CONVEYANCING FOR SELLERS
If you are selling a property, One Title e-Conveyancing will handle the legal and administrative work. At One Title e-Conveyancing, we have a team of trusted experts offering conveyancing for property sellers in all areas.
We have experts In all property types in all areas of Sydney and NSW from multi-million houses to one-bedroom flats. With our knowledge of the Sydney property market, you can be reassured that we will identify any potential issues and deal with them swiftly.
THE CONTRACT FOR SALE
The first thing you need to do If you are selling your house or apartment Is to prepare a contract for sale. Putting your house on the market without having a proper contract Is an offence under NSW law and could lead to you being fined.
WHAT DO I NEED TO INCLUDE IN THE CONTRACT FOR SALE?
- The law says that all sellers must include certain information in the contract for sale and must also make certain promises (known legally as 'warranties) about the property they are selling. These obligations are known as Vendor Disclosure Requirements. The most common documents you may need to include with the contract are:
- A zoning certificate. Often known as a 'section 149 certificate' this is issued by the local council and shows planning controls and other things which may affect the property, such as any proposed road widening
- A drainage diagram. This shows the location of any sewer lines
- A copy of the certificate of title or a title search confirming that you own the property
- Copies of any documents creating easements, right of way, restrictions or covenants
- Certificate of compliance or non-compliance for any swimming pool
- Certificate showing whether or not land tax is owing on the property.
WHAT IF I AM SELLING A STRATA TITLE PROPERTY?
- Most apartments in NSW are strata titles. If you are selling a strata title property, you will also need to include:
- A copy of the property certificate for the lot and common property
- A copy of the strata plan showing the lot
- A copy of any change of by-law affecting the use of the common property.
- You should also let us know if any special levies have been levied or are likely to be levied
WHAT HAPPENS IF THE CONTRACT DOESN'T COMPLY?
If you do not comply with the Vendor Disclosure Requirements and there turns out to be a problem with the property, the buyer may be able to cancel the contract for sale, in which case you will also have to return their deposit. This could be very serious if you have already bought a new home.
WHAT'S INCLUDED IN THE SALE?
Unless the contract specifically says otherwise the property is sold 'in the state it's found'. That also means any 'fixtures' are automatically included. A fixture is anything that cannot easily be taken away without doing damage to the property. For instance, stoves are usually fixtures because they are wired in, whereas fridges are not because they only need to be unplugged. Sometimes you may be able to exclude a fixture from the contract for sale. At other times, what constitutes a fixture isn't so clear cut (e.g. removable floor coverings or an above-ground pool) and this can lead to a dispute between you and the buyer. Where anything is in doubt, it should be expressly included in the contract for sale.
SHOULD I USE STANDARD OR TAILORED TERMS IN THE CONTRACT?
Many of the terms in any contract for sale will be standard, which means they have been in use for a long time and are generally considered to be fair to both the seller and the buyer. You don't necessarily have to include all of these standard terms in your contract, especially if they do not reflect your needs or the property you're selling.
We will make sure that the contract for sale doesn't only meet the legal requirements, but that it is also in your best interests. That said, it is likely any buyer will want to negotiate some of the terms on which they're buying. For instance, if they are also selling a home, they may want a longer or shorter settlement period than normal. Alternatively, they may want to make sure certain items, such as the blinds, are included as 'fixtures.
We will make sure that the contract for sale doesn't only meet the legal requirements, but that it is also in your best interests. That said, it is likely any buyer will want to negotiate some of the terms on which they're buying. For instance, if they are also selling a home, they may want a longer or shorter settlement period than normal. Alternatively, they may want to make sure certain items, such as the blinds, are included as 'fixtures.