Everything You Need to Know About Selling Property
Selling your property is a major step in life and can come with significant costs and legal reifications. Selling such a valuable asset requires the very best advice to ensure you meet all legal requirements.

The following information gives a brief outline of the major steps in the property selling process.

This information is for general purposes only and does not constitute legal advice. For more information and a FREE first consultation please contact us today.

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Do your homework

Don't rely entirely on the opinions of others, especially regarding your sale price.

Go and look at comparable properties and compare them to yours. Get a FREE property report through our preferred partner - Aussie Dee Why.

Have a contract prepared

When you are ready to put your property on the market it is time to appoint a conveyancing solicitor (hopefully us) and have a contract prepared.

Legislation prohibits a vendor or their agent to market a residential property for sale without a complete contract. So call us to prepare your contract to ensure your agent can commence marketing as soon as they are appointed..

Shop around for agents

We have several preferred partners who have been selected based on our past dealings with them being very good to work with. We are of course very happy to recommend an agent to you.

When shopping around for agents you need to compare things like the obvious costs involved and prices they will charge. But perhaps more importantly you should choose an agent that you feel comfortable working with.

Price is not always the best determinant as an agent who charges less, but gives a poorer service will most likely get you a lower price.

Find an agent that you can feel confident in your dealings as you may have to ask difficult questions in the sale process.

Private Treaty or Auction?

You then need to decide on whether to sell via Auction or Private Treaty. This is often best discussed with your Real Estate Agent.

When selling by Private Treaty you will set an asking price and the property will be listed for sale at that price. The price is still negotiable and depending on the price and the demand for the property offers may be above or below the asking price.

One of the main advantages of selling by Private Treaty as opposed to Auction is that the seller has more time to consider any offers made on the property.

The disadvantages of selling by Private Treaty are that by setting an asking price which is too high, you may attract very little interest. And by setting an asking price too low you may end up selling for less that the market is willing to pay.

When selling at an Auction the general public does not know how much you are willing to sell for and therefore the selling price is determined by the market.

NB. There is no cooling off period for properties purchased at an Auction.

Bidders at an Auction will often be encouraged to increase their bid by activity, so having a strong marketing campaign prior to the Auction is very important.

Exchange Contracts

At this point the contract becomes legally binding. Each party will sign a copy of the contract and swap or 'exchange copies'.

A deposit of usually 10% is paid by the purchaser to secure the property.

The buyer or seller is not legally bound until signed copies of the contract are exchanged.

5 day cooling off period

A cooling-off period, of 5 (business) days after exchange of contracts, gives the buyer the opportunity to organise their finance and to receive advice from building, strata and pest reports.



If the buyer pulls out during this 5 day period they forfeit 0.25% of the purchase price to the seller (eg. on a $500,000 property they would forfeit $1250).



Often circumstances may arise that necessitate the cooling off period to be waived, reduced or extended by the vendor.


Settlement Period

Usually 42 days from the date of exchange. During this time your solicitor will conduct searches and liaise with all parties and banks to arrange settlement.

Settlement

This is also sometimes called completion, is when ownership is officially transferred to the purchaser.

Cheques and Title documents are passed between the parties and their banks.

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What our clients think:
My experience with Stacey Nadel was exemplary. Stacey was conscientious, efficient, timely & above all was a delight to work with as well as being priced very competitively. 
Joy
Thank you so much for the professional service you provided. You answered our many questions with patience and understanding, no matter how small. Your level of communication and immediate response was fantastic, making us feel informed and in control, reducing the stress we felt at such a busy time in our lives.
Daniel & Niza

Conveyancing Locations

Mothers in Law Lawyers can assist with your conveyancing all over NSW and we regularly help local clients in the following Northern Beaches Suburbs:

• Allambie Heights • Beacon Hill • Brookvale • Collaroy • Collaroy Plateau • Cottage Point • Cromer • Curl Curl • Dee Why • Freshwater • Ingleside • Manly Vale • Narrabeen • Narraweena • North Balgowlah • North Curl Curl • North Manly • Queenscliff • Wheeler Heights • Balgowlah • Balgowlah Heights • Clontarf • Fairlight • Manly • Seaforth • Akuna Bay • Avalon • Avalon Beach • Avalon North • Barrenjoey • Bayview • Bilgola • Bilgola Beach • Bilgola Plateau • Bungan Beach • Careel Bay • Careel Head • Church Point • Clareville • Elanora Heights • Ingleside • Ingleside Heights • McCarrs Creek • Mona Vale • Narrabeen • Newport • Newport Beach • North Narrabeen • Palm Beach • Paradise Beach • Salt Pan Cove • Sand Point • Scotland Island • South Warriewood • Turimetta • Warriewood • Warriewood Beach • Whale Beach