Selling a property is an exciting yet complex process that involves various legal and administrative steps. One crucial aspect of selling a house is property sale conveyancing in Melbourne, which ensures that the legal ownership of the property is smoothly transferred from the seller to the buyer. If you’re planning to sell your house, understanding the conveyancing process can help you navigate the transaction with confidence.
In this blog, we’ll take you through a step-by-step guide on conveyancing for selling a house, explaining everything in a simple and easy-to-understand manner. Let’s dive in!
Step 1: Engage a Conveyancer
The first step in the property sale process is to hire a professional conveyancer or solicitor who specialises in property transactions. A conveyancer will handle all the legal paperwork, liaise with the buyer’s solicitor, and ensure that the process complies with the relevant laws.
When choosing a conveyancer, it’s advisable to go with a trusted and experienced firm that offers reliable and efficient services for property sellers.
Step 2: Gather Necessary Documents
Once you have appointed a conveyancer, you’ll need to provide essential documents related to the property, such as:
- Title deeds or proof of ownership
- Fittings and contents form
- Mortgage details (if applicable)
- Please provide any necessary planning permissions or building regulation certificates.
- Leasehold information (if applicable, for leasehold properties)
- Building insurance policy documents
- Guarantees and warranties for recent renovations or repairs
- Details of any ongoing disputes or neighbour agreements
- Copies of any existing tenancy agreements (if the property is rented)
These documents will help your conveyancer prepare the contract and ensure a smooth sale.
Step 3: Drafting the Contact and Vendor statement section 32
Your conveyancer will draft a contract that outlines the terms of the sale. This document will include:
- Property planning report
- Fixtures and fittings included in the sale
- Any existing disputes or restrictions
- Terms related to any existing mortgage or financial liabilities
- Specific conditions or agreements between the buyer and the seller.
The contract will be sent to the agent.
Step 4: Handling Enquiries from the Buyer
The buyer’s solicitor may raise additional queries regarding the property, such as concerns about building work, warranties, or local authority searches. Your conveyancer will help address these queries and provide the required documentation or clarifications.
The contract will be sent to the buyer’s solicitor for review, and any necessary amendments will be discussed and agreed upon.
Step 5: Exchange of Contracts
Once both parties are satisfied with the contract terms and inquiries, the next step is the exchange of contracts. At this point, both the buyer and seller sign the final contract, and the buyer usually pays a deposit (typically 10% of the sale price). This stage legally binds both parties to the transaction.
If the buyer pulls out after this stage, they may lose their deposit.
Step 6: Preparing for Settlement
After exchanging contracts, you’ll need to make final arrangements for the property handover. These include:
- Paying off any remaining mortgage balance
- Organising removal services
- Notifying utility providers and updating your address
- Ensuring all fixtures and fittings agreed upon in the sale remain in place
- Reviewing and confirming the final completion date
- Arranging for the transfer of keys or access codes to the buyer
- Ensuring that all documents related to the property, including warranties or certificates, are ready for the buyer
Your conveyancer will also prepare a completion statement detailing the financial breakdown of the transaction, including outstanding fees and the final amount you’ll receive from the sale.
Step 7: Settlement Day
On the agreed Settlement date, The exchange of funds and transfer of land takes place in electronic settlement platform PEXA. You’ll need to hand over the property keys to the estate agent or directly to the buyer after settlement.
Settling Outstanding Payments & Final Checks
At settlement, your conveyancer will:
- Settle any outstanding legal fees and mortgage payments
- Notify the Land Registry about the ownership transfer
- Provide you with a final confirmation of the sale
- Ensure all obligations from the seller’s side are fully met before closing the case
This step finalises the conveyancing process and ensures that all legal aspects of the sale are properly completed.
Conclusion
The conveyancing for selling a house process can seem overwhelming, but with the right guidance, it can be a smooth and hassle-free experience. Working with an experienced firm ensures your property sale is handled professionally and efficiently.
If you’re ready to sell your house, don’t wait! Get in touch with Goodwill Conveyancing today to start your property sale journey with confidence!