What happens when I sell?

Suburban house in Melbourne

These are the steps in a standard sale conveyancing file:

  • You contact us and we provide you with a quote on your matter based on the information you provide to us about the transaction.
  • Upon your instructions to proceed, we will send you a questionnaire about the property and the contract to complete, and our costs information. We will ask you to obtain a verification of identity report at this time.
  • Once you have returned the questionnaire to us, we will order certificates and title searches and prepare a vendor’s statement and contract of sale.
  • You obtain a Verification of Identity report for us. It is critical that you do this as soon as possible so that there is no delay in settlement.
  • Once completed, we will provide the contract and vendor’s statement to you. You will need to sign the vendor’s statement and provide the contracts to your agent.  You will not sign the contract until you have one signed by a purchaser at a price you are happy with.  If any special conditions are requested by a purchaser, contact us before signing to ensure that you are not giving away rights unnecessarily.
  • Once you have signed the contract, you need to provide us with a full copy (or get the selling to do so) as soon as possible. This can be done by email.
  • The contract will become unconditional once the cooling off period has lapsed, the finance date has passed and when any other special conditions have been met.
  • We will advise your mortgagee that you have sold the property and request section 27 release of deposit details if appropriate. You may need to sign a discharge form with your bank.
  • When we have received the transfer of land document from the purchaser, we will draw a goods statement or goods statutory declaration and provide both documents to you to sign and return to us for settlement.
  • We will then arrange settlement with your financier and the other side.
  • We will review the statement of adjustments sent to us by the purchaser (including an adjustment of the rates, water fees and land tax so that you pay for the period up to settlement and the purchaser pay for the period after settlement).
  • We obtain a payout figure from your financier and your instructions as to any surplus funds.
  • We then advise the purchaser of cheque directions for settlement.
  • You need to ensure that the property is delivered in the same condition it was on the day of sale (subject to fair wear and tear), and vacant at settlement (unless the sale is subject to a lease). The purchaser is entitled to possession of the property immediately settlement has gone through so you need to ensure that the property is ready to hand over at that time.
  • We (or our agent) attend settlement on your behalf.
  • Once settlement has gone through we will advise you and the agent.
  • We then send final letter to you confirming the details of settlement.

At this point you:

  • Cancel your building and public liability insurance for the property.

 

Please note that the order in which events occur will vary with each matter and this information is provided to give you a general understanding of the process only.

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