Selling a property is a big decision to make and it’s important to know all the steps you need to take in order to reach a successful sale. The next few weeks will be filled with words and paperwork you probably haven’t seen before. But don’t worry, we’re here to make it easier for you.
We help people sell property every day, and we’ve broken down the conveyancing journey to 7 simple stages. The process won’t always be easy, but you’ll have our team right there with you every step of the way.
1 – Form 1 and contract drafting
Before you ask someone to sign a contract and commit to buying your property, you need to have one written up. You’ll also need to arrange a Form 1 which will contain searches which set out the details of the property you’re selling. One of our lawyers can draft a contract, Form 1 and order the relevant searches for you. We’ll make sure all the important details about the house are disclosed and your best interests are looked after. Once you’re happy with the contract and a buyer has signed it, it can be exchanged and become the legally binding agreement between you and the buyer. Then the next step in the process can begin.
2 – Conveyancing starter pack
We will send you something called a ‘conveyancing starter pack’. Inside you will find a few documents we need you to read and understand, then there will be a few documents we need you to sign. This is paperwork we can’t do for you, so it’s important to complete them as soon as you can. This will allow us to get moving with the lengthy process and it will give you a better chance of settling on time.
Along the way we’ll take care of all the parts we can do. Our team will guide you through the process and we’ll keep you informed about progress and any complexities or issues that may come up.
3 – Verify your identity
To sell your house, you will need to verify you’re the legal owner whose name is on the title deed. To do that officially, you’ll need to get an identity verification. Our team will give you a Land Title Verification of Identity form to complete and you’ll need to provide your passport or birth certificate as well as a driver’s license or identification card to prove your identity.
4 – Transfer of funds
Next, you’ll need to make sure all your finances are in order. For example, if you have a home loan, you’ll need to complete a mortgage discharge form for your bank. If funds are being transferred to you from the buyer then you’ll want to make sure everything is in place to receive the money. To make it more convenient and simple for you, we use PEXA which means settlement can happen electronically for everyone involved. PEXA allows the funds to be paid automatically and quickly.
5 – Pre-settlement inspection
Before everything is finalised at settlement, the buyer may want to arrange an inspection of the property. They’ll be looking to make sure nothing has changed since contracts were signed, for example no damage was made to the walls while you were moving out. They’ll also be looking to make sure any requests in the contract were fulfilled, so you need to make sure you’ve got everything ready for them by this date.
6 – Settlement Day
This is the day you’ve been waiting for. Everything is official – signed, sealed, and delivered. All documents have been lodged with the Land Titles Office and funds have been transferred for the sale of your property. We will still be doing some final paperwork for you, but for now you can pop the champagne and relax.
7 – Receive post-settlement letter and documents
You’ve now officially sold your property, congratulations! Someone from our team will send documents that you’ll need to file away and keep. It’s been a long journey but well done, you’ve completed your sale.
This article is provided for general information purposes only. Its content is current at the date of publication. It is not legal advice and is not tailored to meet your individual needs. You should obtain specialist advice based on your specific circumstances before taking any action concerning the matters discussed in this article.