Discharge of Mortgage and send the Discharge Authority to your Bank to inform them of the sale. This usually needs to be done 10 business days before settlement.
- Your Conveyancer or Solicitor will arrange to have your identity to be verified (Verification of Identity) as a measure that assists with reducing fraud, and will also have you complete a Client Authorisation, which authorises for your Conveyancer or Lawyer to complete the transaction on your behalf through PEXA.
- Sign and return any necessary information or documentation your Conveyancer or Solicitor request to complete the Clearance Certificate, GST Withholding and Section 27 Statement.
- Your Conveyancer or Solicitor will request the Real Estate Agent to pay the deposit into their trust account and request a copy of their Account Sales.
- If you do not have a mortgage over the property, or owe less than 80% of the purchase price on your mortgage, you can arrange with your Conveyancer or Solicitor to arrange for the early release of the deposit.
Prior to settlement
- Sign the Duties Form Online sent to you via email from your Conveyancer or Solicitor or sign the paper version of the document and return it to your Conveyancer or Solicitor so they can sign it on your behalf.
- Set up mail redirection with Australia Post for after the settlement date (if necessary)
- Contact a removalist (if necessary)
- Contact utility providers to arrange disconnection on settlement date and arrange final water, electricity and gas meter readings.
- Allow the Purchaser to complete a final inspection before settlement (usually organised by your real estate agent 1- 7 days before settlement).
- Your Conveyancer or Solicitor will arrange settlement with all parties and confirm the Statement of Adjustments (which adjusts the rates between both parties).
- If there are any surplus funds at settlement, you will either need to authorise your bank to collect the surplus funds or provide your Conveyancer or Solicitor with the bank account details to deposit such surplus funds into.
On or before the Settlement Date
- Leave all keys with the Real Estate Agent.
- Your Conveyancer or Solicitor will inform all parties that settlement has been complete and inform all rating authorities of the change of ownership.
After settlement
- Congratulations! You have sold your property.
- Cancel any insurance on the property.
- If GST Withholding applies, your Conveyancer or Solicitor will prepare all necessary documents for such GST Withholding.
- Notify all authorities of your change of address https://info.australia.gov.au/sites/default/files/global_site/library/documents/change_of_address_checklist_0.pdf (if applicable).
- Update your Will is necessary
If you need assistance with your sale, please call or email our office and we would be happy to assist you
