Selling a Property in NSW
Need help selling your property?
RM Legal and Conveyancing can ensure your interests are protected, all legal requirements are met and assist with a smooth, stress-free and personal transaction. Starting from pre-sale through to settlement. Submit the questionnaire to get started.
6 Steps to selling property
What is the process of selling property with us?
- Marketing Contract is prepared by RM Legal and Conveyancing and sent to the agent so that marketing of the property can commence.
- Vendor accepts an offer; RM Legal & Conveyancing receive a sales advice from the Agent; RM Legal & Conveyancing negotiate terms of Contract; issue the Contract to the Purchaser; arrange for the Vendor to sign the Contract;
- Deposit is paid by the Purchaser to the Agent and exchange of Contracts takes place;
- RM Legal & Conveyancing will reply to Purchaser’s requisitions; contact Vendor’s bank to arrange a discharge of mortgage; arrange for Vendor to sign a Transfer.
- RM Legal & Conveyancing receive and check settlement figures; advise Purchaser of cheques required for settlement; book settlement with Purchaser and Vendor’s bank
- RM Legal & Conveyancing will attend settlement – receive settlement money and account to Vendor sale proceeds; payout mortgage; authorise the Agent to release the deposit to the Vendor; settlement correspondence issued to Vendor.
The Steps to Selling Property NSW (detailed)
Step 1 – Organise a Contract For Sale
The first step when selling a property is to have a Contract for the Sale of Land for the property prepared. This is exactly what we do for you. To get things started, we need to obtain a Seller Questionnaire from you. You can provide this by filling in our online form, which you will find below, or if it’s easier for you, simply give us a call and we can take the information from you over the phone.
A Contract is required to provide certain legal information to a buyer. This information is declared by the certificates we place in the contract. By law, there are certain certificates that MUST be there or else it’s an invalid contract.
To order these certificates, we need a deposit from you of $300. Most of our clients prefer to transfer the $300 via internet banking. If you wish to do the same, our banking details can be found here.
Once the certificates have been ordered, a contract will take between 2 to 5 days to prepare, depending on the council area in which the property is located.
Step 2 – The contract is emailed to the real estate agent by us.
Once the contract is prepared, we email it to the real estate agent you have decided to list with. They are legally allowed to market and sell your property.
After You Accept An Offer:
Once a Purchaser makes an acceptable offer to purchase the property the Agent issues a sales advice. We update the marketing Contract the same day that we receive the sales advice and send the Contract to both you and to the Purchaser’s Solicitor or Conveyancer for signing.
The Purchaser prepares for exchange by undertaking inspections, obtaining formal finance approval and paying the deposit. This process can take up to 14 days.
Most of the time, contracts are exchanged after the Purchaser has completed their inspections and have finance approved. There are times when a purchaser will sign a contract then undertake finance approval and inspections.
The Contract may be subject to a Cooling off Period after exchange which is usually 5 business days.
During the Cooling off Period the Purchaser has the right to change their mind about purchasing the property. They may withdraw/pull out/rescind from the Contract. If they do, they forfeit/lose the deposit of 0.25% of the purchase price which you receive as compensation.
The second option is for the Purchaser to waive their Cooling off Period. This can sometimes delay an exchange as the Purchaser will carry out pre-exchange inspections and obtain unconditional finance approval before submitting their signed Contract for exchange.
Vendors/Sellers are NOT entitled to a Cooling off Period. Once Contracts are exchanged, a Vendor is bound by the Contract to sell the property to the Purchaser.
If there is a mortgage on your title, we will arrange for you to sign a discharge authority. We will liaise with your lender to ensure they attend settlement. If there is no mortgage on the title, you will need to arrange to collect your Title Deed and deliver it to us in time for settlement.
Prior to settlement, the Purchaser will arrange to carry out a final inspection of the property. These arrangements are made via the Agent. The property needs to be completely empty, all furniture removed, all rubbish removed, and the property left clean ready for the Purchasers. Keys are to be handed to the Agent prior to settlement.