Tips For Sellers
Selling your home, investment property, or farm, can be a thrilling time or one fraught with worry. We’ve compiled these tips for sellers to hopefully make the process less daunting.
At Mildwaters Lawyers, our Registered Conveyancer will be in your corner, advising you and guiding you through the process.
With that in mind, here are our tips to keep in mind, as you approach your sale.
1. Tips for sellers: Be protected
It is considered good practice to appoint your conveyancer, even before you appoint your real estate agent, so that you can be on top of any special conditions and legal requirements before you enter the market or begin discussions with buyers.
If you are able to sell your property privately, then we can prepare all of the necessary documentation for you, including the contract and Form 1, and manage your conveyancing transaction from start to finish.
Our legal team is also on hand to prepare any more complex contractual terms, including special conditions that you may require, and to provide you with immediate legal attention if something goes wrong.
If you sell your property through a real estate agent, then we can assist your agent with preparing any difficult contractual terms and any additional documentation required including license agreements, encumbrances and land division documents. After your agent has secured the sale of your property with a binding contract, we can then conduct the conveyancing of your property, keeping you informed along the way.
2. Tips for sellers: Be active
If you are ready to sell and ready to enjoy the proceeds of sale, then make sure that you actively prepare for settlement. This means doing things like:-
- making the necessary arrangements to have any encumbrances on the property such as a caveat or mortgage discharged at or before settlement
- making sure that your obligations to any person leasing the property from you are discharged at or before settlement
- meeting the requirements of any special conditions of the contract such as clearing the backyard of rubbish prior to settlement if that is what your contract requires.
If you do not actively participate in the conveyancing process in a timely manner, then you may find yourself in default at settlement and liable to the buyer for damages.
3. Tips for sellers: Be aware
Make sure that you are aware of what is included in the sale of your property and what is not. Fixtures and fittings which include things like curtains, furniture fixed to the wall, air conditioners and floor coverings, all form part of the property that you are selling. If there is anything fixed to the property that you wish to keep, then you must inform the person preparing your contract that you require this to be covered in your contract.
4. Tips for sellers: Be conservative
Have you ever heard the phrase “don’t count your chickens before they hatch?” Sellers of property would be wise to take heed of this advice and refrain from spending the sale proceeds of their property before they receive it.
We have had many clients make the mistake of making financial commitments for settlement day that they couldn’t satisfy due to settlement being delayed through no fault of theirs or ours. This has unfortunately resulted in them suffering a financial penalty that could easily have been avoided by taking a more conservative approach.
5. Tips for sellers: Be ready
Selling your property will bring about change one way or another, whether it means moving house or just having more cash available for an alternative investment or for your use and enjoyment. Whatever the case may be, make sure that you take the time to prepare for the change, so that when it happens, you are ready.
And most of all, be ready for our early afternoon phone call congratulating you on your sale.
This all begins, when you contact us today, so we can be by your side during the sale process.