Step-by-step process in a sale transaction
before an exchange of Contracts takes place.
Step 1: Contact us to prepare a Contract for Sale. A vendor questionnaire with cost agreement will be forwarded to you.
Did you know: The Law provides that before a real estate agent or owner can place a property on the market they must have a complete contract for sale in their possession so that any prospective purchasers can inspect the contract. There are also hefty fines imposed on anyone caught promoting the sale of a property in anyway before a contract is prepared.
Step 2: Nominate and appoint a real estate agent to list your property for sale.
Step 3: Contract will be prepared and forwarded to your nominated selling agent to begin marketing of your property.
Step 4: Once sale is negotiated, we will liaise with you regarding any further terms requested by a purchaser and arrange for you to sign a contract. Counterpart Contract is forwarded to the purchasers solicitor/conveyancer.
Once Contracts have exchanged, which means contracts are binding, we will then send you our firm's checklist on the next steps
Important Legal Tip:
Ensure that all your building insurances are maintained and not lapse before settlement as the building on the property remains your risk until you settle.
Did you know:
Should your building be damaged by flood, fire or other catastrophe, the purchaser is not bound to proceed with the purchase or, depending on the amount of damage, may proceed on the basis of renegotiating the price to cover the cost of repairs.
As the vendor, be specific in what you would like to include or exclude from the property.
The contract of sale should include a record of the inclusions and/or exclusions to avoid any misunderstanding so that purchasers are aware of this prior to an exchange of contracts.
Ensure you note anything sentimental you wish to take with you that may be fixed to the property for eg, curtains that match your furniture. If you are still in doubt call us to discuss.
What are fixtures:
Items that are physically and permanently attached to a building such as bath, toilet, stove, rangehood, built-ins etc. that cannot be removed without causing damage.
Do I need a survey report arranged when selling?
It is preferred that an up to date survey report be attached to the Contract so that any encroachments are disclosed to the purchaser and the purchaser is then prevented from making a claim for compensation. However, it is not a mandatory requirement to attach a survey to a contract for sale.