Selling a property is one of the most important financial decisions you’ll ever make, but it doesn’t have to be one of the most difficult. If you are planning to sell your property in NSW, the team at Strictly Conveyancing can assist you with your conveyancing transaction.
- It is important to know that you or any real estate agent are legally required to have a valid contract before marketing your property for sale.
- You should have a draft contract for sale to show any potential buyer.
- Once the team receives your instructions, all the required searches will be ordered immediately and the contract for sale will be prepared on your behalf.
- A copy of the contract will be provided to your selling agent in readiness for your marketing campaign.
- Once you have found a buyer, the contracts will be exchanged by the agent.
The contract will be updated to reflect the buyers details, the price and any agreed changes between the parties. Once contracts have been exchanged, the seller becomes “legally bound” to complete the matter, this is known as exchange. In most cases, the buyer is entitled to a 5-day ‘cooling off’ period.
During this time, the buyer may change their mind and decide not to proceed with the purchaser. The seller does not have this benefit however should the buyer decide not to proceed, the initial deposit that they pay is forfeited to the seller and the property is returned to the market.
If the buyer decides to proceed with the purchase, they must pay the balance of the 10% deposit prior to the expiration of the ‘cooling off’ date and are now bound to complete the transaction until settlement. Alternatively, they risk losing the entire 10% deposit.