Selling Property Australia
When selling a property it is your responsibility to have a contract of sale prepared by a solicitor before the sale process begins. This gives a prospective purchaser an opportunity to review and change the terms of the contract before making a firm offer or making a bid at auction.
Ideally, you should have a sale contract prepared before instructing a real estate agent to market your property. A contract can usually be prepared relatively quickly, but it is important to be aware that several other documents need to be attached to the contract, and these can take a little longer to track down, particularly for older properties. These include a zoning certificate, title search, and sewerage diagram.
What We Offer to Vendors
We will speedily prepare a Contract for Sale so that your real estate agent can market the property quickly.
The contract will contain any necessary conditions required to fully protect your interests.
Private Sales and Sale by Auction
When a home is sold at auction, the purchaser will not have the benefit of a cooling-off period and will be unconditionally committed to proceed with the sale even though the purchaser may subsequently not wish to proceed with the purchase by reason of matters revealed in a subsequent building, pest or strata report.
Benefits to vendors of selling at auction are:
- the sale will be entirely unconditional
- the period of time allocated to the sale is finite and definite
- the vendor is protected by the reserve price
- the vendor determines the costs to be spent on advertising and marketing.
Benefits of selling through a private sale include the following:
- the number of offers made by prospective purchasers and the speed with which those offers are made gives you and your agent a good indication of
- how realistically your property is priced
- depending upon demand, the property may sell more quickly
When Should You Consult to a Solicitor?
It is always important to contact your solicitor as soon as you have made a definite decision to proceed with the sale so that no delay is incurred by your real estate agent in marketing the property.
Case Study
In relation to a sale in which we acted recently, our client was pleased that he instructed experienced solicitors to assist him by reason that we were able to assist the vendor and his agent when a purchaser was late in completing the purchase and when we were able to advise our client effectively of all the options available including withdrawing from the contract and selling to another prospective purchaser.
Ultimately, our client elected to proceed to settlement with the original purchaser on the basis that daily interest at 12% was paid to our client of in excess of $2,000 for each day that the purchaser was late in completing.
Call us Now on (02) 9906 8188 or send us an email on clive.mills@cmalegal.com.au any queries which you may have in the event that you are considering purchasing a property.