Spring is upon us and for many the gruelling Canberra winter will have taken its toll. But with the new season brings new opportunities, and for some, it will mean starting the arduous process of selling up and relocating homes.
If you are selling a residential property in the ACT there are a number of matters you should be aware of before offering your property for sale. Some of these matters are outlined below.
Engaging a real estate agent
After you have selected your selling agent you will be asked to sign a written sales agreement. This is a legally binding agreement that appoints the agent to sell your property.
Sales agreements can be complex as there are different types of agency arrangements. It is sensible to discuss your agency agreement with us before signing to avoid any confusion about the arrangement with your agent.
The Process
The process of transferring the legal title of real property from one person to another is called the conveyancing process.
The conveyancing process is designed to ensure that the Buyer obtains a good and marketable title to the property together with all the rights that run with the property and is notified of any restrictions or rights in advance of purchase.
To ensure that this happens the Seller has an obligation to disclose certain things to a potential Buyer so they can make an informed decision.
We can help you navigate this process and will ensure that you comply with your legal obligations and can safely offer your property for sale.
The Contract
A contract for the sale of residential property must be prepared before the property is offered for sale either through an estate agent or privately. It is an offence under the Civil (Sale of Residential Property) Act not to have a contract available, and any contravention, can carry with it heavy penalties. The contract must contain certain specified conditions and be available for Buyers to consider before they make an offer to purchase the property.
The documents attached to the contract give the Buyer the details they need to know about your property before they make an offer to buy. The exact documents required vary depending on the type of property being sold.
We will make sure that you comply with your legal obligations to include all documents and conditions in the sales contract and will also include any other special conditions that are required.
We do a considerable amount of property work and have experienced staff to assist you in this process.
If you would like to find out more information on the conveyancing process or if you need assistance or advice on how to proceed please call Emma Bragg on (02) 6140 3263 or email emma@tetlowlegal.com.au.