Yes. You cannot market your property for sale until your conveyancer has prepared the contract. Anyone who makes an inquiry or an offer on your property is entitled to ask for a copy of the contract and there are fines payable if a copy is not available on request. Therefore, if you are going to sell your property without the intervention of an agent then it is important to consult your conveyancer before you do anything further.
We can prepare a contract in less than an hour. The only document that may cause some delay is the Section 10.7 (formerly Section 149) Zoning Certificate, which some councils are still working on a way to provide online.
The seller is entitled to charge the buyer interest for the number of days settlement is delayed. The contract usually stipulates the applicable interest rate. The seller can also issue a “Notice to Complete” which means the buyer has 14 days (including weekends and public holidays) to settle the matter. If left unsettled, the seller has the right to terminate the contract and retain the deposit up to an amount equal to 10% of the sale price and can legally place the property back on the market to sell.
Settlement is the finalisation of the sale process. There are usually four parties involved – the seller and buyers’ conveyancers and the banks for the seller and buyer. Settlement occurs via PEXA which provides for electronic settlement of property transactions. On settlement, the buyer’s conveyancer will make an electronic funds transfer of the balance of the sale proceeds and, in turn, will receive a Certificate of Title and Discharge of Mortgage (electronic documents) from the seller’s bank. The electronic documents are then lodged at the Land Registry Services office to record the change in ownership. After settlement, the deposit is released to the seller.
Settlements now occur via PEXA which stands for Property Exchange Australia. PEXA is a national online system which provides for electronic settlement of property transactions including payment of settlement monies, duties, taxes and any other disbursements and it also allows for electronic lodgement of dealings to the Land Registry Services office which will change over the ownership of the property. PEXA Key tracks settlement in real-time. Instant notifications keep you informed. We can keep you updated on the progress of your settlement whereby you can track your settlement via an app.
Disclaimer: The answers to these frequently asked questions are for information purposes only and must not be relied on as a substitute for legal advice.
Disclaimer: All information is kept secure and will not be shared or sold to any third party.
Subscribe to our monthly newsletter to receive updates, property tips and the latest RBA rate announcement.