Selling a Property in Queensland
Selling a property can be a stressful process. Your expert conveyancing lawyer will help make the conveyancing process as easy as possible so that you can relax and enjoy the process as much as possible.
Below is a checklist of what you will usually need to do at each stage of the sale process:
1. Sign the contract
The real estate agent usually drafts the contract and if you have appointed your conveyancing lawyer, then they should also check the contract before you sign. You need to advise your mortgagee that you are selling your property and that a contract has been signed. By this stage, if you haven’t already, you should also appoint your conveyancing lawyer. If the buyer is entitled to carry out a building and pest inspection, you will need to allow the buyer to carry out the inspection which is usually done by a building & pest inspector appointed by the buyer.
If you are selling a unit you will need to provide disclosure of various other information about the unit and the complex in the Contract of Sale. Usually the Body Corporate will provide this information upon payment of a fee and this will be either handled by your real estate agent or your conveyancing lawyer.
2. Unconditional contract
Once all conditions in the contract are satisfied such as the buyer’s finance and building and pest conditions, the contract becomes unconditional. At this stage, you need to ensure your mortgagee is preparing for settlement. You should also be making arrangements for moving out of the property unless you have made prior written arrangements with the buyer.
3. Prior to settlement
In the period prior to settlement, you will need to:
- Complete and return the paperwork your conveyancing lawyer issues to you when you instruct them to handle your conveyance.
- Provide your lawyer with a copy of the most recent rates, water and if a unit, body corporate, notices and advise if the accounts have been paid.
- Contact your mortgagee to ensure that they are ready for settlement and that there will be sufficient funds from the sale to payout your loan and release the mortgage. Your conveyancing lawyer will liaise with the mortgagee to book settlement once a time has been agreed with the buyer’s lawyers.
- Confirm to your lawyer how you would like any balance of the purchase price to be paid to you. This is ordinarily a bank cheque that can deposited to your nominated account.
- Sign and return the transfer documents that your conveyancing lawyer sends to you.
4. Immediately before settlement
You will need to ensure that you are ready to vacate the property and that all of your personal possessions (that are not included in the sale) have been removed. The property will need to be left in a clean and tidy condition. You will need to either provide the keys to the property to your lawyer to hand over at settlement or arrange for the agent to provide the keys to the buyer after settlement.
Your conveyancing lawyer will attend settlement on your behalf and ensure that in return for payment of the balance purchase price, the documents necessary to transfer the title to the buyer are exchanged. In addition your outgoing mortgagee will also attend and provide a formal release of the mortgage in exchange for the payout figure on your loan. Following settlement, the real estate agent will be authorised to release the deposit to you (less any commission owing to the agent) and to release the keys to the property to the buyer. You should also contact your insurance provider and cancel any insurance on the property.
Your lawyer is there to help, please contact your lawyer with any questions that you may have before, during or after selling your property.
If upon selling, you’re looking to buy a property, why not check out our overview of the buying process.
If you have any questions arising from this article, please do not hesitate to contact one of our specialist conveyancing lawyers by calling us on 07 3106 3016 or emailing us using the form on this page.