Conveyancing is the legal process you have to go through when you are selling property – whether that is the family home or an investment property. At Batey’s, we offer comprehensive conveyancing services, guiding and managing the conveyancing process for you. We will take the stress out of the conveyancing process while explaining the steps of the process along the way so you are informed and in control along the way.
Selling my home or investment property
What do I need to do?
What do I need to do first?
Before you can sell your property, either by private sale or with a real-estate agent you need to arrange for a contract of sale to be prepared. You are not able to market your property before the contract is drafted. The contract MUST contain certain documents including searches, documents from your local council and certain disclosures and warranties. If these documents are not correct, the purchaser of your property may be able to get out of the contract, leaving you stranded.
At Batey’s we can collate most of these searches through our online search partners and prepare the contract for you so you know that it is accurate and able to be relied on.
How long will it take to get the contract prepared?
The contract will usually take approximately 7 to 10 business days to put together. This is mainly due to the fact that it can take a while for the various searches and local council documents to be sent to our office.
What happens next?
We will then send the contract to your preferred real-estate agent so they can find a buyer for your home or investment property. If you don’t have a preferred real-estate agent we may be able to provide the names of some trusted agents. If you are conducting the sale yourself, we will give you a copy of the contract so that you can locate your buyer.
How long will it take to sell my house?
This will depend on the market conditions and the price that you are asking for your property, Your real-estate agent should be able to advise you on this. In our experience, the majority of properties sell within the first 3 – 4 weeks after the contract is given to the agent.
When I get a buyer for my home is there anything else that needs to happen?
Once you have agreed on a price with a purchaser; they will normally give the contract to their solicitor and obtain some legal advice. The buyer may negotiate some of the terms of the contract such as the time for settlement or an additional condition. The purchaser will also likely want to have a pest and building inspection carried out and maybe even a survey of your property. This part of the conveyancing process will normally take anything from day or two up to one – two weeks. When you and the purchaser are happy with the terms of the contract, the contract will be exchanged (signed by each party).
What happens after exchange?
The buyer may have a cooling off period where they can withdraw from the sale if they need to. This is often a negotiated term in the contract and would normally be 5 to 10 business days from exchange and at the end, the purchaser will usually have paid the full 10% deposit. Once this cooling off period expires, you have a binding conveyancing contract.
How long before Settlement?
Settlement is last stage of the conveyancing process. This is where the purchaser gives you the balance of the purchase price and you hand over the keys to the property. At this time the purchaser becomes the legal owner of your home or investment property. Settlement frequently occurs about 6 weeks (42 days) after exchange but this time frame is one of the terms of the contract that can be negotiated.