Buying or Selling Property > Selling a Property

Selling a Property

Selling a Property: things you need to know...

Selling a home or investment property can be exciting and rewarding; it can also be frustrating, and even intimidating. It requires the preparation of a legal contract for the sale. The contract is usually based on a standard printed form. It should contain all of the terms of sale (including the price) as negotiated between the seller and buyer. Often the contract will also include additional conditions (called 'special conditions') required by either the seller or the buyer.

Contracts are usually prepared by your real estate agent. However, conveyancers also prepare contracts and are trained and skilled in drafting special conditions.

It is wise to speak with your conveyancer before you appoint a real estate agent and before you sign any contract prepared by the agent for you. Your conveyancer may be able to alert you to specific matters that need to be addressed in the sale of the property and can advise you on any special conditions whether required by you or requested by the buyer.

It is important to understand all the forms and documents involved in your transaction. See Understanding Forms for more information.

Your conveyancer plays an important role in the selling process, offering advice and assistance on matters including:

  • Your legal obligations including your insurance responsibilities
  • Understanding special conditions or "subject to?" clauses
  • The buyer's cooling-off rights
  • Your rights to withdraw from the sale
  • Circumstances in which a party can avoid settlement
  • Calculation of adjustments of rates and taxes
  • Preparation of adjustment statements and settlement statements
  • Discharging any mortgage liabilities
  • Payment of outstanding property accounts
  • Change of ownership notifications

The specific conveyancing services involved in a sale include:

  • Searching with government departments and local authorities for anything affecting the property
  • Advising on the information in Form 1
  • Compliance with all special conditions and time limits
  • The preparation of documentation
  • Liaising with existing mortgagees and financiers
  • Discharging old mortgages
  • Calculation of adjustments of rates and taxes
  • Preparation of adjustment statements and settlement statements
  • Properly accounting for all monies expended or held in trust
  • Assistance with signing the memorandum of transfer
  • Attendance at settlement on your behalf

 

Did You Know?

Did you know your conveyancer may also be able to give you advice about

Title Insurance

What is it? Do I need it? Where can I get it?

 

Did you know where to find out information about government rebates and concessions?

Check out this site: Revenue SA Rebates and Concessions