Selling your House
Tips for Selling your House
We are often asked what is involved when selling a property. Below we have provided a guide to help you understand the settlement process. Feel free to contact us with any questions.
Your Rights
You have a right to have your conveyancer act in your best interests at all times. These rights are detailed in the Appointment to Act (Form 1) document and, where applicable, the Disclosure of Interest document (Form 2).
Your Obligations
You have an obligation to inform your conveyancer of any matters that you think may affect your interests in the transaction. This is particularly important when may be incorrect, or where you intend to vary the settlement date or give early possession of the property.
General
- It is important that you sign any documents as early as possible, particularly when the time frame for settlement is short.
- Promptly attend to any special conditions pertaining to you on the Offer and Acceptance contract.
- If you plan to be away during the settlement period, please make sure to sign any necessary documents and let us have alternate contact details.
Discharge of Mortgage
If there is a mortgage on the property, then contact your bank or financial institution and take whatever action is necessary to discharge the mortgage by the settlement date.
Special Conditions
If there are any special conditions on the contract which you are required to satisfy, please do by the date required.
Documentation
We will forward the Transfer of Land document to you for signing once it has been signed by the buyer. Please ensure that the document is signed and witnessed as instructed and returned to us promptly.
Certificate of Title
If you are selling a house in WA and the property is mortgaged, your bank or financial institution will hold the duplicate Certificate of Title (if one is in existence). If YOU hold the Certificate of Title yourself, we will require you to forward or deliver the Title to our office prior to settlement.
Settlement Statement
We will provide you with an initial settlement statement that will outline all the costs of selling your house. After settlement, we will provide you with a final statement setting out the full disbursement of the sale proceeds including any adjustment of rates and taxes.
Rates & Taxes
If you receive any account for payment of water rates, local government shire rates, land tax or strata levies (if applicable) during the period leading up to settlement, please forward the accounts to us so that we can ensure that all payments are apportioned fairly and paid promptly.
Home Indemnity Insurance
If a building license was issued since 1 February 1997 for any extensions to your property up to the value of $12,000 or over, the builder must take out home-indemnity insurance in the name of the homeowner. This amount has increased to $20,000 since 1 July 2007. If this situation applies to you, please let us have a copy of the insurance policy or details of the policy so that we can show the buyer that the insurance is in place.
Moving Out
One of the final steps to selling a property is moving out. After settlement, please make sure that any keys, remote control devices etc. are handed to the real estate agent for the buyer to collect. If the property is your place of residence, you are entitled to occupy the property until 12pm the day following settlement. If the property is sold with ‘vacant possession’, and someone other than yourself is occupying the property, please ensure that they have fully vacated the property by the stipulated time.
Things you should do
You need to make your own arrangements to discontinue power, gas or telephone services to the property. Please do so timeously. We will notify the local council and the Water Corporation of the change of ownership and will arrange for the water meter to be read as close as possible to the settlement date.
The property continues to be at your risk as far as insurance is concerned, until the date of settlement or possession, whichever comes first. We cannot make arrangements to transfer or cancel any insurance policies, you should contact your insurer to make any necessary arrangements.
Remember to notify anyone with whom you are in regular contact, of your new address and contact details.
The buyer or seller may delay settlement for up to three business days after the due date, so, the contract date is never assured.
Whether you are selling an investment property or your house, and want further information on the conveyancing process contact us, your local property conveyancing specialists.
