When selling a property, apart from advertising, marketing, and showing your property to prospective buyers, you’ll likewise have to factor in the settlement process that will involve conveyancing. Conveyancing involves plenty of stages that you will need to go through in order to legally sell your property. The usual steps are as follows:
- The first step is signing theContract Note or something similar like a Contract of Sale, Offer to Buy or Offer and Acceptance.
- The next is answering requisitions on the title. This stage involves the buyer asking you certain questions regarding your home, and in the event that the buyer does not ask questions, you take it as an indication that he or she deems your property acceptable. Keep in mind that when answering questions, you shouldn’t mislead the buyer or offer up too much information. A real estate agent in Townsville suggests getting conveyancing solicitors who are better equipped to handle requisitions since the sale could be cancelled at this stage if the prospective buyer isn’t happy with your answers.
- The buyer then prepares the Transfer of Land, to be handed during settlement later. This document informs that Land Titles Office to modify the property’s registered ownership into the name of the buyer.
- Next is performing adjustments, which involves adjusting the property’s purchase rice to accommodate associated expenses that are owed or paid in advance for the settlement. The adjustments estimated by dividing the annual rates’ total amount by the days in a year to obtain a daily rate in order that the buyer could adjust the balance.
- What follows is the discharge of your mortgage to clear the property title. You are responsible for ensuring that mortgages on your property are all paid before you give the title to the buyer. The formal discharge should be sent to the Land Titles Office.
- After all, has been said and done, and every step in the conveyancing process has been carried out, the last step is the settlement. All parties will exchange cheques and proper documentation to complete the sale of your home.
Take note that it’s your (or your conveyancer’s) duty to inform relevant authorities that you’re no longer the legal owner of the sold property. While the whole process might seem a bit daunting, with help from a professional conveyancer and considering that no major issues will crop up, everything will go well.