Property Sale Process in Melbourne: A Step-by-Step Guide
As your conveyancer, we strive to deliver the best service experience to you. We will complete the property sale process smoothly and meet the legal requirements. We aim to handle the paperwork that can save you time and take the stress out of the process.
We'll walk you through the process of selling a property and explain how we can assist you at every stage.
Step 1: Engage us as your Conveyancer
To begin with the sale process, you would need to engage a conveyancer and an agent.
We are here to assist you with preparing the Contract of Sale and Section 32 Vendor Statement. Consultation is free.
Step 2: Prepare the Contract of Sale
After you have decided to engage us, we will send you a checklist of additional information that we require for the contract.
The Contract of Sale is one of the most important documents in the property transaction process. We will draft this document, which outlines the key details of the sale, such as the price, settlement terms, and any conditions specific to your property.
Alongside the Contract of Sale, we will also prepare the Section 32 Vendor Statement. These documents are required by law and ensure that you disclose certain information to the buyer, such as any issues with the property, rights of way, or encumbrances.
Timeframe
We will have the Contract of Sale and Section 32 Vendor Statement prepared as soon as possible. In general, the contract will be ready within 10 business days, as some of the property certificates will be issued by the Council and State Revenue Office within 10 business days. Please check with our staff if you require the contract to be fast-track and ready immediately.
We will work closely with you and the agent to ensure the details of the contract are accurate and reflect the true conditions of the property.
Step 3: Reviewing and Accepting Buyer’s offer
Once the Contract of Sale and Section 32 Vendor Statement are prepared, your property will be listed for sale by the agent. Prospective buyers will visit the property and review the contract. The agent will assist you with the negotiations between you and the buyer.
Buyers may request changes to the contract during these negotiations, such as adjusting the settlement date or altering terms related to chattels (items included or excluded from the sale). This is where we step in. We will review the changes, advise you on whether they are fair and reasonable, and amend the Contract of Sale if needed. We will also be available to answer any questions you have about the proposed changes and guide you through the negotiation process.
We aim to take the stress out of these negotiations, ensuring that your rights and interests are protected and that the process moves forward smoothly.
Step 4: Prepare Settlement Documents
Once a buyer is found and the terms of the sale are agreed upon, the next step is preparing for settlement. Settlement is when ownership of the property is transferred to the buyer, and the remaining financial arrangements are finalised.
We will coordinate with the buyer’s legal representative, and any relevant parties to ensure all the required documents are in order. They will also ensure that all outstanding outgoings, such as council and water rates, are apportioned and paid at settlement. If you have tenants in the property, we also take care of the necessary adjustments for rent.
Step 5: Attend Settlement
The final step in the selling process is settlement. This is when the buyer makes the payment, and the property officially changes hands. While settlement is usually done electronically these days, it may still occur in person in some cases, depending on your location.
On settlement day, we work with the buyer’s conveyancer, the banks, and the real estate agent to exchange the necessary documents and transfer the funds.We will also ensure that the Title to the property is properly transferred to the buyer and that you receive the funds from the sale.
Once everything is in order, the real estate agent will hand over the keys to the buyer. At this point, you can consider the sale complete. We will make sure that the entire process is handled professionally and efficiently, allowing you to focus on other aspects of your move or future plans.
Step 6: Post-Settlement Matters
After settlement, we will provide you with a clear breakdown of the financial details of the transaction. We also ensure that any post-settlement issues, such as questions about the title transfer or other legal matters, are addressed promptly.
Selling a property is a multi-step process, and while it can be exciting, it also involves a lot of paperwork and legal obligations. By having us as your conveyancer, we aim to make sure your sale is completed on time and without issue.