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Selling property process
Pre-Contract
• Prepares draft contract and orders prescribed documents(*)
Prescribed documents:
> title: identity check (Passport, Citizenship cert or driving licence)
> zoning cert. (s149),
> draining and sewerage diagram and
> an identification survey (can rely a recent survey (2 year), if any)
Statutory terms
> the consequence of breaching implied statutory conditions or warranties
• Agent lists the property for sale with copy of contract in his possession
• Agent issues Sales Advice to solicitor
• Solicitor negotiates terms of contract and prepares two, identical, counterpart contracts incorporating agreed terms of the sale
• Request s66W certificate, if required
Exchange
• Executed contracts are exchanged
Post Exchange/Pre-Settlement
• Arrange discharge of mortgage, if any
• Order s109 certificate for strata scheme (for apartments)
• Reply requisitions
• Execute transfer
• Confirm settlement figures and provide direction to pay
• Organize settlement: place, date, and time; inform purchaser's solicitor
Settlement
• Hand over documents to purchaser: direction to pay, certificate of title and discharge of mortgage (properly executed)
Post-Settlement
• Lodgement of documents
• registration
(*) in accordance with the relevant Conveyancing Act and Regulation.
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