Selling Property

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Selling a Property

Selling a home or investment property can be exciting and rewarding; it can also be frustrating, and even intimidating. It requires the preparation of a legal contract for the sale. The contract is usually based on a standard printed form. It should contain all of the terms of sale (including the price) as negotiated between the seller and buyer. Often the contract will also include additional conditions (called ‘special conditions’) required by either the seller or the buyer. Contracts are usually prepared by your real estate agent. However, conveyancers also prepare contracts and are trained and skilled in drafting special conditions.

It is wise to speak with your conveyancer before you appoint a real estate agent and before you sign any contract prepared by the agent for you. Your conveyancer may be able to alert you to specific matters that need to be addressed in the sale of the property and can advise you on any special conditions whether required by you or requested by the buyer.

If you have found a buyer and negotiated a deal without requiring the assistance of a Real Estate Agent, you will require a Conveyancer to prepare the legal documentation to make the sale binding and compliant. Contact us and we will talk you through the whole process.

It is important to understand all the forms and documents involved in your transaction. See Understanding Forms for more information.

Your conveyancer plays an important role in the selling process, offering advice and assistance on matters including:

  • Your legal obligations including your insurance responsibilities
  • Understanding special conditions or “subject to?” clauses
  • The buyer’s cooling-off rights
  • Your rights to withdraw from the sale
  • Calculation of adjustments of rates and taxes
  • Preparation of adjustment statements and settlement statements
  • Discharging any mortgage liabilities
  • Payment of outstanding property accounts
  • Change of ownership notifications
When should I talk to a conveyancer?

The earlier the better! You don’t need to wait until you are ready to sign a contract – it makes sense to select your conveyancer as soon as you decide to buy or sell. And never sign anything before you’ve asked for your conveyancer’s advice – it is always better to be safe than sorry!

Costs associated with the sale of a property

The main costs are:

  • Loan repayments to a mortgagee
  • Real Estate Agent commission and expenses
  • Conveyancing fees
  • Search costs and disbursements
  • Adjustment of Rates & Taxes (Council rates and Emergency Services Levy have to be paid by the Vendor to the end of the financial year and the purchaser credits the vendor for the days of the financial year they are going to own the property. SA Water is paid to the next quarter)
Services selling a property

The specific conveyancing services involved in a sale include:

  • Searching with government departments and local authorities for anything affecting the property
  • Advising on the information in Form 1
  • Compliance with all special conditions and time limits
  • Preparation of documentation
  • Completion of Verification of Identity and Right to Deal requirements
  • Completion of the Client Authorisation
  • Certification of the Transfer
  • Liaising with existing mortgagees and financiers
  • Discharging old mortgages
  • Calculation of adjustments of rates and taxes
  • Preparation of adjustment statements and settlement statements
  • Properly accounting for all monies expended or held in trust
  • Attendance at settlement on your behalf
Our conveyancing costs

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Verification process

Verification of Identity

The verification process involves you attending a face-to-face in-person interview with your Conveyancer or their Agent. At that interview, you must produce particular documents that verify that you are the person you purport to be. There are various Categories of documents that you may produce but you must produce:
the highest category of documents possible, and
all documents from that Category.
The various Categories of Documents are set out below.

The person conducting the interview is required to take copies of these documents.

If you are unable to produce your passport or driver’s licence or form of photographic proof of age card, you need to be accompanied by some-one (called a Declarant) who can identify you. Details of that additional process are set out below.

If you are not an Australian citizen or resident, limited categories of Documents may be used. Details are set out below.

Category 1: A Passport plus either an Australian driver’s licence or Proof of Age Card (photo)
Category 2: A Passport plus
a full birth certificate, citizenship certificate or descent certificate, and
a Medicare, Centrelink or Department of Veterans’ Affairs card.
Category 3: An Australian driver’s licence or form of photographic Proof of Age Card plus
a full birth certificate, citizenship certificate or descent certificate, and
a Medicare, Centrelink or Department of Veterans’ Affairs card.
If you cannot provide the above documents please contact your Conveyancer who will advise what other documents to produce.

There is a fee of $55.00 per person to be identified payable at time of Verfication.

Verification of Authority

Why Verification of Authority is Required

Verifying the authority of an individual to enter into a conveyancing transaction is part of the due diligence required of conveyancing professionals.

Verifying parties' authority mitigates the risk of fraud and gives other parties to the transaction confidence that they are dealing with a person who has the authority to enter into the transaction.

What documents can be used to verify a person's authority

The type of documents used to verify a person’s authority will differ depending on the conveyancing transaction.

These documents include:

  • a current local council or water rates notice for the land
  • current utility bills for the land
  • a current land tax assessment notice for the property
  • loan documentation connecting the party to the land
  • the mortgage granted by the mortgagor
  • the contract for the sale of land
Electronic Lodgement

Nicole is a PEXA registered Conveyancer who can advise you how your property can be settled electronically. This process gives you greater certainty of your settlement occurring on time, instant registration (so the property is in your name instantly), and if you are selling you, receive funds in your nominated account on the day of settlement.

What is e-Conveyancing?

  • e-Conveyancing minimises the manual processes and paperwork associated with property settlement by enabling lawyers, conveyancers and financial institutions to transact together online.
  • It enables you to lodge documents and complete financial settlements electronically.
  • e-Conveyancing also reduces the risk of errors and delays, giving you and your clients greater certainty of successful, on-time settlement.

Fast
Less time preparing documents and no need to attend settlement.

Efficient
Secure electronic funds disbursement - no organising bank cheques.

More Information
www.pexa.com.au

Resources

Electronic Settlement
www.pexa.com.au

Australian Institute of Conveyancers (SA Division)
www.aicsa.com.au

SA Government Calculators
www.sa.gov.au

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