Selling a property

Selling a property can be extremely stressful and overwhelming. However, with the assistance of our experienced team at RESCOMM Conveyancing, we will guide you through the entire process in a seamless and stress-free manner.

These are the key steps involved in selling a property.

Contact RESCOMM Conveyancing

Did you know, a Real Estate Agent cannot market your property for Sale unless a Contract for Sale has been prepared and is available for viewing by the prospective purchaser or their solicitor/conveyancer? 

As a first and vital step, get in touch with our team who will explain the entire process involved in selling a property. Our role is to provide you with expert advice and a high level of customer service that protects your interests, ensuring that you are always well informed through clear communication and ultimately providing you with a service that you can trust.

Preparing Contract for Sale

Our team will prepare the Contract for Sale of land on your behalf. For us to do so, we will require:

  • Copy of rates notice

  • Copy of identification for all registered proprietors

  • Completed vendor questionnaire form in which one of our friendly team members will provide

Once we have obtained all the necessary and relevant information, we will prepare the Contract for Sale and have it collated in its correct order which will then be sent to yourself and agent for marketing of the property to occur.

Contract for Sale amendments

Once your property is on the market, prospective buyers may request amendments to the Contract for Sale. Do not be alarmed, this is very normal and confirms that the prospective purchaser and their legal representatives are carrying out their due diligence.

We will review all requests on your behalf, put forward our recommendations and then call you to explain and discuss each and every single requests and the impact it may or may not have on you or your transaction.

Exchange of contracts

Once you have accepted an offer from a prospective buyer, contracts will be signed by both the vendor and purchaser, and once both Contracts for the Sale of land are held by the authorised representative, they are then permitted to carry out the exchange process. The contracts for the sale of land are now legally binding.

The exchanged contracts will note all the agreed information that the vendor and purchaser have agreed too.

Prior to settlement

To ensure that you are ready for settlement in time, our specialised team looks after the following on your behalf:

  • Discharge authority is prepared, signed by all parties to the loan and sent back to the outgoing financial institution.

  • Reply to Requisitions on Title.

  • Land Tax Certificate is ordered and issued to the purchaser.

  • Foreign Resident Capital Gains Withholding Certificate is completed and requested from the ATO, if your property was sold for more than $750,000.

  • Review the Settlement Adjustment sheet prepared by the purchasers representative to ensure the figures are correct and you are paying only for the time that you own the property.

  • Create the online electronic workspace and invite all parties to the sale to ensure that settlement occurs smoothly and on time.

  • Review the transfer prepared by the purchasers representative ensuring all details such as the purchase price, party names and title details are correct.

Once the outgoing financial institution has accepted the settlement workspace and provided the payout figure we will provide you with the settlement figures to ensure that the payout figure and payments to the relevant council, water and any strata authorities that may apply, are correct.

We do not proceed to settlement until you have provided our office with written confirmation that you are satisfied with the breakdown of the figures and you are happy to proceed to settlement.

Settlement

Most settlements are now mandatory to be settled online via PEXA, the electronic workspace platform. We will update the agreed settlement figures into the workspace, including any surplus funds and sign off in readiness for settlement to be completed at the agreed time.

Once settlement has been completed, all funds will be disbursed to the required debtors and the transfer will be registered in the name of the new purchaser.

We will advise the Real Estate Agent once settlement has been completed by providing them with an Order on the Agent. This authorises them to transfer the balance of the deposit funds that they hold in their trust account into your nominated account.