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A Proven System to Achieve the Best Price for Your Property - Stress
Free by the Experts |
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Closing the Sale Before you close the sale make sure the buyer will qualify for a home loan. This is the only way you can know for certain that they can afford to buy your house. Once you are satisfied that everything is in order, discuss a tentative closing date with the buyer, your lawyer, and your mortgage broker. Ensure that all parties are happy with the date you set. Work closely with your mortgage broker and lawyer to come up with a Contract For The Sale of Real Estate you feel confident with. It is important that you follow all the correct procedures and don't overlook any details, as minor problems will delay the sale. The contract Next you will need to sign the contract. All parties will need a copy, most importantly the buyer and the seller (you). Your lawyer, mortgage broker and conveyancing firm will also need copies. The Contract will require you to collect a house deposit from the buyer. The deposit is your insurance that the buyer will follow through with the sale. Your lawyer will help you determine an appropriate amount, usually 10 percent. Make sure you give your Lawyer the deposit. It will be held in your Lawyer's Trust Account until settlement. Talk to your lawyer about obtaining the correct documents. You should have all the legal paperwork well and truly ready before the first buyer sets foot on your property. Your lawyer will also be able to do a title search to make sure there are no encumbrances or liens. A lien is a legal claim for outstanding debts on the property such as council rates, or payments owing to other creditors who have obtained a court order to pay outstanding monies. Builders often use liens to protect their interests in a building they are constructing. Necessary documents Section 32 Vendor's Statement The Section 32 Vendor's Statement is a legal document you need to provide to the buyer before a real estate contract is signed. "Section 32" refers to Section 32 of the Sale of Land Act, which states that the seller must make certain information available to the buyer. If the seller fails to provide the information outlined in the Section 32 Vendor Statement, the buyer may be able to cancel the contract. Owner-builder's declaration If you are an owner-builder, you will need to obtain a property inspection report detailing the condition of the house, and any defects or incomplete works. Check with your local council for the exact requirements. Energy rating statement In some states and territories, it is mandatory to obtain an energy rating statement before selling your house. The rating system was introduced so that the energy efficiency of a property will be reflected in its market value, therefore creating incentive for environmentally friendly development. Tests and inspections Make sure all the appropriate tests and inspections have been done. Check with your local council, as there may be specific requirements in your area, and make sure to distribute the test results to your lawyer or conveyancing firm. Common inspections include:
The final closing date Once you're sure everything is in order, go ahead and set a firm closing date. Remember that as a DIY seller, you are the one that will have to make sure everything runs smoothly. Keep everyone in the loop, and make sure they know what stage of the process you're at. Once all the necessary documents have been signed, the keys can be handed over, and the transaction is complete. Your house is finally sold! |
T E S T I M O N I A L S "Thank you for making the sale of father's estate properties so easy at such a difficult time."
"What can we say - an absolutely fantastic result. You handled all situations professionally, with good humour and a totally positive attitude."
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