Conveyancing is the legal process of transferring property ownership from one party to another. Here’s a step-by-step guide to the conveyancing process for vendors:
Engagement:
The process typically begins with the vendor engaging a conveyancing solicitor or licensed conveyancer to handle the sale of their property. Pannu Lawyers can be engaged at this stage to represent the vendor’s interests.
Contract Preparation:
The solicitor or conveyancer will draft the Contract of Sale, which includes details about the property, settlement terms, and any special conditions. It’s important for vendors to provide accurate information about the property to ensure the contract is legally sound and meets the legal requirements.
Vendor Disclosure:
Vendors are required to provide certain disclosures to the buyer, such as the title documents, zoning certificates, and sewerage diagrams. These disclosures help the buyer make an informed decision about purchasing the property.
Negotiation and Acceptance:
Once the contract is prepared, It is sent to the marketing agent who provide a copy of the contract to potential buyers. Negotiations may take place regarding the terms of the sale, including the price and settlement date. Once both parties agree to the terms, they sign the contract, and it becomes legally binding.
Exchange of Contracts:
The signed contracts are exchanged between the vendor and the buyer. At this point, the buyer usually pays a deposit, typically 10% of the purchase price. The contracts are dated, and the cooling-off period (if applicable) begins.
Cooling-off Period (if applicable):
In NSW, the buyers have a cooling-off period during which they can withdraw from the sale and will only be liable to forfeit 0.25% to the Vendor during cooling off period. Coolin off period is usually between 5 business days. During this time, the buyer can conduct inspections and finalise their finance. If the property is sold at Auction, there is no cooling off period.
Finalising Settlement:
Leading up to settlement, the vendor’s solicitor or conveyancer will liaise with the buyer’s representatives to ensure all necessary documentation is in order. This includes preparing the Transfer of Land document and coordinating with the financial institution to ensure discharge of mortgage is prepared in a timely manner.
Settlement:
On the agreed settlement date, the property ownership is formally transferred from the vendor to the buyer. The balance of the purchase price is paid by the buyer, and the keys are handed over. Pannu Lawyers will ensure all legal and financial aspects of the transaction are completed smoothly.
Completion:
Once all post-settlement matters are finalized, the conveyancing process is complete, and the vendor can move forward knowing that the property has been successfully sold.
Throughout the conveyancing process, Pannu Lawyers will provide expert advice and guidance to ensure a smooth and successful transaction for the vendor. If you are selling a property in NSW and looking for a reliable solicitor to assist you with preparing the contract, contact Pannu Lawyers on 02 9920 1787. Pannu Lawyers are backed by more than 650 five-star review on google by our past customer.
