Planning on selling your home in Sydney?
Before popping out the “for sale” sign on your property, have you made sure your sales contract protects you?
Regardless if you want to sell using a local real estate agent or on your own, it’s important to understand that the contract may make or break your sale.
We spoke to local Sydney conveyancers in our Top 3 Local Choice network to find out what you need to know about home selling to ensure no issues occur.
Creating the sales contract
Ideally you should have a contract ready once the marketing and the selling process starts. Consult a conveyancer on how to draft contracts properly and which terms apply to your property.
Contract cooling periods?
Local Sydney conveyancers also explain that you have two options under the contract exchange of the selling process: under a cooling period or without a cooling period.
Contracts under a cooling period give purchasers leeway to amend the contract. You’ll have to discuss with your real estate agent and conveyancer about the implications of the changes. If agreed, then the purchaser will carry out the pest inspection and obtain their loan approval.
After settling the deposit and if the purchaser did not rescind, you (the seller) and the purchaser will be locked into the contract.
Contracts without a cooling period follow a similar process only that you are not locked into the contract yet and still have room to offer the property to other purchasers. Should the purchaser feel satisfied upon initial inspection, the contract can be signed and deposit will be settled.
Ensuring you get your money from the sale
After the exchange, you’ll still need to go through the settlement which involves the discharge of the mortgage and ultimately getting the proceeds of the sale in your bank.
On the conveyancer’s part, they will arrange the property and mortgage transfer (a legal document that gives the property ownership from you to the purchaser).
The good thing about working with a conveyancer is that they can represent you in this process, working closely with you, your real estate agent, bank and/or mortgage provider to ensure that this all happens by settlement date and without issue.
Ensuring a smooth and stress-free selling process requires knowledge, legal expertise and working with the right local professionals, especially a great conveyancer and real estate agent.
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