When you decide to sell your property, whether it is a house, unit or block of land, there are many things for you to organise. Our aim at Adams & Partners Lawyers is to make this transaction as easy as possible, ensuring a “stress free” period during your sale.
SOME IMPORTANT THINGS YOU NEED TO KNOW ABOUT SELLING
What Should I Be Given When Signing An Agency Agreement?
Under new laws introduced in September 2003, your real estate agent must give you various documents, including advice about cooling off your agency agreement, copies of the agency agreement and a general guide about agency agreements. All reputable real estate agencies will have no problems in providing this information.
Update: There is also further updates to the legislation as detailed here.
What Is A Cooling Off?
Under New South Wales law, unless otherwise waived, a Purchaser has five (5) business days (this can be extended) after exchange to exercise their cooling off rights. By exercising cooling off rights, we mean pulling out of the deal. To exercise that right, a Purchaser must provide written notice to the Vendor. If a Purchaser were to exercise their cool off rights, they will forfeit to the Vendor 0.25% of the purchase price. Until the cooling off period expires or is waived the Contract is said to be “conditional”.
What Should I Do For Settlement?
The settlement date is written on the front page of the contract, usually it will be 42 days from the date of exchange. It is important that prior to settlement the property be vacant unless the contract provides otherwise. You should note that the Purchaser is entitled to carry out a final inspection of the property before settlement. See our moving house checklist on the last page for some other handy hints.
What If I Am Buying My New Property At The Same Time?
If you are purchasing another property, you should advise both Adams & Partners Lawyers and the real estate agent on the purchase, so that the sale and purchase of properties can be co-ordinated and completed simultaneously.