Conveyancing is the area of property law concerned with the preparation of documents necessary for transferring ownership of real property.
You are required to comply with certain conveyancing guidelines in order to sell your property. The steps to be followed for selling your property involve:
Procurement of Documents: The first thing you need to do is procure the relevant documents concerning your property. Your Solicitor will guide and assist you in obtaining the same. Certain documents must be included in the contract such as the Certificate of Title, the Plan of the property, the Zoning Certificate, the Sewerage Certificate etc. In case your property has been mortgaged, your Solicitor will arrange for the discharge of mortgage to be prepared by the mortgagee.
Preparing the Contract of Sale: The next important requirement of the conveyancing process is to prepare a Contract of Sale. It sets out the terms and conditions agreed upon between you and your buyer in relation to your property along with other details. Some of the essential terms of the contract are:
Parties to the Contract: The contract must contain the names and residing addresses of the parties to the transaction.
Description of the property being sold: The contract must contain a full description of the property being sold including details of the location of the property.
Sale consideration clause: This clause states the consideration as agreed between the parties.
Cooling off clause: This clause will give the buyer the right to withdraw from purchasing a residential property within five days normally.
Default clause: Your contract will include a default clause stating what actions by the parties will be construed as a ‘default’ and whether a default notice is to be served upon the defaulting party and how the defaulting party will be required to compensate the other party.
Exchange of Contracts: Once the contract of sale is prepared, each party should sign a copy of the contract of sale. Then vendor will receive the contract signed by the purchaser and the purchaser will receive the contract signed by the vendor. The purchaser must pay the deposit on exchange of contracts.
Settlement: The settlement period should be mutually decided by both parties, usually 42 days.
If you have any query pertaining to conveyancing matters, feel free to contact our lawyers at Owen Hodge.
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