What Do Sellers Need To Know
So you’re selling your property?
Your first decision is whether to market the property yourself and engage an agent.
If you decide to go on your own we can assist you with a title search and an Offer and Acceptance Contract for a nominal cost. We will discuss the requirements of the contract and the time needed for settlement. We can advise you of some of the ways you should prepare your property for sale. Do you have some treasured items eg Chandelier not to be included in the sale? We let you know about the importance of receiving a reasonable deposit.
If you decide that wish to appoint a real estate agent we can discuss with you the need to obtain at least three market appraisals. It is really important not to appoint an agent because they either charge the least commission or quote the highest sale price. A market appraisal is simply an opinion of the agent as to what your home is worth. The buyers will ultimately let you know what its worth. A less than honest agent may actually be ‘buying’ your listing and quoting a totally unrealistic figure simply to obtain your signature on their paperwork. Concentrate on their professionalism, track record, presence in the market and knowledge of your local area. A good agent will make the selling experience so much easier.
Please note that your property must comply with current legislation relating to Hardwired Smoke Alarm/s and RCD units. We can supply you with further information in this regard.
ONCE YOUR PROPERTY IS SOLD
Contact us and we will discuss our fees and make the arrangements to enable us to obtain a copy of the offer and acceptance contract.
We will check the contract and order a search of the Certificate of Title and will send you our Appointment Forms.
Most contracts are conditional upon the buyer obtaining finance, selling their home and sometimes both.
Once the contract is unconditional we will instruct your Bank, forward you an initial settlement statement and obtain the current rating information. We liaise with all parties involved with your settlement to best ensure and smooth and efficient settlement process. We will contact you for your signature and arrange the necessary verification of identity.
Upon your instructions we can deposit the surplus funds due to you directly into your Bank account on the same day as settlement, pay the full proceeds to your Bank at settlement or transfer the monies directly to your new purchase if applicable.
We can also payout any other loans or arrange for payment of your new car or caravan – we will just need to obtain your written instructions.
We attend to payment of council and water rates/consumption, land tax and strata levies. You will need to finalise payment and disconnection of services such as telephone, electricity and gas.
All contract signed on or after 1 July 2017 with a consideration of $750,000.00 or more require the seller to obtain a clearance certificate from the Australia Tax Office. Failure to obtain the certificate will require the buyer’s agent to retain 12.5% of the sale price at settlement and remit the funds directly to the ATO. The link to the ATO website is:
If the property you are selling is your usual place of residence you have until 12.00 noon the following day to vacate and hand over possession.