Selling a Property

1.  Determining the Sale Price

Obtain a number of free market appraisals from several Real Estate Agents in your area to determine the likely value of your property.   Appoint the Agent with whom you are most comfortable and who proposes a marketing plan which appeals to you.  Avoid the trap of simply appointing the agent who promises the highest price for your property.  The promised price may be inflated and unrealistic. 

2.  Getting a Contract Prepared

Whilst you are carrying out step 1, see your Lawyer and begin the preparation of the Contract for Sale of Land.  By law, the agent must not market the property without a contract.  By getting your contract done early, your agent will be able to begin the marketing and sale process as soon as you engage them. 

You must provide your Lawyer with a list of all inclusions to be sold with the property (eg window coverings, light fittings, insect screens, fixed floor coverings etc). Also provide a list of the items which are not to be included in the sale.  If your property is tenanted, provide your Lawyer with a full copy of the Lease.  If you have the old contract or a copy of the survey, they will assist your Lawyer.  A copy of your Council rates, Water rates and Strata levies notices will also be very helpful.

3.  Accepting an Offer

Your agent will advise you of all offers made on your property.  If you accept an offer then the Agent will advise your Lawyer who will finalise the contract in readiness for exchange.

4.  Exchange of Contracts

The purchaser may ask for changes to be made to the contract.  Once the terms of the contract are agreed upon, your Lawyer will ask you to sign the contract and proceed to "exchange".  Exchange means that the contract signed by you is swapped with an identical copy of the contract signed by the Purchaser.  Normally, the Purchaser is required to pay a deposit of 10% either by cheque or Deposit Bond.  The deposit is normally held by the agent.  Exchange means that the contract is now legally binding on the parties.

Where purchasers exchange contracts without first obtaining legal advice, they will have a cooling off period of 5 working days which enables them to pull out of the contract during the cooling off period.  A penalty of 0.25% of the agreed purchase price will be forfeited to you if the Purchaser pulls out.

5.  Answering Requisitions

The Purchaser will ask your Lawyer questions about the property.  Your Lawyer will prepare a draft response on your behalf and submit it to your for your approval before replying to the Purchaser.

6.  Arranging for Discharge of Mortgage

Your Lawyer will arrange for your Mortgagee to prepare a Discharge of Mortgage.

7.  Getting the Mortgage payout figure

Just before settlement, your Lawyer will obtain a payout figure for your loan and arrange for cheques to be drawn by the Purchaser to cover the loan payout.

8.  Settlement

Your Lawyer will attend settlement on your behalf to complete the conveyance.  If you are promising vacant possession, then you must remove all of your belongings from the property and leave the property on or before the day of settlement.  Arrangements should be made with the agent for the keys to be collected.

If the property is sold subject to a tenancy, your Lawyer will calculate the adjustment of rent and prepare a Notice of Attornment on your behalf.

Your lawyer will forward to you the balance of the proceeds of sale.  Your agent will account to you for the deposit held by them after deducting their commission and selling expenses.

The above is not legal advice and is only a brief summary of a complex area of Law.  You must seek legal advice which is appropriate to your particular and specific circumstances.

Buying a property step by step
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Help with your Conveyance

Patrick Lim & Associates understands that buying or selling a residential or commercial property is a big decision and a significant matter for most people.

Here at Patrick Lim & Associates, we cater to all people making property transactions in New South Wales.

Patrick Lim & Associates specialise in:

• Assistance with the sale or purchase of property.
• Guidance on costs involved including stamp duty and taxation
• Advice regarding the Contract for Sale
• Advice and representation to negotiate special terms and conditions for the sale or purchase of your property
• Advice on lenders' requirements
• Performing title searches
• Advice on the right questions to ask the seller to ensure the property is legitimate and correctly valued
• Assistance with property settlement
• Contract review and preparation
• Property settlements and negotiations
• Commercial & Retail Leases
• Auction enquiries
• Assistance with identifying suitable opportunities for finance
• Assistance for first home owners & the First Home Owners Grant
• Mortgages, refinancing & property deposit bonds
• Property developments
• Property subdivision

Our conveyancing services are offered at competitive rates, and we deliver them through a highly qualified and experienced team.  At Patrick Lim & Associates, your matter will personally handled by a Lawyer (not a conveyancer or law clerk).  The Lawyer assigned to your matter will personally keep you up to date on the progress of your matter and will be available to personally answer your questions.

To arrange a consultation with Patrick Lim & Associates and chat with an experienced solicitor

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