Selling property can be an exciting and nerve racking time. Although the process can be more complex than you may think, at CS Legal we aim to ensure your experience runs as smoothly and as stress free for you as possible.
A Guide to Selling Property in Perth
Selling property involves a number of steps starting from listing your property for sale through to final settlement. It is important to understand exactly what is involved.
We have outlined the main steps in for selling a property in Perth and throughout WA.
Step 1 – Listing your property for sale
The first step when selling property is to list your property for sale on the market. Selecting a competent real estate agent can make all the difference to the process and experience.
Step 2 – Making a counter-offer or accepting an offer
Received a fantastic offer? If you decide to accept the offer, a binding contract is formed, subject to any conditions in the offer.
If you are hesitant to accept the offer, you may want to consider making a counter-offer. A binding contract is only formed once the buyer has accepted your counter-offer. If the buyer does not accept your counter-offer, there is no contract.
Property is one of the most valuable assets you will sell and it is best to get it right from the start. If you have any questions or concerns regarding an offer or counter-offer, we can help by reviewing the contract before you accept an offer or submit a counter-offer.
When entering into the contract, you will be asked to nominate a conveyancer, lawyer or settlement agent. Whilst you do not have to nominate a conveyancer at this time, we recommend you do so. This will ensure a copy of the contract is provided to your conveyancer who will assist you with keeping track of crucial compliance and payment dates under the contract.
Your conveyancer will notify you once they have received a copy of your contract.
Step 3 – Finance Approval and Other Conditions
The contract may be subject to the buyer obtaining finance approval or other conditions which may cause the contract to be terminated if they cannot be satisfied in accordance with the contract.
Your conveyancer will keep you updated regarding the status of the conditions throughout your settlement.
Once all the conditions have been satisfied the contract becomes unconditional.
Step 4 – Pre-Settlement
If your contract is not subject to finance or once finance has been approved, the buyer’s conveyancer will submit enquiries to the local shire, Water Corporation, Office of State Revenue and strata company (if required) for information on the rates and service fees payable on the property and status of any account. Your conveyancer will be informed and any adjustments regarding these accounts will be made by your conveyancer at settlement and outlined to you on your settlement statement.
You conveyancer will also liaise with any existing mortgagee noted on the property to confirm arrangement to discharge any mortgages and make sure they are ready to complete the settlement.
Please make note of any other conditions that you need to fulfil on your contract and the date they are require to be satisfied. Your conveyancer will also remind you of due dates to ensure plenty of time for completion.
Step 5 – Settlement
At settlement, the required documentation, such as the transfer of land document and money will be exchanged. If your mortgage is being discharged, the discharging bank will be given the discharge of the mortgage.
Your conveyancer will attend settlement on your behalf and will notify you and the Real Estate Agent once settlement has gone through.
Step 6 – Post-Settlement
The real estate agent will make arrangements with you for the transfer of keys to the property.
Your conveyancer will provide a final statement of account for your records.
You may also want to consider closing any required utility accounts, cancelling any insurance policies and notifying people of your change of address (if required).
What are the conveyancing costs for selling property?
Your conveyancer will provide you with a reasonably accurate estimate of the expected fees and charges.
At CS Legal, we offer fixed fees and comprehensive quotes so you won’t get any surprises when it comes to the conveyancing costs to sell your property.
