The team of professional and motivated lawyers at Conveyancing Legal will be able to guide you through the process of selling your home in a thorough and personalised manner, making sure that every need of yours is met and every question answered.
The Contract for Sale of Land
You want to sell your house, and you have found the perfect Real Estate Agent to market your property. However, the Real Estate Agent cannot advertise your property until a Contract for Sale of Land has been prepared.
The expert lawyers at Conveyancing Legal will provide you with fast, effective, and affordable services. An experienced team member will be able to obtain all the necessary documents, including council zoning certificates, a copy of the land title, strata plans and sewer diagrams, to prepare your Contract for Sale of Land within 5 business days, usually less.
Offer and acceptance
Once you have accepted an offer for your property, a purchaser may not wish to sign the contract without advice from their lawyers. Your Real Estate Agent will then issue a sales advice form to you andto the prospective buyers. This form provides all the details of the agreed price and any special conditions that you and the purchasers have agreed on. At this time, because the contract has not yet been signed the property will remain on the market for other prospective purchasers to make an offer.
Your Conveyancing Legal representative will be able to handle these matters with skill and ease.
Once the purchaser has decided to purchase signed contracts will be exchanged and a deposit paid. This exchange and payment makes the contracts binding.
Every standard Contract for Sale of Land for residential property includes a cooling off period which varies per state. This allows a purchaserto change their mind about their purchase. As the contracts have been exchanged no other prospective buyers can make an offer on the property.
If the purchaser decides to back out of the purchase they must pay you, the vendor 0.25% of the purchase price on the property.
This cooling-off period does not apply where the sale has been made at auction.
Waiving the cooling-off period
You can choose to opt out of, or waive, the cooling off period as part of the negotiations. The purchaser’s conveyancer or lawyer must provide a Section 66W Certificate in order for this period to be removed from the contract of sale. There are strong reasons for the seller to encourage a Section 66W Certificate from the purchaser’s lawyer. The certificate means that the once the purchaser has exchanged their contract and paid the deposit the sale has been made and the purchaser cannot change their mind.
The requirements for a Section 66W certificate are:
- • It must be in writing
- • It must be signed by a lawyer (but it cannot be by one acting for the seller).
- • It must indicate that the purpose of the certificate is to waive the cooling off period.
- • It must state that the lawyer properly explained the purpose of the certificate to the purchaser.
Your specialised and experienced lawyer at Conveyancing Legal will be able to explain this process to you. Our team will provide you with the best quality advice, so that you can be confident and secure that you are in the best hands available.
Usually, the purchaser will pay a deposit of 10% of the purchase price upon exchange of the contracts. However, you can choose to negotiate with the purchaser before the exchange of contracts to accept a 5% deposit, a bank guarantee or a deposit bond. Most cash deposits will be held in an interest-bearing account arranged by the Real Estate Agent with the interest being split between the vendor and the purchaser once the purchase has been settled and finalised.
A member of our skilled and specialised team will be able to advise and negotiate on the best form of deposit to be paid by the purchaser.
If there is no Real Estate Agent involved, in a private sale for instance, then the deposit can be held by Conveyancing Legal in a secure trust account.
Once a purchaser has decided to buy the property two identical contracts will be produced, one to be signed and dated by the seller, the other to be signed and dated by the buyer. These contracts are then exchanged between the parties and a deposit is paid. Upon exchange the contracts become binding.
At an auction the exchange will occur immediately after the winning bid has been made and accepted. Your skilled and professional Conveyancing Legal lawyer will be able handle the exchange of contracts for you, delivering your signed contract and collecting the purchaser’s signed contract and their deposit. This leave you free to celebrate!
Settlement (otherwise known as completion) is the date that your property is legally transferred to the purchaser. This is also the day the purchaser takes possession of the property, and the balance of the purchase price is paid to you.
Please note that the information on this page is for general use only and does not constitute legal advice.