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Selling A Property |
When you are the Vendor (Owner who is Selling) |
- You sign an Agency Agreement with the appointed Real Estate Agent (Agent). This Agreement confirms the terms of your agreement with the Real Estate Agent who will market the Property.
- You appoint Clark McNamara Lawyers to carry out the legal work for the Sale of the property.
- Clark McNamara prepare a Contract for Sale of Land.
- Clark McNamara will contact you regarding inclusions and exclusions in the Sale (eg. Clothes dryer, microwave, clothes line etc..).
- Is the property tenanted? If yes, Clark McNamara will obtain copy of lease, details included in the Contract.
- Clark photocopy Contract for Sale and forward a draft copy to the Agent.
- The Agent markets the property.
- Prospective Purchasers are introduced and terms are agreed.
- Agent sends a Sales Advice to Clark McNamara requesting a counterpart Contract to be sent to the proposed Purchaser’s Solicitors.
- Clark McNamara will contact you to advise that the proposed Purchaser has been sent a Contract.
- Clark McNamara receive a request from the Purchaser’s Solicitors requesting amendments.
- Clark McNamara reply on your behalf to the proposed amendments.
- Date for exchange of Contracts is arranged.
- Contracts exchanged (Contract becomes binding on both parties)
- Clark McNamara contact you and the Agent to advise of the completion date according to the Contract.
- If sale property has an existing mortgage, Clark McNamara will write to your Bank to request the mortgage be ready for removal (i.e. Discharge of Mortgage).
- Clark McNamara receive Requisitions on Title (a series of questions relating to the history of the property) from the Purchaser’s Solicitors. Draft answers are prepared and sent to you for approval and signature.
- Replies to Requisitions on Title are sent to the Purchaser’s Solicitors.
- A Transfer document is received from the Purchaser’s Solicitors for signature by you. (This evidences the transfer from you to the Purchaser and is lodged at the Land Titles Office so that the details are changed on the Title deed to the property).
- Clark McNamara will contact you to arrange signing of the Transfer.
- You will receive a Discharge Authority to discharge your mortgage from the Bank. You must sign the Authority so that the removal of the mortgage may be arranged for settlement.
- Settlement date is agreed.
- Settlement Adjustment Figures are calculated (i.e. Council and Water Rates and Strata Levies, if applicable) by the Purchaser’s Solicitors and forwarded to the Vendor’s Solicitors.
- Settlement Figures are checked by Clark McNamara and forwarded to you for approval.
- Clark McNamara will contact Purchaser’s Solicitors to book time for settlement.
- Clark McNamara will contact your Bank and obtain a payout figure to discharge your mortgage.
- Clark McNamara will contact you to confirm payout figure.
- Clark McNamara will forward cheque details for settlement (these cheques are normally to your Bank, cheque to cover our costs, cheques to cover outstanding Council and Water Rates and Strata Levies and any other cheques required at your request).
- At settlement, cheques are exchanged for the Title Deed to the property.
- Purchaser’s incoming Bank or Solicitors attend to the registration of the Discharge of Mortgage and Change of Ownership.
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