Before you or a Real Estate Agent can advertise your property for sale, you must have a draft Contract for Sale available to provide to any prospective purchasers and it must contain all prescribed documents.

Our Lawyers & Conveyancers will prepare this for you, provide a copy to you and your Agent to expedite the sale and marketing process.

Work we do includes:

• Order the statutory searches required by law to be contained in your contract for sale;
• Prepare the contract for sale and provide it to your real estate agent;
• Prepare special conditions;
• Answer any legal queries that prospective buyers and their solicitors might raise in respect of your property;
• Negotiate any amendments that prospective buyers and their solicitors might seek to make to the contract for sale for your property;
• Arrange the Exchange of contracts.

Preparations for settlement including:

• Write to your Mortgagee and Organise Discharge of your mortgage;
• Prepare all necessary documents to ensure settlement takes place;
• Arrange settlement;
• Deal with any caveat issues or other title issues that may arise;
• Ensure settlement figures are correct
• Make arrangements for settlement; and
• Arrange the banking of settlement proceeds

At City Legal Solicitors we are equipped with modern software and state of the art equipment to enable us to prepare Contracts expeditiously, order required certificates online and have Contracts scanned, emailed or burnt to DVD for you or for the provision to selling agents.

Once you have negotiated the terms of the sale with a purchaser we will update the contract and liaise with the Agent and the Purchasers Conveyancer to organise an "exchange".

Exchange is when the purchaser becomes "legally bound" to complete the transaction.

We will then arrange settlement on your behalf, and if appropriate, we will advise the discharging mortgagee and will keep you informed of the progress of your sale. Prior to settlement we will provide you with a comprehensive settlement statement including all the costs associated with the sale.

FAQ's -

What should I do before I sell?

The Vendor disclosure legislation in New South Wales requires you to have a Contract for the Sale of Land prepared and available before marketing the property and this Contract must include all necessary documents as set out by the relevant laws and regulations.

It is illegal for you or your selling Agent to advertise your property for sale unless a complete Contract is available to any interested purchaser to look at. There is a penalty for failure to have a Contract available when a residential property is offered for sale.

What is Vendor Disclosure?

The disclosure legislation in New South Wales also requires you to make certain disclosures to your buyer about the legal ownership of the property. It is essential that you are advised of all relevant disclosures and that you are well informed about what they are and what they mean before you put a property on the market.

What is a Contract for the Sale of Land?

The Contract is an important legal document which sets out information about the property you are selling and also sets out on what terms you are willing to sell your property. Items such as the settlement date (that is the date that the title deed will be legally transferred to the buyer and you will receive the settlement amount), Special Conditions which may include intentions regarding the deposit (whether you wish the use a deposit to purchase another property).

What should I do between exchange and settlement?

As the seller also known as the vendor of the property, you have an obligation to maintain the property in the same order and state of repair as it was at the time of exchange of contracts.

You will need to continue to pay all rates and taxes in relation to the property. On settlement, City Legal Solicitors will ensure that any rates and taxes paid by you post settlement date are refunded to you by the Purchaser on a pro rata basis.

What is settlement?

At this time you receive the balance of the sale price and hand over the title to the property to the buyer who then becomes the new legal owner of the property.

If you have a mortgage on title, it will be discharged using the settlement proceeds and you as the seller will receive the balance of your selling price.

For professional advice and service contact our property team at City Legal Solicitors by going to our website or by giving us a call.