Steps before the conveyance – how to prepare your property for the sale (and get the best price)
Conveyancing is the process of transferring legal ownership of real estate from the vendor to the purchaser and vice versa. Nowadays, all transfers of property in NSW are carried out by specialists in an online platform called PEXA.
To achieve the best price when you sale your property a solicitor specialising in property law should investigate the legal title of your property and must provide you with legal advice as to what issues may affect the price of the property, which must be fixed before the house or unit is put on the market.
This vital preliminary stage of the sale is missed by inexperienced vendors who are not aware of the benefits of receiving preliminary legal advice and contact a selling agent first. The selling agent’s job is to sell the property. They are not trained to spot legal issues affecting your property.
Vendor’s are under a legal obligation to comply with warranties and disclosure requirements when selling their property. If those obligations are not fully complied with, the purchaser can rescind the contract at any time. The vendor will be under the legal obligation to refund the deposit to the purchaser and there had been cases where the purchaser has claimed compensation.
When your property is put on the market and a purchaser is found, the purchaser is bound to have a legal representative to advise him or her about the legal title. The property lawyer for the purchaser will examine all documents attached to the contract for sale to make sure the purchaser gets a ‘good’ title. A property lawyer should also make enquiries as to potential issues that may not be shown on the documents attached to the contract and will advise the purchaser as to potential risks associated with the purchase. This work is best carried out by specialists in property law who are familiar with issues that are sometimes missed by others.
Vendors and purchasers must be made aware that a new Contract for the Sale and Purchase of Land 2022 edition is now out with revised statutory notices, changes made throughout the contract and other changes impacting the way contracts are exchanged.
Disclaimer: The contents of this article is intended as a general guide only. It is not intended to be legal advice. Should you have any queries about your particular circumstances, please contact Turramurra Lawyers & Conveyancers for further information.