Selling your home? Here is your ‘how to' Guide
Selling a home is a complex process that can be overwhelming. The language in contracts is often complex, and contracts themselves are long and arduous. The process of selling is multifaceted and entails many steps. Listed below are some essential steps:
Find a real estate agent in the locality whom you can trust to sell your property. Make sure you read the specific terms of the agency agreement and are aware of the agent's commission;
Determine with your agent if your property would benefit much from any renovation or repair imperative to the outcome of its sale;
Engage an accountant to determine the sale's financial circumstances, such as relevant taxing, capital gains taxing, etc;
Engage a solicitor. You will need to disclose particulars about the property and additional information, such as the listing agent. They will then prepare a contract of sale;
When you have the Contract of Sale, the listing agent can then begin marketing the property;
Once a buyer has been found and an offer made and agreed upon, you can exchange the contract;
Once the contracts are signed and dated, the buyer has a five day "cooling off" period whereby they can inspect the property to confirm it is what they intend to purchase and then finalise their purchase;
After the "cooling off" period, the buyer will then pay a deposit. As a seller, you do have the option to request the purchasers to release the deposit before settlement. Usually, this occurs when the buyer needs the funds for stamp duty;
If you have a mortgage taken out for that property, you must contact your bank to arrange the mortgage discharge. Your bank will give you a Discharge of Mortgage Authority form to sign. Once the contracts have exchanged, your solicitor will send this document to the bank;
Please note: It is imperative to contact the bank in advance as they typically require a months' notice to prepare discharge documents.
If your property does not have a mortgage, you must provide the certificate of title to your solicitor before settlement;
Before settlement, you must ensure that you have paid utility rates. This is imperative for your solicitor to proceed with settlement. You must also ensure you have not cancelled your home insurance. The keys to the house must be provided to the real estate agent, and at that point, you must ensure that the property has been vacated and left clean.
In selling a property, your solicitor plays an imperative role and can make this process progress successfully and without error.
At Wainwright legal, we take particular interest in and specialise in Property Law. So for all your property law needs, contact us today.