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Shop 1, 341 Great Western Highway, St Marys 2760
PO Box 21 St Marys NSW 1790
02 9833 7205
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Property Sales

Thomas Adams Conveyancing Solicitors

STEPS IN THE SALE OF YOUR HOUSE

STEP ONE

You decide to sell your property.

STEP TWO

You go and ask a real estate agent to market your property for you. This involves deciding which agent to use, and then signing an agency agreement with them.

STEP THREE

You ask us to prepare the Sale Contract which is the document required for the estate agent to market the property and which governs the sale of the property to a purchaser. This contract is required by law to disclose certain information to buyers. It includes various certificates of different government authorities, for example a local council zoning certificate. The Contract outlines such important details as the sale price, the length of the settlement (which is usually 42 days), and items which are remaining with the property.

STEP FOUR

A buyer makes you an offer that you cannot refuse!. The Sale Contract is signed and dated and each parties’ representative is given the copy signed by the other party. This process is known as the ‘exchange’ of the contracts. From this time you are bound to sell the property to the purchaser on the terms set out in the contract. From the time of exchange you generally have only six weeks to move out of the property, so if you don’t have somewhere to go, start looking quickly!

STEP FIVE

Cooling-off period. This is a time which runs for 5, 10 or sometimes more days (subject to you agreeing) after the exchange of contracts. In this time the purchaser finalises their finance (which requires things like valuations to be done of the property), and also has inspections made of the property usually by a builder, a termite controller, and sometimes a land surveyor and the local council to check council compliance. During this time, if the finance does not come through for some reason, or the purchaser discovers something that they are not happy with the purchaser can end the contract.

STEP SIX

End of Cooling-off period. The purchaser pays the deposit. This is usually 10% of the purchase price. It is sometimes paid in the form of a cheque. Sometimes the purchaser will provide a ‘deposit bond’ instead of an actual deposit. This is a guarantee issued by a large financial institution like a bank which says that if the purchaser does not proceed then the bank will pay the deposit on behalf of the purchaser. After the cooling-off period ends the purchaser can not end the contract without forfeiting 10% of the purchase price to you.

STEP SEVEN

Transfer. The purchaser’s solicitor prepares a Transfer document normally around two weeks after the end of the cooling-off period. This is the formal document transferring the house and land to the Purchaser. You generally will need to come to our office to sign this document.

STEP EIGHT

Settlement! Normally, unless otherwise agreed, you are required to vacate the property prior to the settlement. The purchaser does a final inspection of the house usually the night before or the morning of the settlement. They are checking to make sure that you have not left the premises untidy, taken something that was supposed to stay, or damaged the premises since the exchange. The settlement process is the formal hand over of the property’s Certificate of Title and other necessary documents to the purchaser. It normally takes place in the city. The purchaser’s representative hands over bank cheques to pay the balance of the purchase price and we or your lender on your behalf hand over the Title documents.

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Our Advantages

  • We provide exceptional customer service and have extremely competitive rates.
  • Our fixed fee conveyancing fees with no hidden extras provide value for money.
  • We give clear, cost-effective legal advice and aim to implement the best solution for your legal problems.

Our Services

  • Commercial Matters
  • Court Matters
  • Family Law
  • Property & Conveyancing
  • Property Purchase
  • Property Sales
  • Police Matters
  • Wills, Estate Planning & Probate

Contact Us

  • Shop 1, 341 Great Western Highway,
    St Marys NSW 2760
  • PO Box 21 St Marys NSW 1790
  • 02 9833 7205 | 02 9833 7203
  • info@thomasadamssolicitors.com.au

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