Selling Property

Deciding to sell your property may not only impact your financial situation, it may also be an emotional time and process for you. Sargeants Geelong will ensure your transaction will be at as little fuss to you as possible:

We can help you with your Geelong conveyancing in selling:

  • Vacant land
  • Residential houses (new or established) with our residential conveyancing services
  • Units and flats
  • Off the plan purchases (townhouses, houses or units)
  • Commercial freehold properties (shops, factories or offices)with our commercial conveyancer.

Whether you are selling privately or at auction, we are able to assist you in all conveyancing Geelong needs whether residential conveyancing or commercial conveyancing.

FIRST STEP

The first step involves a conveyancing Section 32 Statement (also known as a Vendors Statement) being drawn up.  This is a disclosure statement about your property.  In order to get the information for this statement we will need approx 10 minutes of your time for you to answer a list of questions about your property.  We will then advise you of what documents you will need to provide to us in order to have this statement drawn up.

The Section 32 Statement is extremely important as you will not be able to enter into a Contract of Sale without the Section 32 Statement being signed first. There have been some cases where purchaser’s have been waiting for this Statement to be prepared and in the meantime have found another property to buy with a Section 32 Statement in place, therefore being able to sign a Contract for the second property with the vendor of the first property missing out on a sale due to the Section 32 Statement not being prepared.

Sargeants Geelong has a policy in place for private sales where the Section 32 Statement will be prepared within 24 hours of receiving all information.   Our policy for private sales is also not to charge until settlement takes place and should you decide to take your property off the market for any reason, we will not charge you a cent.  The only exception to this policy would be if your property involved an active Owners’ Corporation and a certificate was obtained by us on your behalf.  If this is the case, you would be liable to pay only for the disbursements.

SPECIAL CONDITIONS

Should your contract be subject to any conditions, i.e. purchaser’s finance being approved, building inspection or pest inspection etc, we will advise you as soon as these conditions have been completed and/or satisfied.

SECTION 27 STATEMENTS

When you have an unconditional contract in place, vendors will often want the deposit released to them as soon as possible rather than waiting for settlement to be effected.

Sargeants Geelong can serve on your behalf a Section 27 Statement on the purchaser. This is the document that requests for the early release of the deposit money before settlement.  In some cases the purchaser may object to the release of the deposit and if that occurs, the deposit will not be released until settlement takes place.  This applies for both commercial property conveyancing and for house sale conveyancing.

YOUR LENDER

We will liaise with your lender in requesting them to prepare the necessary documentation to be handed over at settlement and organising and advising them of settlement details.

ADJUSTMENTS

The Statement of Adjustments is the document that sets out the financial details of the transaction some of which is required to be apportioned as between the vendor and the purchaser. 

The Statement of Adjustments will show the full purchase price, the amount of deposit paid by the purchaser and the balance owing on the purchase price. The amount due for council and water rates along with owners’ corporation fees and rent (if either are applicable) will also be shown here.  If you currently have any encumbrances on the title, i.e. a mortgage, then the registration fees to remove such encumbrances will also be stated.  Finally should penalty interest apply then the amount of interest will also be shown in the adjustments. The purchaser’s conveyancer or solicitor will serve this Statement on Sargeants Geelong prior to settlement and we will confirm all these details with you and request you do not make any further payments in relation to the above.  Once we confirm all is correct we will liaise with your lender (if applicable) and get a final payout amount for your loan and details of the cheques your lender will require at settlement.

SETTLEMENT DATE

The settlement date will normally be specified in the Contract, however if your transaction is dependent on a Plan of Subdivision or Vendors probate being granted etc, settlement date will take place as specified by the terms in the Contract.  If you are not sure of these terms, then please contact our office.

Settlement date is the day the purchaser takes ownership and possession of the land.  We will organise a convenient time and location with all parties involved to complete the transaction, however please bear in mind, that the lending institutions sometimes have strict policies as to the time they will settle, therefore it is not always possible to settle in the morning.  It is not required for the Vendor to attend settlement.

FINAL INSPECTION

The purchaser is entitled to a final inspection prior to settlement and will be contacting the agent in the weeks leading up to settlement to organise this inspection.    Please ensure the property is in the same condition as to when you signed the Contract (fair wear and tear excluded).

KEYS

Please ensure that you have vacated the property prior to the scheduled settlement time.  You are required to leave the keys with the selling agent.  Once your settlement has been effected, we will contact you to advise.  The agent will also be notified on the completion of settlement with instructions to release the keys to the Purchaser.

FOLLOWING SETTLEMENT

Sargeants Geelong will notify the council, water authority, owners’ corporation  (if applicable) and managing agent for existing tenancies (if applicable) of the change in ownership.   It is your responsibility to arrange for any disconnections of any utilities and/or services currently connected in your name.

We can also help you with all your property conveyancing Geelong needs when purchasing, whether that be commercial conveyancing or residential conveyancing services.  Contact us on 03 5221 7411 or please send us an email.