Why you need conveyancing help before you sell your property
Published 14 Nov 2018
Trying to sell your property in NSW can quickly become a more complicated matter than you expected if you haven't done your due diligence. Preparing the sales contract, mortgage arrangements and other related documents are vital parts of the sales process. And while you can do your own conveyancing work when preparing your property transaction, it helps to have legal expertise in your corner to ensure nothing goes wrong before the final hurdle. Malouf Solicitors' knowledgable Parramatta conveyancing lawyers compiled this brief guide to help understand why you need before selling your property.
What does conveyancing entail?
Conveyancing covers various responsibilities for preparing sales documentation and managing the relationship between buyer and seller. Administrative tasks include:
- Arranging building and pest inspections.
- Preparing and examining vital legal documents such as mortgage agreements, land title transfers and sale contracts.
- Checking if there are outstanding arrears or tax obligations.
- Researching if government authorities (such as local council) or private interest groups (for example Indigenous rights groups) have vested interests.
- Ensuring all property information, such as maintenance and building records, are transferred between the buyer and seller.
What are the key steps in selling your property?
Selling your NSW property requires working with a property law solicitor through five steps:
1. Pre-contract - This initial undertaking sees the conveyancer draft a first contract. Both parties need to review, agree on and sign all copies of the contract. At this stage, the seller is also required to obtain various government verifications, such as a Zoning Certificate, to be presented to the buyer for review.
2. Exchange - Once the signed contracts have been analysed, dated and exchanged by both parties, the sale becomes legally binding for both buyer and seller. The seller should also receive a deposit for the sale, to be held until the settlement is finalised.
3. Cooling-off Period - Property sales in NSW usually contain a 'cooling-off' clause in the contract. This allows the buyer to rescind the deal for any reason within a five business-day period, beginning once the contracts are signed and exchanged. Sellers should include a forfeit price stipulation within this clause, to ensure their legal and administrative expenses are covered in case the sale doesn't go through.
4. Final inspection - The property buyer is also entitled to a final inspection during this cooling-off period. The seller is required to vacate the property and leave it in a clean condition. This task is vital, as buyers who find the property in an unfavourable state can delay final settlement until the situation is resolved.
5. Settlement - Here, the property titles, legal documents and access measures such as keys and alarms codes are formally handed over to the buyer and the balance of the sale is transferred to the seller. This marks the end of the conveyancing process.
Why do I need conveyancing expertise?
Any number of things can go wrong during the sales process, especially in the legal grey areas during the cooling-off period and final inspections. Similarly, issues with contracts may set the settlement time back significantly.
The expertise of a property law solicitor can help during the complicated conveyancing process and be a massive aid if other legal issues arise. For more information, contact Malouf Solicitors today.
Please call us on 02 8833 2000 to speak with a lawyer
I would just like to say thank you to Anthony who assisted my son in his matter. He is a first home buyer and was pressured into signing a contract prior to obtaining legal advice. The contract was certainly was not the normal straight forward type. To be able to obtain the help and assistance he did from Anthony and rescind the offer the next day, was wonderful. We were able to have a stress free Christmas. I am unable to thank him enough for this. My son and our family will be contacting Anthony when we find the next property.
Kim of Sydney