| Basic Legal Steps to Selling Your Home

There are a number of legal processes that need to take place after you have accepted an offer on your property.  A lot of this is taken care of by your agent in conjunction with your conveyancer. This time is called the “settlement period” and usually takes around 60-90 days. 

Normally there will be 2 legal teams working on the final settlement of the sale of your home.  Your conveyancer and the buyer’s separate conveyancer. There are also other third parties included such as inspectors, valuers, council, and banks (yours and the buyers).

The basic steps to complete the transaction include:  

Contract of Sale
This is the agreement/contract between yourself and the buyer that states:

  • Sale price
  • Deposit required
  • Settlement date
  • Contingencies
  • What is included in the sale

There will be two duplicate copies, both signed by both seller and buyer and then formally exchanged.

Vendor Statement
The contract of sale is accompanied by a “Vendor Statement.  This is a statement you provide regarding any issues the buyer needs to be aware of.  For example: Zoning, Flood, easements, outstanding mortgage.

The Deposit
When the contract of sale is exchanged the buyer must pay the required deposit at the same time.  This money is normally held in a trust account by the buyers conveyancer.

Pre-Settlement
The buyers’ conveyancer will manage most of the paperwork.

  • The initial settlement statement
  • Title Search / Certificate of Title / Transfer of Land.
  • Identification of Encumbrances.
  • Stamp Duty Application / Electronic Advice of Sale (EAS).
  • All conditions in the contracts of sale have been met. 
  • Authority to Proceed to Settlement.
  • This vary from state to state.

Conveyancers will work together to take care of various rates and taxes. Inc.

  • Ensuring there are no outstanding water or council rates owing.
  • Check for outstanding special government levies. 
  • Ensure there are no outstanding strata levies.

Your conveyancer will liaise with your bank to ensure the correct money is paid to release the mortgage on the property.  

Final Settlement
This is when the funds are transacted and the property keys are handed over.  This completes the transaction.  You (or the buyer) do not need to be present for this, as it is a legal formality.  You will then be advised by phone that the transaction is complete and the funds (less expenses and mortgage payout) have been deposited into your nominated account.


Disclaimer:  Although all care is taken.  We do not give any warranty whatsoever to the accuracy of any content.
This is not meant to be financial or professional advice and is only of general nature.  You must seek professional advice before taking any actions. The above information comes with no warranties whatsoever.  We take no responsibility for any actions you may or may not take. All content is of general nature only and is NOT to be taken as advice whatsoever

Gino Sotto

Residential Sales Agent
Raine & Horne Parramatta

P: 0426 228 014
E: gino@rhparramatta.com.au
W: raineandhorne.com.au/parramatta

TESTIMONIALS:

Gino’s professional attitude and friendly nature was a breath of fresh air.  Thank you for your support and professionalism throughout the sale of our property.  Appreciate the extraordinary lengths you went to to achieve an outstanding result!
Jeanne Appleton, Northmead. NSW

Excellent communication and great confidence when negotiating with buyers. Gino focussed his attention on achieving a sale price well above our expectations. Well done Gino and your selling team.
Ralph and Maryanne Pasero, Rydalmere NSW

I found the sales team at Raine and Horne Parramatta a pleasure to deal with. Their expertise and continuous updates in selling our home was outstanding. Great work Gino!
Rochelle and Casba Webb , Parramatta NSW

A genuine performance-based selling agent Gino Sotto helped us achieve a quick sale, which saved us a lot of time and money. We would not hesitate recommending Gino & his sales team to others.
Lawrence and Kim Davies . North Rocks NSW

We were delighted with Gino Sotto and the sales price achieved for our house and the specialist approach to selling residential real estate in our area.
Danny and Manal Ayoub Merrylands NSW