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Important Points When Selling or Buying Real Estate

Being prepared is the key aspect of ensuring that your conveyance proceeds efficiently.

Selling Real Estate

  • Contact your solicitor/conveyancer with instructions to prepare a contract. Marketing cannot commence until the selling agent has been provided with a copy of the Contract. You should ensure that you provide your solicitor/conveyancer with all relevant information so that the contract can be drawn up correctly.
  • Once the contract is approved by you a copy of the contract will be provided by your lawyer/conveyancer to the selling agent so that marketing may commence. You should discuss any conditions you may require in respect to the sale with your lawyer/conveyancer.
  • When an offer is accepted and terms agreed upon, sign the contract and proceed to exchange.
  • If applicable, contact your mortgagee to notify them that the property has been sold so that they may commence preparation of the discharge of mortgage and proceed to settlement.
  • Proceed to settlement. You solicitor/conveyancer will assist you with the necessary steps.

Purchasing Real Estate

  • Obtain a finance pre-approval prior to starting to look for a property to purchase.
  • When you have found a property negotiate the price and any special requirements you may have in respect to the purchase.
  • Provide your solicitor/conveyancer with a copy of the contract so that a legal contract review can be carried out. Once this has been done, ensure that you discuss any queries you may have with your solicitor/conveyancer.
  • Carry out any due diligence required ie. strata report, building and pest report, enquiries with Council.
  • If applicable, contact your accountant to ensure that the correct purchaser’s name is inserted on the contract. The name on the contract, mortgage documents and transfer must all be identical.   If there are any trusts for the purchaser, this must also be noted on the contract.
  • Once you are satisfied with terms of the contract sign the contract and pay the agreed deposit so that contracts can be exchanged.
  • Proceed to settlement. You solicitor/conveyancer will assist you with the necessary steps.

Important Disclaimer: The content of this article is general in nature and for reference purposes only. It does not constitute legal advice and should not be relied upon as such. Legal advice about your specific circumstances should always be obtained before taking any action based on this publication.

By Yolanda Regueira



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