Selling a Property – After Contract Exchange

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Selling a Property – After Contract Exchange 2018-03-21T17:07:14+00:00

column2-image1 Selling a property

column2-image1After Exchange – Selling

Once the Contract becomes unconditional either after the expiry of the cooling off period or where a Section 66W Certificate is provided on exchange we will:

  1. Obtain confirmation from the agent that the balance of the deposit has been paid;
  2. Provide you with written confirmation of the date of exchange and expected settlement date together with detailed information as to the procedures that need to be implemented before settlement can take place;
  3. If you have a mortgage we will write to your mortgagee (lender) to arrange the discharge of the mortgage. You will be required to sign a Discharge Authority;
  4. Advise your selling agent of the date of exchange and expected settlement date;
  5. Arrange for you to sign the Transfer. This document is prepared by the purchaser and then forwarded to us for signature by you. The Transfer is one of the documents we hand to the purchaser on settlement in return for the settlement bank cheques;
  6. Obtain your instructions as to answers to the Purchaser’s “Requisitions on Title”, which are a series of questions the purchaser asks you about the property;
  7. Deal with any issues that crop up and obtain your instructions;
  8. Keep you informed;
  9. Closer to the expected settlement date we will speak to you and with your purchaser’s representative regarding settlement;
  10. Approximately a week prior to settlement we will make settlement bookings with your discharging mortgagee (lender) and the purchaser;
  11. Check settlement calculations including the amount your mortgagee (lender) requires to be paid on settlement to discharge the loan;
  12. Provide you with a Settlement Sheet detailing the adjustments of council, water rates, levies and any other outgoings, such as rent or land tax. The Settlement Sheet includes details of the distribution of the settlement funds;
  13. Remind you that you need to vacate the property on or before the day of settlement and provide vacant possession. Please ensure you remove all rubbish from the property including any items that you may have stored under the house, in the roof or in the garage;
  14. Forward to you a Tax Invoice of our professional fees and disbursements, which is usually paid from the settlement funds;
  15. Answer any queries you may have in relation to the settlement;
  16. Arrange and attend settlement;
  17. Advise you settlement has taken place;
  18. Advise your agent in writing that settlement has taken place and authorise release of the keys to the purchaser;
  19. Provide the agent with the purchaser’s authority to release to you the deposit less commission, GST and advertising fees;
  20. Bank your settlement cheque – you will need to provide us with your bank account details;
  21. Advise the local council, water authority and Owners Corporation (if a strata property) of the sale;
  22. Provide you with a formal settlement letter;
  23. Scan the Contract for future reference;
  24. Retain all the data dealing with the sale for future reference – there is no charge for this service;
  25. Archive your file and send it to our storage facility – there is no charge for this service.

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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