Sale

Sellers Guide – Summary of Fundamentals

What we will usually do as your Solicitor: What you must do as Seller:

Step 1
(Receipt of signed Contract) 

  • Open our file and contact you to advise Contract received
  • Peruse Contract and diarise due dates
  • Order Title Search
  • Send initial letter to Buyers’ Solicitor to advise we act for you
  • Send initial letter to Agent to confirm receipt of Contract
  • Send comprehensive initial letter to you enclosing documentation for your execution as well as detailed information for your perusal
  • Contact your Bank to advise of Sale if you have a Mortgage/s over your property (such Mortgage/s must be released at settlement)
  • Obtain, sign and return your Bank’s Discharge Authority regarding release of your Mortgage/s
  • Allow Agent or Buyer to arrange Building/Pest Inspections with your cooperation
Step 2
(Satisfaction of conditions and Contract becoming “unconditional”)
  • Receive Transfer Documents from Buyers’ Solicitor
  • Send Transfer Documents to you for signing
  • Negotiate and confirm reasonable extensions of time requested by the Buyers necessary to fulfil conditions (you don’t have to agree to any such requested reasonable extensions of time but the Contract will usually then terminate)
  • Receive advices from Buyers’ Solicitor once each condition is satisfied
  • Advise you that each condition is satisfied
  • Ensure Agent has received notification of satisfied conditions
  • Advise you once Contract becomes “unconditional”
  • Contact your Bank to confirm they’ve received your signed Discharge Authority
  • Complete, sign and return to us, the documents provided to you in our initial letter for your execution
  • Provide a copy of your ID (Driver’s Licence)
  • Provide a copy of your recent Rate Notice
  • If you have not already done so in Step 1, make sure you obtain, sign and return your Bank’s Discharge Authority regarding Release of your Mortgage/s
  • Make sure your Bank is taking required steps for the Release of Mortgage/s to be available at settlement

Step 3
(Leading up to Settlement)

  • Contact your Bank to book a time for settlement and request Mortgage/s payout figure
  • Advise Buyers’ Solicitor of proposed venue and time for Settlement
  • Calculate and confirm settlement figures and anticipated required settlement cheque details with Buyers’ Solicitor
  • Advise you of settlement time and Bank’s estimated payout figure of your Mortgage/s
  • Obtain Tax Invoice from Agent for Commission
  • Receive your executed Transfer documents and check proper execution and return to Buyers’ Solicitor
  • Sign and return as soon as possible the Transfer Documents (correctly witnessed by a J.P, C.Dec, or Solicitor)
  • Allow Agent to arrange a pre-settlement inspection with you and the Buyers
  • Make a suitable arrangement with the Agent regarding keys for settlement
  • Confirm your instructions as to dispersal of surplus sale proceeds after payout of your Mortgage/s at settlement
  • Confirm your Bank will be ready for settlement and that there is no shortfall from the sale proceeds requiring your top-up to payout your Mortgage/s at settlement

Step 4
(Settlement Date)

  • Obtain final payout figure on your Mortgage/s required at settlement from your Bank (often not available until the morning of settlement)
  • Submit final cheque details to Buyers’ Solicitor
  • Effect settlement on your behalf (we usually instruct a Town Agent to attend settlement on our behalf)
  • Advise you once settlement has been effected
  • Send letter to Agent to advise settlement has been effected and to authorise release of the keys to the Buyers and release any surplus Deposit over and above Agent’s Commission
  • Ensure property is vacant by the time of settlement ─ Deliver keys to Agent by the time of settlement

Step 5
(After Settlement)

  • Send settlement letter to you enclosing Settlement Statement etc.
  • Contact us if you have any queries in relation to the Settlement Statement etc.