FAR NORTH COAST CONVEYANCING

SALE BY AGENCY OR PRIVATELY
When selling your property, many people choose to engage a Real Estate Agent to list the property for sale and negotiate a price. Your Agent must have an agency agreement signed before they can list your property for sale. Your Agent will negotiate with interested buyers in the area, and this process will generally determine your property’s final value. Alternatively, your property may be listed for sale at Auction.

DRAFTING OF CONTRACT
Once you have either accepted a verbal offer to purchase, or decided to list the property for sale at Auction, a contract will be drafted. The contract details the the conditions of the sale, together with what is included in the sale. There are certain documents that must be attached to the contract. We will prepare the contract and provide it to the agent.

DUE DILIGENCE BY BUYER
In a regular “Private Sale” (i.e. not an Auction), the buyer will generally conduct Due Diligence on the property at this time. This generally includes building and pest inspections, and confirmation of finance if required.

Under Auction conditions, Due Diligence is generally conducted by buyers prior to Auction.

EXCHANGE OF CONTRACTS
Once the vendor and purchaser agree of the terms of sale the Contract is finalised in duplicate, compared to ensure they are identical dated and “exchanged”. Under Auction conditions, this generally happens the same day, or the following business day.

Contract Exchange is a formal part of the conveyancing process; after this time, you are legally obligated to complete the sale of the property, and cannot change your mind.

THE COOLING OFF PERIOD
In NSW, Residential property sales can have a cooling off period of five business days before the contract becomes binding. However in recent times, this cooling off period is generally waived by the buyer.

INSURANCE
The risk of damage stays with the seller up until completion, or the purchaser taking possession of the property. The seller is legally obliged to hand over a property in the same condition as the purchaser inspected it.

DISCHARGE OF ANY MORTGAGE
If you own money to a lender who has a mortgage registered then you will need to have the mortgage discharged at settlement. We will communicate with your mortgagee requesting that everything is prepared in readiness for settlement.
If you do not owe any money, the Title Deed will be required to complete settlement. If we do not already hold it, please ensure it is delivered to our office prior to settlement.

COUNCIL RATES, WATER AND STRATA LEVIES
The Contract provides that council rates, water and Strata Levies be adjusted at settlement. They will be adjusted so that you pay rates up until the day of settlement. They are adjusted as if the rates are paid in full regardless of whether they are or not. Any outstanding rates are paid from the sale proceeds.

PRE-SETTLEMENT INSPECTION
It is standard practice for the Buyer, or their Agent, to conduct a pre-settlement inspection. This is to ensure that you, the seller, have met your obligations under the contract and are ready to hand over the property in a fit and proper condition.

SETTLEMENT
The day of settlement is determined by the date of exchange and is normally 28 days after that date. You generally need to make arrangements to vacate the premises prior to or by the time of settlement. The settlement time is determined by the availability of all parties to the transaction.

The property should be left in a clean and tidy condition and all possessions moved from the property by settlement time. It is at settlement that the deeds to the property are handed over for payment of the sale price.

AFTER SETTLEMENT
At settlement we will account to you for any of the proceeds of sale that are paid to you after all adjustments and any loan repaid. Often the sale proceeds are not available until the next working day.