Once you’ve made the decision to sell your property, one of the first tasks is to have the Contract of Sale and Vendor’s Statement prepared.

Contract for Sale of Land and Vendors

The Contract will include not only the legal terms and conditions of sale, but will also specify what items are included or excluded from the sale, and any other special requirements you might have, for example a longer or shorter settlement than usual, or perhaps that the contract be conditional upon another contract for you to buy your next property. There are a lot of ways that a contract can be varied, so it’s important to discuss your situation in detail with us at Beaumaris Law.

You also need to know your disclosure responsibilities, as failing to disclose certain things can lead to problems.

Settlement

Leading up to settlement, if you have a mortgage, we will liaise with your bank in relation to releasing any mortgage held on the property. In this time you should arrange disconnection of electricity and other services to take effect on the settlement day.

Before settlement the purchase price will be adjusted to reflect the council rates, water rates and owners corporation fees that need to be shared between the parties. There may be other adjustments, based on the Contract of Sale.

Whether you’re a first-time homebuyer or a seasoned property investor, understanding the process of conveyancing is crucial. Contact us to discuss the sale of your specific property with an experienced Conveyancer today!