The conveyancing process in New South Wales is governed by a complex legal and regulatory framework. If you are selling your property, engaging an experienced conveyancing professional will help ensure that your legal obligations are met, and your rights protected.
Method of sale – private sale or auction?
Private treaty and auction are the main ways to sell property in New South Wales. Your choice will depend on a range of factors, including the type of property being sold, the current state of the property market, and your personal preferences. A licensed real estate agent may offer advice on the most appropriate method of sale for your circumstances.
Private treaty means that your property is listed for sale at a fixed price or price range. Potential buyers can make offers on the property, and negotiations take place between the seller and buyer, usually through a real estate agent, to agree on a final sale price.
An auction is where potential buyers bid on the property in an open and competitive environment. The property is listed for sale with a reserve price, which is the minimum amount that the seller is willing to accept. The auction is held on a specific date, and the highest bidder at the end of the auction is the successful buyer.
A potential advantage of selling by auction is that it can create a sense of urgency among prospective buyers. There is transparency as interested participants can see what others are offering. However, auction sales can be unpredictable and there is no guarantee that the property will sell come auction day.
The contract for sale of land
No matter which method of sale you choose, you will need a written contract prepared before offering residential real estate on the market. The contract for sale of land is the key legal document used to outline the terms and conditions of the property sale. It includes details of the property, parties, purchase price (when agreed), deposit, settlement date, and any special conditions.
The contract should also include prescribed disclosure documents such as a title search of the property, a plan of the land, drainage diagram and a local council planning certificate. Failing to include the correct disclosure material may give a purchaser the right to rescind (cancel) the contract. As every property is unique, it is important to ensure that the contract is compliant and specifically drafted for your property, and that your obligations as a seller are met. Your conveyancer may also recommend including additional conditions to help protect your interests.
Negotiations and exchange
Once a prospective buyer is found, they may want to negotiate specific provisions in the contract before they are ready to exchange. They may also wish to carry out some due diligence like ordering pest and building reports. We are ready to assist you with any proposals for amendments put forward to ensure that your interests are protected.
Electronic conveyancing
In New South Wales, most property transactions now take place electronically on a platform known as PEXA. Electronic conveyancing is a game-changer, streamlining the process and connecting all stakeholders including the Land Titles office for more efficient registration of the title documents and typically, quicker access to settlement funds.
Outgoing mortgagees
If you owe money on a loan secured by your property, your lender will be looped into the sale process from an early stage to ensure they have the information needed and are ready to discharge the mortgage for settlement. Your lender will need to calculate the outstanding amount on the loan as of the settlement date. You will need to complete the relevant documents to give adequate notice that you intend to discharge your mortgage. We will liaise with your lender and invite them to the electronic settlement platform to ensure they have everything needed ahead of the settlement date.
We have helped many owners complete the sale of their homes or investment properties and offer tailored advice and assistance to ensure that the conveyancing process runs as smoothly as possible. If you need help with your property transaction, please call 02 9623 2777 or email [email protected].