We’ve Got You Covered
When it comes to selling one of life’s biggest assets, it goes without saying that you want a smooth and successful process. The Conveyancing Team at Coutts has over 25 years experience in the stress-free, seamless selling of properties across New South Wales and interstate.
Step 1: Talk To Us
Reach out to Coutts Lawyers via our website, phone, or in person for a consultation on how we can help you sell your property stress-free!
Step 2: Get a Quote
No Bill Shock. Know exactly what your stress-free conveyancing will cost from start to finish.
Step 3: We Get to Work. You Relax!
At Coutts, our objective is the seamless sale of your property, stress-free! We’ll get to work, you organise the furniture truck and let us take care of settlement.
Understanding The Selling Process
The process of selling a property involves several crucial steps to ensure a smooth and legally sound transaction. From the initial preparation of the Contract of Sale to the final settlement, understanding the key phases of the selling process is essential.
Our 9 Steps to Selling Your Property
Step 1: Engage a Licensed Conveyancer or Solicitor
Step 2: Engage a Real Estate agent
Step 3: Your Licensed Conveyancer will commence preparing your Contract of Sale
Step 4: Issue Contract of Sale to agent
Step 5: Accept an offer on your property
Step 6: Exchange of Contracts – 0.25% deposit will be payable to the agent or the vendor’s legal representative
Step 7: Cooling off period commences; the purchaser will obtain inspections of the property*
Step 8: Cooling off period expires, and the Contracts become unconditional
Step 9: Settlement! The balance of the purchase funds is paid to you and the title is transferred to the purchasers
*A cooling off period or Section 66W is not applicable to properties over 2.5 hectares of land or commercial properties
Before you sell
Before placing any property on the market, the vendor (seller) must have a Contract of Sale prepared by a Solicitor or Licensed Conveyancer. The Contract for the Sale of your property will contain the terms and conditions of the sale as well as all information and documentation that the law requires the seller to provide. These prescribed documents include:
- 7 (2) Certificate
- Sewer diagrams from a recognised sewerage authority (If available)
- A copy of the property certificate
- Copies of all dealings and instruments that are shown on the title search including easements, covenants and restrictions on the use of the land
- A copy of the Deposited or Strata Plan
- Home Owner Warranty Insurance Certificate. For any work completed after 1 May 1997 by a licensed builder where the value of that work exceeds $20,000, your builder should have insured the work against building defects under a policy of insurance and given you a certificate of insurance. Please note this is required for buildings/works completed that are less than 6 years old.
- Strata – If the property is a Strata unit, the Contract must contain copies of the property certificate for their lot and the common property as well as including any Strata plans and relevant by-laws.
- Swimming pool – If the property has a swimming pool and/or a spa, a registration certificate and a compliance or non-compliance certificate (for each pool and/or spa) is required to be attached to the Contract for sale as required by the Swimming Pools Regulation 2018 and Swimming Pools Act 1992. You can register your pool and find more information
If after exchange of the Contracts the purchaser discovers that the seller’s information is incorrect or misleading, or if the seller does not attach the disclosure information (the prescribed documents), the purchaser may be entitled to rescind (cancel) the Contract.
We organise the full preparation of your Contract for Sale and ensure that the terms included in your Contract comply with your legal obligations. Once we have completed the Contract, we will send a copy to your chosen Real Estate agent in order to allow them to commence marketing the property for sale.
Conveyancing Help You Can Trust
Some Other Important Things to Consider
Selling your property without the expertise and experience of a good conveyancing team can be perilous. There are many things you need to consider. Here are some of the things you need to be across.
Exchange of Contracts
Once a purchaser is found, the agent should advise us of the sale price, the full name and address of the purchaser and the details of their legal representative. If the exchange is completed by an agent they will require both the Vendor (seller) to sign a Contract and the Purchaser (buyer) to sign another Contract, the Purchaser will make payment of a holding deposit of 0.25% of the purchase price and the Agent will date each copy of the Contract. This is the process of exchange in a cooling off period.
If the Contract is exchanged by the legal representatives, the cooling off period is waived (unless otherwise agreed) and the Purchasers legal representative will provide the Vendors legal representative with a Section 66W certificate* which waives the cooling off period and the Contract will become unconditionally exchanged. The full agreed deposit (usually 10%) is required to be paid prior to an unconditional exchange. The sale becomes legally binding on both the Vendor and the Purchaser when the Contracts are exchanged. The time to exchange Contracts depends largely upon how quickly the purchaser and their legal representatives act.
Cooling off Period
You should be aware that unless a purchaser waives the cooling off period, the purchaser has “cooling off” rights which allows them to withdraw (rescind) from the Contract at any time before 5pm on the fifth business day after the exchange date (or as agreed between the parties). If they do, the purchaser forfeits to you 0.25% of the purchase price.
Before agreeing to proceed on this basis, you should be completely satisfied with the sale price because although the purchaser can withdraw, you the seller are bound to proceed with the sale if they do not exercise their “Cooling Off” rights. On expiry of the cooling off period, the purchaser will then pay (if they haven’t already) the balance of the 10% deposit to the deposit holder (which is usually the agent).
After Unconditional Exchange
After the Contract becomes unconditionally exchanged, meaning the purchasers are locked into and bound by the terms of the Contract, we will attend to all requirements in order for the matter to proceed to settlement.
“Settlement” is the conclusion of the transaction between the vendor and the purchaser and is the day when ownership of the property is transferred to the purchaser and the remainder of the purchase price is paid to the seller.
Settlement normally occurs 6 weeks (42 days) after exchange, however, the settlement period can be altered to suit the transaction or to suit the needs of the parties.
For example, you may be purchasing another property and require both the sale and purchase to happen on the same day. We can organise the settlement dates for both Contracts to happen simultaneously.
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Your Experienced Lawyer
Meet Adriana, The Managing Partner at Coutts Lawyers & Conveyancers, and the head of our esteemed Property and Commercial Law teams. With over twenty years of expertise, Adriana’s profound experience has fostered unwavering trust among her clients and solidified her esteemed standing within the Macarthur community. Her stature as an authority in Property and Commercial law is well-established.
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The Selling Process FAQ’s
Coutts provides comprehensive guidance and legal assistance throughout your property selling process, ensuring a smooth, compliant, and hassle-free experience from preparation of the Contract of Sale to the final settlement.
Having a Contract of Sale is a legal requirement in Australia. It contains essential terms, conditions, and disclosures to inform potential buyers and protect sellers, ensuring transparency and legality in property transactions.
The Cooling Off period allows buyers a set time to reconsider the purchase and withdraw if they choose to, with a minor penalty. Sellers are committed to the sale during this time and cannot sell to another buyer.
Settlement typically occurs six weeks (42 days) after the exchange of contracts, transferring the ownership of the property and concluding the transaction. However, the settlement period can be adjusted to accommodate the specific needs of the buyer and seller.
Yes, properties with swimming pools and/or spas require a registration certificate and a compliance or non-compliance certificate to be attached to the Contract for sale, as mandated by the Swimming Pools Regulation 2018 and Swimming Pools Act 1992 in Australia.