A Legal Checklist For Selling Property in Australia

here is a legal checklist for selling property in the australian market.

There is literally no end to the amount of rules and regulations which govern buying and selling property in Australia, and not following the regulations can get you into trouble such as being fined, or it could even make the sale invalid. Therefore, if you are looking to sell property in Australia, you should follow this checklist closely to make sure than you remain completely in line with all of the regulations. In the checklist below, you will find all of the different documents that you will need to have to sell your property, as well as an explanation of what each document is used for. In order to hand the property over to the buyer, all of these documents will need to be in order.

Certificate of Title

The certificate of title will show that you currently own the property you wish to sell, and it will also state whether or not there is an encumbrance on your property. For those who are unaware, an encumbrance is a claim or lien against your property that will result in its value being lowered. Having an encumbrance will not prevent you from selling the property, but it will lower its overall value.

Contract of Sale

You will need to have your solicitor prepare a contract of sale with all of the information about your property. The contract of sale will also need to include the agreed upon settlement date, i.e. when the actual handover or conveyance of the real estate will happen. The settlement date is normally either 90, 60, or 30 days, but in some cases it may be much more complex.

Land Transfer Document

You will also need to have your solicitor prepare a land transfer document. Although, this document will not actually be finalised until the final settlement is made and the contracts are signed.

Mortgage

If the person buying your property needed to raise the money to purchase it through a loan, then their solicitor will need to have the proper documentation from the buyer’s lender showing that they have been approved for the mortgage. This document will need to be provided by the buyer, but will still be necessary in order to finalise the sale, and without it, the sale will not be able to be approved.

Building Inspection Certificates

Before being allowed to sell a house, apartment or any other type of property, you will need to have the buildings inspected by a licensed building inspector to determine the condition they are in. This will help you avoid any future problems because the buyer will be aware of any structural problems or defects, and they must agree to take over the property as is. Having your building inspected will prevent you from being liable should any problems arise in the future.

Body Corporate

This particular document only applies to those buying and selling apartments. This certificate will detail any proposed maintenance on the building that the buyer may be liable to pay for in the future. It should also list any payment the current owner is making for past building maintenance work, as well as any other annual building maintenance fees that will need to be covered by the new owner.

Utility Fees and Other Various Costs

Before the sale will be approved, any outstanding council and utility fees will need to be paid. Therefore, it is important to note any outstanding fees, as one party will be responsible for paying these before the actual property transfer can take place.

Conveyance Kits

There are actually many kits available that will instruct you in all of the aspects of the handover of the real estate. However, as conveyance can be somewhat complex, it is always recommended to hire a solicitor to make sure everything is in order.

is a private sales expert and General Manager of the For Sale By Owner agency, ForSaleForLease.com.au. You can find out more about Lucas by visiting their website or by visiting his SEO blog.

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