On settlement day, the keys are handed over to the buyer and the property becomes their responsibility, thus it is important to note that until settlement day, you are responsible for insurance etc. A solicitor or conveyancer will usually handle the transfer with stamp duty (if applicable) being paid by the buyer. The deposit is paid and contract signed on the fall on the hammer. After, the contract is unconditional, it is a legally binding contract and the process of transfer can begin. The buyer pays a deposit, usually 10%, with the balance paid on settlement date.Īuction: With auctions, there is no cooling off period. Private Treaty: Once you have reached an agreed selling price with the buyer, you need to sign the contract. Your PRD agent will be able to provide advice on such considerations. If the buyer does not accept your counter offer, they have the right to withdraw their original offer. When deciding on an offer, you should also consider settlement date, suitability of deposit and whether terms/finance are arranged. They will present all offers in writing, leaving you with the option to accept, or provide a counter offer. Your PRD agent will facilitate all aspects of the negotiation process. First Home Buyer Prepare, clarify and lodge all legal documentation Arrange execution of all required documentation Research the property and title to the. Use Form AU-263, Real Estate Conveyance Tax Allocation Worksheet, to allocate the consideration to each municipality. We will develop a marketing plan best suited to your property and your needs. Line 2: If the conveyed property is located in more than one municipality, complete a tax return for each town in which the property is located. When selling a property, your PRD agent will advise you on the best way to market your property to ensure thorough and memorable exposure over the allocated period, reaching as many people as possible. Our in-house Research Department gives PRD agents access to property information such as average property prices, demographics, sales activity and rental returns which will help you set the asking or reserve price of your property. Features such as location, size, age and unique attributes will help determine the figure, as will checking sales prices on similar properties in your area.
The whole process seemed to flow very well from start to. Setting the price is one of the most important decisions you have to make when selling your property. I am writing to say thank you to you and your staff for all the help with the sale of our property.
Our team is proficient in all aspects of property law and has the experience to scrutinise every detail necessary. Property transactions require high attention to detail and expert knowledge. Whatever your conveyancing needs-if you’re buying, selling or leasing a home, land or investment property in or around Central Coast, Gibbins Law Firm will handle it all for you! We take a special interest in all property, home, buying and selling matters, with over 40 years’ experience in conveyancing law. If you have any questions in relation to contracts or transfers, let us lend assistance. We tailor our service to suit your needs and budget, every time. At Gibbins Law Firm, you can take comfort in the knowledge that you are in safe hands.
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