Check ListA Step-by-Step Guide to the Selling Process

Vendor Conveyancer
When you're ready to Sell, you'll need a Contract
What You Do What We Do

When you're ready to Sell your property, the first thing you'll need is a Contract.

  • Complete our Selling Order Form online
  • You will receive an email Form requesting important information about your property
  • Complete and return the Form to us

Note: Without a Contract, your Real Estate Agent cannot sell your Property.

Once we've received your Order:

  • We will Order the documents required by law to prepare the Contract
  • We will email you another Form for you to fill in with important information we need to complete the preparation of the Contract

Once we receive all the documents required by law and your additional information:

  • We will complete the Contract
  • We will email a copy to you and to your Real Estate Agent

The property may now be put up for sale.

While your Property is being Marketed, and a prospective Buyer is found
What You Do What We Do

When there is a prospective Buyer, your Real Estate Agent will send us a Sales Advice with the Buyer's details and the negotiated price.

You just need to discuss and instruct your Real Estate Agent what price you'd be happy to sell to the Buyer

We will prepare 2 original Contracts with the Buyer's details, and:

  • Send one original to the Buyers' Conveyancer, and
  • Keep one original for you to sign if the sale goes ahead
While the Prospective Buyer is deciding
What You Do What We Do

Your Property is still on the market, being offered to other Buyers.

If the Buyer doesn't go ahead, we just wait until another comes up.

We will wait for the Buyer to get ready, usually after they:

  • get a Loan approval
  • negotiate with us the terms of the Contract, and
  • get a Building or other Inspection Reports
When the Buyer is ready to Buy, time to Exchange
What You Do What We Do

If you are happy to sell, and the Buyer is happy to buy:

  • Sign the Contract

The signing can take place anywhere, but it usually happens at our office, the Vendors' Real Estate, Solicitor or Conveyancers office or the Purchasers home.

Once you have signed

  • We, or the Real Estate Agent, will Exchange Contracts with the Buyer
  • We will confirm the Buyer has signed the Contract and paid the Deposit

This process is called Exchange, and the Property has now been formally sold.

Once Sold, it's time to Cool Off
What You Do What We Do

From the date of Exchange of Contracts the Buyer typically has 5 business days to pull out and cancel the Contract. If they do, you will get 0.25% of the Price.

This time is referred to as the Cooling-Off Period, which allows the buyer to change their mind with a relatively small penalty for taking your Property off the market.

Important Note: You may negotiate that the Buyer skip or extend this 5-day Cooling-off Period

If advised by the Buyer that they'd like to cancel the Contract, and it is still within the Cooling-off Period, we will refund the deposit paid less 0.25% of the Price, which we will credit to you.

If the Buyer is definitely going ahead with the Purchase
What You Do What We Do

Settlement usually happens 42 days (6 weeks) after Exchange of Contracts. In this time you must:

  • sign your Lender's "Security Release Form"
  • reply to the Buyers' requisitions
  • sign the form of Transfer of Title
  • provide us with details of payments like Council rates
  • give us instructions regarding sale proceeds
  • ensure the property is vacant on Settlement Date (unless it was sold with a Tenant)

Note that the 42 day period is a Standard, but during Contract preparation you may specify that settlement occur earlier or later.

If the Buyer cancels the Contract at this stage, you may get the 10% deposit.

We will do all the necessary work to be ready for Settlement, including:

  • asking your Lender to prepare a Discharge of Mortgage and provide a Payout Figure
  • collecting further information about the property
  • replying to the Buyers' requisitions
  • prepare for Settlement by arranging appointments, calculating adjustments and drafting necessary notices, orders and directions

Note that we make every effort to get loan payout figures and arrange booking with your Lender, but most of the time Lenders makes this simple process more difficult than need be.

If we've tried and are unable to get loan payout figures from your Lender, you will need to provide us this information.

Just before Settlement
What You Do What We Do

On, or just prior to, Settlement you must allow the Buyer to do a final inspection of the Property.

We'll confirm everyone and everything is ready for Settlement day

Settlement day
What You Do What We Do

CONGRATULATIONS!

Your Property has now been sold.

  • The Buyer must be able to collect the keys from your Real Estate Agent and get possession of the property as soon as the sale has been completed.

We will:

  • Attend Settlement
  • Ensure the transfer of ownership is correctly performed
  • Ask the Real Estate Agent to release the keys to the Buyer
Done