If you are selling property then there are many things to do both before and after the sale. Here are a few tips that should assist!
Valuation – if you’re not sure of the price you’d like to achieve in selling your property there are a couple of avenues to explore. First a real estate agent can give a valuation based on an appraisal of your property and market research of other properties sold in your area. Meet with a couple of different agents as terms will differ between agencies. Secondly contact a licensed valuer for a comprehensive market report on the value of your property.
Vendor’s Statement – a Vendor’s Statement, or Form 1, is served on the purchaser on or around the signing of the contract. This document gives cooling-off rights unless the property is bought at auction. Agents can prepare this document, however if an Agent outsources this to a third party it is the Vendor’s right under the Land and Business (Sale and Conveyancing) Act 1994 to instruct their Conveyancer to prepare it instead. It is in the best interests of the Vendor that their Conveyancer prepare the Vendor Statement.
Private Contract – you may have negotiated the sale of your property privately with the purchaser. Your Conveyancer is able to prepare a private contract and the accompanying Vendor’s Statement.
Power of Attorney- the owner of the property may not be acting on their own behalf in the sale of their property. This may happen because the vendor is overseas and has appointed someone to act for them to facilitate the sale, or an elderly person may no longer have capacity to make decisions about their own life. If you are selling a property as Power of Attorney (POA) for another person it is imperative that you have possession of an original signed POA document. The Lands Titles Office requires that the original and a copy be lodged, with the original being returned to you once it is recorded. In cases where the owner of the property no longer has capacity it is important to provide a letter from their doctor verifying this in order to protect all parties.
Swimming Pool compliance – does the property have a swimming pool? Before placing the property on the market it is advisable to have an inspection to be certain the pool safety fencing is compliant. If the fencing is not compliant there is then sufficient time to rectify any issues. The eventual purchaser may require a compliance certificate as a condition of the contract.
Redirection of Mail – have you let everyone know you are moving and have you advised them of your new address? Have a list of contacts who regularly send you mail ready so they can be notified after settlement. Most companies prefer to send bills and invoices via email so set aside some time to set this up before you move.
Removalist – have you booked a removalist for the day of settlement and do you have enough boxes to pack your belongings into? Start packing early and take the opportunity to pass on or dispose of things you don’t need!
Utilities – disconnection is the responsibility of the Vendor so arrange for final gas and electricity meter readings to be done just before settlement day. Companies will require some notice so don’t leave it until the last minute.
Insurance – did you know that the property is at the risk of the purchaser at the expiration of the cooling-off period? It is advisable, however, that you maintain your own insurance for the property until settlement.
See also: Form 1 and Cooling Off Rights