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The Conveyancing Act 1919 (NSW) governs the process of conveyancing including the purchase and sale of a property in New South Wales. There are several terms or legal jargon you may hear throughout the process of conveyancing, some of the most commonly used terms are explained here https://pannulawyers.com.au/conveyancing-jargon-translator/. There are many law firms and solicitors who practice conveyancing, to help you decide which one is right for you click here https://pannulawyers.com.au/how-will-i-know-who-are-the-right-firm-to-conduct-my-conveyancing/.
Selling a property involves the following steps
Before you can list your property for sale, the first step after engaging a real estate agent is to prepare your Contract for Sale. The Vendor has certain documents including title diagram, dealings, 10.7(2) certificate, sewerage service and location diagram which must be attached to the Contract to fulfill the vendor disclosure obligations. If these disclosure obligations are not met, the Vendor may risk the Purchaser rescinding from the contract and being entitled to claim 0.25% of their non-refundable deposit back.
Generally, your agent will convey any offers made to you and after accepting an offer, the purchaser is required to put down a 0.25% deposit so that the agent can attend to exchange of contracts, subject to a cooling off period. If the purchaser does not exercise their right to cool off during the cooling off period, this means that they are proceeding with the purchase and are bound by the terms of the contract.
If there is a Mortgage over the property, the vendor will need to complete a discharge authority and forward this to their bank for processing. The Discharge Authority releases the mortgagee at the time of settlement and the final loan is paid out at the time of settlement. The vendor is required to serve a clear land tax certificate on the purchaser at least 14 days prior to the settlement date. The vendor is also required to complete a foreign resident capital gains withholding certificate if the property is being sold for more than $750,000. After the purchaser submits their settlement adjustment sheet, the vendor is required to confirm the calculations of figures for water rates, council rates and or strata rates is correct.
The property is legally transferred to the purchaser as they direct. The possession of the property is handed over to the purchaser either vacant or subject to their existing tenancy. Any balance of the purchase price must be paid to the vendor at this stage.
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