Make sure you review these critical contract points

Selling your property in New South Wales can be an overwhelming task, especially if it’s your first time. Arming yourself with the right knowledge and partnering with a professional conveyancing Sydney service can make all the difference and ensure a smooth and successful process. This article will help you understand the different stages of the process and what to expect at each step.

1. Accepting the offer

The first stage of the process is the acceptance of the offer. Once you have received an offer on your property, you have the option to accept, reject or counter the offer. It’s important to consider the terms of the offer, including the price and any conditions, before making a decision. If you accept the offer, you will need to sign a contract and provide a copy to the buyer.

2. Making the deposit

Once the offer has been accepted, the buyer is usually required to pay a deposit. Deposits are typically 10% of the purchase price but can vary significantly. The deposit is usually held in the seller’s, conveyancer’s, solicitor’s, or real estate agent’s trust account and is used to secure the sale of the property.

3. Cooling off period

The cooling-off period is a mandatory waiting period in New South Wales, giving the buyers the right to change their minds and cancel the contract within five business days after the exchange of contracts. The length of the cooling-off period can also be waived, extended, or reduced through negotiations.

Agents have 2 business days to supply contracts to each party. During this time, buyers can conduct building and pest inspections to ensure there are no hidden problems.

4. Exchange of contract

At this stage, both parties need to sign the contract and exchange it. Once the contract has been exchanged, the sale of the property is legally binding, and both parties are committed to the sale.

5. Settlement

Settlement is the final stage, where the balance of the purchase price is paid and the transfer of the property is completed. This process usually takes place within 6–8 weeks after the exchange of contract. At the time of settlement, the buyer will also need to pay any outstanding rates, taxes, and other charges on the property.

Selling a property in New South Wales can be a complex process where you don’t want to make any mistakes. A professional conveyancing Sydney service like Platinum Conveyancing Services is your partner in property sales that can help remove all of the hassle and complexity of selling a property in NSW.