Sydney Legal Practice
Level8, 276 Pitt Street, Sydney CBD NSW 2000
Also Services: Sydney and Sydney Inner Suburbs
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Frequently Asked Questions
Process
Selling : It is important to be comfortable in the selling process of your beloved home or property. Selling a property can be quite a stressful process. It can be one of your most important financial decisions in your lifetime and so it is necessary to make sure it is done right. At Sydney Legal Practice, we believe in an experienced solicitor providing you full attention to your needs and protecting your interests. This ensures that the process of selling will be as smooth as possible and is there to inform you through the entire process. Sydney Legal Practice uses various mediums to ensure you are kept up-to-date with the status of your sale and for maintaining contact during the conveyance. We combine the knowledge and experience from years in the industry with new technology to make the conveyance run as efficiently and hassle free as possible. For example, we can email your real estate agent a soft copy of your contract, enabling a fuss free process during the period of selling your property. The process for selling a property can be broken into two stages as follows: * If you are wanting to sell, speak to one of our experienced solicitors via telephone, email or fax with instructions for preparing a contract for sale of your property. Our experienced solicitor will: * Order statutory searches Step 2 – Exchanging of contracts Our experienced solicitor will: Step 1 – Pre-exchange: * Obtain a home loan approval. This way, you know what your budget is when you are looking for a home. Our experienced solicitor will: Step 2 – Exchange: You have now decided on your property. A 10% deposit is usually required by way of cash or deposit bond (we can help you arrange a deposit bond if required). At Sydney Legal Practice, we are always looking out for your best interests. Depending on circumstances, we can negotiate smaller deposits to be made or your deposit to be invested in a interest-earning bank account until settlement. Our experienced solicitor will: * Review the contract to ensure it is ready to proceed with being signed by both parties Step 3 – Post exchange, leading up to settlement * You are underway to owning your new home. Starting preparing for the move, arranging boxes and packing your home tidbits away. Our experienced solicitor will: * Order and check all remaining searches STEP 4 – Settlement * Arrange with the real estate agent a convenient time and place to collect the keys to your new house. It is important to ensure at this time that you have the keys to all locks including garage doors, mailboxes, garden sheds, alarm codes for the property and remote controls for automatic garages. Our experienced solicitor will: * Attend settlement on your behalf and ensure that all Title Documents are in order STEP 5 - following settlement * If moving into this home, arrange to have electricity, gas, water and telephone switched to your name. Our experienced solicitor will: * For purchases without a mortgage, lodge the Transfer and Notice of Sale with the Department of Lands and then send you your Title Deed when it has been registered
Step 1 - contract preparation and pre-exchange
* Choose the real estate agent you want to market your property to the public.
* Correspond with and send the contract to your appointed real estate
* Be the point of contact for any legal queries by prospective buyers or solicitors
* Negotiate specials conditions of the contract that the purchaser's may seek.
* Prepare and exchange contracts once both parties have agreed on price
• You need to Sign the contract
• Notify your bank that you have sold your property and provide it with a signed discharge authority
• Notify us if you have any enquiries.
* Send you the complete contract to sign
* Send the contract signed by you to the purchaser's solicitor,
* Work out where you want to live or buy into. Research the area and the neighbourhood, speak to real estate agents, attend open houses and look at home price guides.
* Decide on your dream or investment property. Request the agent to send the proposed contract to you for one of our solicitors to review at NO charge.
* Negotiate on price with the selling agent.
• Review the contract for sale and negotiate any amendments you wish to make free of charge
• Order any reports you require such as pest, building, survey and strata report
• Liaise with your lender to ensure your loan is approved
Sign the contract.
* Meet you face-to-face or send the contract to you for signing
* Send the contract signed by you to the vendor's solicitor to be exchanged.
* Arrange for your mortgage documents to be signed and sent to your lender.
* Ensure your money will be ready for settlement. This can mean chasing your lender to ensure everything is on track.
* Consider the First Home Owners Grant (if applicable) and complete form. At Sydney Legal Practice, we can assist you in this regard.
* Draw up bank cheques. This is for payment of Stamp Duty and balance owing to the seller. We will instruct you in relation to the bank cheques.
* It is highly recommended to arrange a final inspection with the real estate agent a day before settlement.
* Advise you of any additional searches that may be required by your lender
* Assist you to meet any requirements imposed on you by your lender
* Assist you to complete the First Home buyers stamp duty exemption form
* Liaise with lender to ensure they are prepared or settlement
* Prepare settlement figures and book settlement with your lender and the seller's solicitor
* Prepare a property transfer and arrange to have the Transfer and Contract for Sale stamped (stamp duty paid)
* Advise you and your lender of cheque details for settlement.
* Pay settlement monies as instructed to seller's solicitor
* Contact you and the real estate agent to confirm that the settlement has taken place
* Change all incoming mail to new residential address.
* Most importantly, enjoy your new property.
* Send you a final reporting letter
* We will keep your file for seven years. This makes it easier for us when you decide to sell your property in the future.
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