Selling real estate properties often turns out to be a difficult experience for thousands of homeowners or commercial property owners in the Sydney area because they are not aware of the various gears and levers involved in this process and are also not sure of the exact steps involved in this process including the massive importance of conveyancing throughout the selling process lifecycle. At Compare Conveyancing Sydney, we believe in the power of knowledge and ensure that each of our customers knows all the involved steps and how and where we play a role to support them. We do not like to be bystanders when your interests are at stake and are ever vigilant to support all your property selling and the entire conveyancing process.
The property selling process can be logically broken down as follows –
Finalizing the Contract - It is likely that you would engage the services of an experienced and competent real estate agent to ensure that your property fetches the market price and is well marketed to the target audience. We highly recommend that you involve Compare Conveyancing Sydney to create the contract for the sale of land so that our experienced professionals can get involved early on in the game and help minimize the risks in the selling overall process.
Besides your agent is not authorized to start the marketing campaign unless the contract is prepared along with obtaining all the required documents – strata plans, sewer diagram, copy of title and tied up documents and the council zoning certificate.
Offer and Acceptance phase – Once your agent identifies an interested party and they make an offer for your property he would contact both the parties with a sales advice clearly listing out the agreed upon price and any other applicable special conditions. Once the contracts are exchanged, and the deposit is paid by the potential customer the contract is legally binding.
Deposit phase –Typically a bank guarantee and a deposit amounting to 10% of the property cost is required to the exchange of contracts between the buyer and seller while your agent moderates the deal and comprehensively supported and monitored by Compare Conveyancing Sydney. We can even hold the deposit amount in Compare Conveyancing Sydney trust account and pay both parties the applicable premium while the deal is being finalized.
Exchange Phase -This phase is relatively short where the contracts are exchanged once both parties have signed a copy of the contract, and the deposit amount has also been paid. Your copy of signed contract is given to the potential buyer's solicitor/local conveyancer whereas the purchaser’s copy is held securely by Compare Conveyancing Sydney on your behalf.
Cooling off period - Each purchaser gets a 5 day cooling period in case he wants to change his commitment towards buying the property and wants to walk out of the deal. If such a scenario then the purchaser would need to pay you .25% of the total property cost because he can let go of his commitment and this step is facilitated by Compare Conveyancing Sydney. The cooling period does not apply to auction properties.
Waiving off the cooling period option –Negotiation process between yourself and the purchaser can include a clause that facilitates the waiving off of the cooling period. Compare Conveyancing Sydney can help you use section 66W certificate by procuring it from the potential buyers conveyancer and waive off the cooling period.
Settlement Phase –In this phase the selling transaction is complete, and Compare Conveyancing Sydney helps to transfer the property to the buyer by completing all the legal paperwork and any other formalities. The purchaser can now take control of the property by paying you the balance amount.
Clearly Compare Conveyancing Sydney is involved as a competent conveyancer at each part of the selling process and is committed to always keeping your interests at the forefront.