Selling – No Sell no Fee!

The Section 32 Statement
Under the Sale of Land Act 1962, a disclosure document known as a Section 32 Vendors Statement must be given to a purchaser before a contract is signed.

The statement must contain certain information about the property being sold. For example, information regarding the location of easements, covenants, particulars of building approvals given in the last seven years, and details of rates and charges that affect the property are just a few of the things that must be disclosed in the Vendors Statement.

To arrange for us to prepare a Section 32 Vendors Statement, click here to view contact details.

Auctioning Your Property
If you decide to sell your property at Auction, it is best to instruct your Solicitor/Conveyancer at lease 2-3 weeks before the Auction date, this is because Auction Contracts require a lot of information and can take a week or so to prepare, Auction Contract’s should include all the necessary certificates for example; Council Land Information Certificate, Planning Certificate, Roads Certificate, Land Tax Certificate, Owners Corporation Certificate. V.I.P. Conveyancing can arrange for an Auction Contract & Vendors Statement to be prepared for you.

Auction sales do not suit every property or vendor, so the best person to discuss the method of selling your property with is your Real Estate Agent or your Conveyancer.

The Sale
Your Estate Agent will usually discuss any prospective offers to purchase your property with you, and when there is a basic agreement for a sale; your agent will fill in the Contract with you. This Contract will contain all of the relevant information relating to the sale.

Your agent will attach a copy of the Section 32 Vendors Statement to the Contract, prior to having a purchaser sign the contract note. The Vendor signs the Contract after the Purchaser has put an offer through.

After all parties sign the Contract, it will be forwarded to us, at which time we take over the process of transferring the property.

Release of Deposit
It is sometimes possible to obtain a release of your deposit prior to settlement, provided that certain requirements are met.

When your property has been sold, you need to tell us that you would like the deposit to be released. We will then send you the appropriate forms.

Arranging the Discharge of Mortgage
If you have a mortgage on the property you have sold, we will make contact with your lender to let them know of the sale.

We then make arrangements with your lender to prepare a discharge of its mortgage, and ascertain from the lender the amount they will require to be paid to them at settlement.

Your lender may send us a Discharge Authority, which we then forward to you for signature. This document acts as an authority to your lender to enable us to finalize the settlement arrangements of your sale.

The Transfer Documents
When a property is sold, the purchaser must provide a Transfer of Land document to the seller or the seller’s Conveyancer at least ten days prior to the settlement date.

When we receive the transfer from the purchaser’s Conveyancer, we then prepare a Goods Statement, which is a document confirming certain details of the sale. The Goods Statement is required by the State Revenue Office primarily to confirm the sale price so that the purchaser pays adequate stamp duty.

The Goods Statement and the transfer are the two primary documents that are handed to the purchaser’s Conveyancer at settlement, together with the title, to enable the ownership to be transferred to the purchaser.

Rate Adjustments
Shortly before settlement, we will receive a Statement of Adjustments and Settlement Statement from the Purchaser’s Conveyancer.

The land and water rates and other relevant charges are usually adjusted at settlement to ensure that you are liable for rates only for the appropriate period that you have owned the property during the current rating period.
We forward you copies of these documents as soon as they are too hand.

Settlement
Settlement is the process where all the parties to a Conveyancing transaction come together to complete the transaction.

The parties that usually attend a settlement are the Purchaser’s Conveyancer, the Purchaser’s Mortgagee, the Vendor’s Conveyancer and the Vendor’s Mortgagee.

Generally, settlement takes place at a time suitable to the purchaser, but this will also need to suit the Vendor, the Vendor’s Conveyancer, the Vendor’s bank and the Purchaser’s bank. While this may seem complicated to arrange, we will make these arrangements for you.

If you require settlement to take place at a specific time of day, you should let us know, and we will be happy to try and meet your needs.

If the settlement of your sale is taking place locally, you will normally be able to collect any cheque for the proceeds of the sale on the day of settlement. To find out if this is the case, just call us a few days before settlement.

Where the settlement needs to take place elsewhere, for example in the city, it may take a day for your cheque to be returned to our office. If you have a bank account, you can arrange for us to deposit the funds into your account at the time of settlement.

After Settlement (Top)
We will contact you and confirm that your sale has been completed, and then contact the agent so that the keys can be released to the purchaser.

We will send a notice to the local council and the water board notifying them of the change in ownership.

Please Note: It is usual practice for the selling agent to deduct their commission from the deposit held by the agent once settlement takes place. You can generally collect the balance of the deposit from your agent immediately after settlement.