Conveyancing can be a complicated business, not least because legislation varies from state to state in Australia. This means that what might apply in one state could be completely different in another, although there are some overarching rules that tend to apply universally.
Conveyancing, or selling a property, can cover the sale of land, properties on land, or properties within larger buildings, such as apartments. These different types of sale may be subject to differing contracts, depending on your location.
Accepting An Offer
When it comes to selling a property, you will first have to put it on the market and find a buyer. Determining your market price should be done with the help of estate agents – be sure to get a number of quotes before making your decision to ensure that you are getting the right price for your property. Buyers may agree on the asking price, or they may submit a lower offer, in which case you will need to negotiate and come to an agreement. For more tips on valuing your property, check out articles available online.
Negotiating Terms And Conditions
Once a price has been agreed upon, you will need to negotiate the terms and conditions of the sale. This step usually requires the help of a conveyancing solicitor, who will be able to set up legally binding contracts for you to sign. It helps to have this service ready in place before you reach this stage in order to reduce any delays to the process that could result in your sale falling through. If you are seeking conveyancing Brisbane property owners rely on, there are local conveyancers available who have a good grasp of Queensland legislation, so you can ensure your contract is fully legally binding.
You will need to provide them with detailed information on what you intend to include with the sale. This will relate to the established boundaries of the property; what fittings and fixtures will be included with the property, such as kitchen units and bathroom facilities; any ongoing disputes or complaints that are happening, for example with neighbours; and any known proposed developments in the area, such as building projects or road developments.
It will also include smaller details such as how the keys will be transferred and ensuring that you have made the appropriate plans to settle your mortgage. This should be done by requesting a redemption figure from your bank or mortgage provider, which will be paid once the sale has been completed.
From this information, your solicitor will draw up a draft contract to be sent to the buyer for approval or negotiation.
Before agreeing on the final terms of the contract, your buyer will carry out a survey of the property to assess for any hidden issues, such as damp or the need for roof repairs. If any significant issues are found, these may become points of debate in the contract or agreed sale price.
Once contracts have been agreed and exchanged between you and the buyer, you are legally bound to sell the property and are liable to be sued if you attempt to pull out. You can no longer accept any other offers. After the exchange, the buyer must provide you with the agreed deposit. You will own the property until the contract is officially completed.
Finally, it will be time to hand over the keys. On completion day, you will receive the outstanding sale price and you will need to officially transfer the registered name to your buyer, which again can be completed with the help of a solicitor. Once any outstanding mortgage balance has been paid on the property, you will have officially completed the conveyancing process!