SELLERS CONVEYANCER CHECKLIST

SELLING YOUR PROPERTY : WHAT DO YOU NEED TO DO?

Before listing your property with a real estate agent, consult Horrocks Solicitors about:

  • The type of agreement with the real estate agent

  • Any Warning and Disclosure Statements that need to be completed

  • Which fixtures and fittings will be included

  • Your responsibilities regarding any current tenants

  • Any modifications you’ve made to the property

  • The settlement date and, if applicable, the timing for purchasing a new home

  • Any special conditions you want to include in the sale.

    1. Notify Your Bank: If you have a mortgage, inform your bank about the sale and complete the necessary form (Discharge Authority/Authority to Release Mortgage). If you don’t have a mortgage, you can skip this step.

    2. Provide Banking Instructions: Specify the bank account where you want the settlement funds to be deposited. If you have a savings account with the same bank that holds your mortgage, you might be able to direct them to handle the deposit of the funds directly into your account at settlement.

    3. Notifying Tenants About the Property Sale When your property is rented out, it’s essential to inform the tenants about its sale.

    Additionally, you should coordinate with the real estate agent and the buyer regarding this situation.

    In certain instances, the buyer might wish to move into the property after the sale, but they may not have the right to do so if the tenants' lease is still active and proper notice has not been given.

    4. Disclosure Requirements

    When selling a residential property, you are legally obligated to provide certain information to potential buyers before they sign a contract. Failing to meet these obligations can lead to penalties, and the buyer may have the right to cancel the contract and seek compensation.

    For instance, you must:

    • Provide a disclosure notice to a prospective buyer if the property has a pool and lacks a pool safety certificate. You must also present either a pool safety certificate or a notice stating that no certificate is available before settlement.

    • Reveal any encumbrances affecting the property.

    • Inform the buyer if the property is listed on the contaminated land or environmental management register, or if there are any applications or orders related to a tree on the property.

    If you are selling a unit or townhouse, you must also give the buyer information about the body corporate.

    Additionally, before settlement, you must:

    • Notify the buyer whether the property has compliant smoke alarms and an approved electricity safety switch.

    • Obtain and provide the buyer with a clearance certificate from the Australian Taxation Office.

    A solicitor can help ensure you meet all disclosure requirements.

    5. At the final inspection, the following should be verified:

    • The Seller has vacated the property (or is expected to be nearly moved out by the Settlement date).

    • All trash has been cleared.

    • The Seller has left behind any items included in the sale agreement, such as the dishwasher, blinds, light fixtures, etc.

Understanding the Roles of Solicitors and Real Estate Agents

It's essential to recognise the distinct functions that solicitors and real estate agents serve in the conveyancing process.

Solicitors are legal professionals specialising in conveyancing, trained to manage property transactions and safeguard your interests. They provide expertise on various legal aspects, such as whether special conditions are necessary and addressing legal matters related to conveyancing, like updating your will or setting up an Enduring Power of Attorney and Advance Health Directive.

On the other hand, real estate agents, or property agents, represent the seller and earn a commission upon the sale of the property. Their role is to secure the best possible price and terms for the seller. However, real estate agents are not qualified to offer legal advice, draft contract clauses, or make alterations to the contract.

What will Horrocks Solicitors do for you in the sales conveyancing process?

Once a buyer has signed the purchase contract and paid a deposit, your agent will deliver the contract to you by hand, mail, or electronically. Before you sign, Horrocks Solicitors will review the contract to ensure it meets all necessary requirements.

Leading up to the settlement date, our expert conveyancing specialists will:

  • Verify that all documents requiring your signature are accurate

  • Ensure all outstanding government fees, such as water rates, are settled

  • Calculate any necessary adjustments to the purchase price as stipulated in the contract

  • Arrange for the repayment and legal discharge of any mortgage on your property

  • Ensure you receive full payment for the property.