The law requires that a real estate agent cannot market your property until they receive a Contract for Sale. Penrith Valley Conveyancing is able to provide a Contract within a few days of receiving your instructions and if required urgently within 24 hours.
Firstly, we need the details of the property such as the address, Lot and DP and any inclusions (for example blinds, built in wardrobes, carpet, light fittings etc) and improvements (for example carport, garage, house, swimming pool, unit etc). We need details of any building work done on the property that may require Council approval and/or Home Owners Warranty Insurance together with a survey and a building certificate if you have them. Penrith Valley Conveyancing has a detailed Vendor Instruction sheet for all clients to complete and return so that we can prepare your Contract for Sale.
Exchanging Contracts for Sale:
Once a buyer is found, a "sales advice" is forwarded to our office and we send a copy of the Contract to the purchaser's solicitor or conveyancer. We will contact you to attend our office to sign your copy of the Contract for Sale.
Once the buyer and seller are ready, Contracts are exchanged. Between exchange and settlement we will contact you to organise the signing of a Transfer and completion of requisitions on title. We then organise settlement.
Most transactions take 6 weeks to complete and this is why 42 days is the standard completion time-frame for most Contracts. However, this date can be negotiated if required.
The deposit will be given to the agent to hold in their trust account, and in some cases, the deposit may be invested. Both the vendor and the purchaser will receive half of the interest earned on any invested deposit. You must provide the agent with your tax file number in the case of an invested deposit.
Discharging your Mortgage:
Penrith Valley Conveyancing will advise your lender when you have sold the property. Your lender will require a form to be completed to organise the discharge of a mortgage. Depending on the set up of your accounts and other loans this may take some time. If there is no lender you will need to bring the Certificate of Title together with copies of your passport, birth certificate and license so that we can identify you as the owner of the property.
Costs to take into consideration:
Land Tax is payable if your property is not your principle place of residence and is calculated on the combined value of all the taxable land you own above the land tax threshold.
Our fees for a sale are $1000.00 inclusive of GST which include disbursements. We do not charge for faxing or photocopying. We ask for an up front payment of $300.00 for preparation of the Contract for Sale and the balance is paid on settlement. Our fees include the preparation and ordering of all certificates required for the Contract for Sale, dealing with the agent in relation to the sale, dealing with the purchaser and their solicitor or conveyancer in relation to exchange and any changes they may require, dealing with your outgoing mortgagee in relation to paying out your mortgage on settlement, providing all of the purchasers requirements prior to settlement, arranging and attending settlement on your behalf. Once settlement has taken place we provide you with all documents relevant to your sale.
Bank Fees are different for every lender. Ensure that you take into consideration such things as mortgage discharge fees and early repayment fees, if applicable, for your mortgage.
Adjustments of rates are made on settlement for council, water and strata, if applicable. You will be required to pay any outstanding rates payments on settlement. We will arrange these payments on your behalf. Please do not pay any rates for council, water or strata once exchange has taken place.
We will contact you a few days prior to settlement to confirm it is going to occur. You do not have to attend settlement, we will attend on your behalf. We will give you documents outlining calculations for the property and where the money from your sale is going. On the day of settlement you will have to make sure that the property is vacant, clean and that no rubbish is left on the property. You will need to make sure that the keys, garage openers, alarm codes etc are with the agent in time for settlement to occur. After the agent takes their commission, they will hold the balance of deposit for the sale. You will be able to gain access to this deposit after settlement and will need to arrange this directly with the agent.
After settlement Penrith Valley Conveyancing will forward you all final documentation in relation to the sale. A "Notice of Sale" is provided to the Department of Lands, who then notifies the Council and Water authorities of the change in title of the property. You may find that the rates notice for the quarter after your settlement is still provided directly in your name. If so, please forward the notice to our office so that we may provide it to the new owner for payment.