Initial Consultation
1. Meet with Your Lawyer:
Schedule an initial consultation with Pannu Lawyers to discuss your intentions to sell the property. Provide all necessary information about the property and any existing mortgage details.
2. Engage Services:
Formally engage the services of Pannu Lawyers by signing a retainer agreement.
Preparation of Contract for Sale
1.Property Documentation:
Your lawyer will gather all necessary documents related to the property, including the title deed, searches from the land registry, planning certificate and water diagrams.
2.Draft Contract:
Pannu Lawyers will draft the Contract for Sale, ensuring it includes all required statutory disclosures and special conditions.
3.Review:
Review the draft contract and discuss any specific terms or conditions you wish to include.
Marketing and Negotiation
1. Real Estate Agent:
If you haven’t already, appoint a real estate agent to market the property.
2. Marketing Campaign:
Begin the marketing campaign to attract potential buyers.
3. Negotiations:
Work with your real estate agent and Pannu Lawyers to negotiate offers from potential buyers.
Exchange of Contracts
1.Acceptance of Offer:
Once an offer is accepted, the buyer’s solicitor will review the Contract for Sale.
2.Sign Contracts:
Both parties will sign the contracts. The contracts are then dated, and the buyer pays a deposit, typically 10% of the purchase price. It is also common to exchange the contract by paying 0.25% and balance to be paid upon expiration of cooling-off period (if applicable).
3. Exchange of Contracts:
The signed contracts are exchanged between the buyer’s and seller’s lawyers, making the agreement legally binding.
Pre-Settlement Period
1.Conditions Precedent:
Ensure any conditions precedent (e.g., pest and building inspections) are satisfied.
2. Mortgage Discharge:
If there is an existing mortgage, Pannu Lawyers will liaise with your lender to arrange for the discharge of the mortgage.
3. Prepare for Settlement:
Finalise any outstanding issues and prepare for the settlement. Your lawyer will also prepare a settlement statement outlining all financial aspects of the transaction.
Settlement
1. Settlement Date:
On the agreed settlement date, the buyer pays the remaining balance of the purchase price.
2. Transfer of Ownership:
Pannu Lawyers will facilitate the transfer of property ownership to the buyer. This includes transferring the title and ensuring the mortgage is discharged.
3. Handover of Keys:
Once settlement is completed, you hand over the keys to the new owner.
Post-Settlement
1. Final Documentation:
Pannu Lawyers will provide you with final documentation, including the settlement statement and confirmation of the discharge of the mortgage.
2. Completion:
The process is completed, and you have successfully sold your property.
Additional Considerations
1. Legal Advice:
Always seek legal advice specific to your circumstances throughout the process.
2. Tax Implications:
Consider any tax implications, such as capital gains tax, and seek advice from a tax professional if necessary.
3. Costs:
Be aware of all costs associated with selling your property, including legal fees, real estate agent commissions, and any other disbursements.
This guide provides a comprehensive overview of the conveyancing process for vendors as managed by Pannu Lawyers, ensuring a smooth and legally sound transaction. 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.
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