Selling a Property

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Selling a Property 2018-03-21T17:06:37+00:00

column2-image1The Contract – Selling

column2-image1After Exchange – Selling

GENERAL INFORMATION FOR VENDORS

As a Vendor (Seller) of residential property you will need a Contract for Sale of Land prepared by a Property Lawyer before you or your selling agent can offer your property for sale to prospective NSW property purchasers.

The Contract must contain the following “vendor disclosure” documents:

  1. Full Title search for the property including a copy of the Deposited or Strata Plan together with any documents detailing any easements and/or covenants affecting the title;
  2. Zoning certificate from the local Council;
  3. Drainage Diagram;
  4. Swimming Pool Compliance or Non-Compliance Certificate.

We obtain these documents through our online facilities with the Department of Lands, Sydney Water and local councils.

In addition, the Contract may also contain:

  1. Special Conditions;
  2. Specific details of any defect with the property e.g. if the property is affected by a road widening proposal;
  3. Survey Certificate;
  4. Council Certificate of Compliance;
  5. Final Occupation Certificate;
  6. Home Owners Warranty Insurance Certificate;
  7. Foreign Resident Capital Gains Clearance Certificate if the property is likely to sell for an amount in excess of $2million;
  8. Land Tax Certificate;
  9. Building Over Sewer Letter, where part of house or other improvements have been constructed over the sewer;
  10. Residential Tenancy Agreement or Commercial Lease, if the property is to be sold subject to an existing tenancy;
  11. Details of any Special Levy (whether already struck or proposed by the Owners Corporation), if you are selling a strata property.

We will ask you to complete a questionnaire providing us with full details regarding you, the property you are selling, the selling agent, your lender and your loan reference number (if you have a mortgage).

If you have a mortgage registered on the title to your property, your mortgagee (lender) will hold the Certificate of Title as security for repayment of your mortgage (loan).

If you do not have a mortgage we will ask you to locate the original Certificate of Title for the property.

We provide prompt conveyancing solutions (usually the same day) and can answer any questions you may have in relation to the sale process.

Once we have received all of the disclosure documents, any additional document and your answers to our questionnaire, the Contract will be prepared the same day. The Contract will then be emailed to you and your agent. We will also provide the agent with an original and a copy of the Contract.

Your property can then be listed for sale.

Selling your property

FAQ’s

Who is a “Mortgage Holder” 2018-03-21T16:45:40+00:00

Your Lender (known as a “Mortgagee”), such as a Bank or Credit Union.

The Lender “holds” a Mortgage secured over the title to your property.

The Borrower is known as a “Mortgagor”.

The Lender holds the Certificate of Title for the property as security for repayment of the loan.

What is vacant possession? 2018-03-21T16:44:48+00:00

At settlement the vendor must completely move out of the property he is selling together with all of his furniture, rubbish and stored goods.

A purchaser will usually conduct a final inspection of the property on the morning of settlement to ensure that the property will be left vacant by settlement time.

All goods and/or rubbish stored under the house, in the garage or in the roof, should be removed prior to settlement.

What is an “off the plan” purchase? 2018-03-21T16:44:07+00:00

A Contract for the purchase of a block of land in a larger parcel of land that is yet to be subdivided or an apartment in a building yet to be built or is in the course of construction.

The Contract is conditional upon registration of the plan of subdivision or strata plan.

It is very important you are able to identify the block of land or the apartment in the proposed plan to ensure you purchase the correct property.

“Off the Plan” transactions usually span a long period of time, from the date of exchange of the Contract to the date of settlement.

Who notifies the authorities that I have purchased a property? 2018-03-21T16:43:18+00:00

The Department of Lands requires us to provide information in order the local Council, water authority and the Valuer General are advised of the purchase. In addition, we also advise these organisations that you have purchased the property. We advise the strata manager if you have purchased a strata property.

Do I have to attend the settlement of my sale/purchase? 2018-03-21T16:42:44+00:00

No, we attend the settlement for you as this is included in our fees. However, if you would like to attend your settlement and watch what happens, please let us know.

What is a “Torrens” Title? 2018-03-21T16:41:57+00:00
The “Torrens Title” system is a system of registration of title, designed in the 1850s by Robert Richard Torrens for the South Australian land title registry.  The NSW Department of Lands has been using the “Torrens” system since 1863.

A single register is created for each land holding. All details and interests affecting the land such as easements and covenants are then recorded on the register.

Each property in NSW is given a unique computerised reference number – a Folio Identifier consisting of the lot number in either a Deposited Plan or Strata Plan.

Contrary to a popular belief a “strata title” is a Torrens Title.

Do you have Professional Indemnity Insurance? 2018-03-21T16:41:12+00:00

Yes.  Professional Indemnity Insurance is compulsory for all solicitors in NSW.

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