Selling Property
Experienced Brighton property lawyers for the sale of your home or investment
The Contract
Once you've made the decision to sell your property, one of the first tasks is to have the Contract for Sale of Land drawn up.
The contract will include not only the legal terms and conditions of sale, but will also specify what items are included or excluded from the sale, and any other special requirements you might have like a longer or shorter settlement than usual, or perhaps that the contract be conditional upon another contract for you to buy your next property. There are a lot of ways that a contract can be varied, so it's important to discuss your situation in detail with your lawyer/conveyancer.
You also need to know your disclosure responsibilities, as failing to disclose certain things can lead you into a lot of trouble.
The Deposit
Once a purchaser has been found and the contract has been signed and is legally binding, then a deposit is usually paid by the purchaser and is usually held in the trust account of the selling agent.
Settlement
Settlement (the day that the money is exchanged for the property and keys handed over) is scheduled in accordance with the contract and is usually 6 weeks after signing contracts. During the wait for settlement, your lawyer/conveyancer will liaise with your bank in relation to releasing any mortgage held on the property. In this time you should arrange disconnection of electricity and other services.
Before settlement, the purchase price will be adjusted to reflect the council rates, water rates and strata fees that need to be shared between the parties. There may be other adjustments, based on the Contract for Sale.
Once settlement takes place, the real estate agent will be authorised to release the deposit to you, less their fees.
Contact us to discuss the sale of your specific property with an experienced property lawyer in Brighton.
Frequently Asked Questions
A section 32 statement is a legal document that the vendor must provide to the buyer before a contract of sale is signed. It discloses important information about the property including the title, any encumbrances, planning information, building permits, owner-builder warranties and other matters. Getting it wrong can give the buyer a right to rescind the contract.
You should engage a lawyer before the property goes on the market, not after. The contract of sale and section 32 need to be ready for prospective buyers from the outset. If you are selling at auction, buyers need to have reviewed these documents before bidding, as contracts become binding when the hammer falls.
If the buyer fails to settle by the due date, you can issue a notice to complete which typically gives them 14 days to settle. If they still do not settle, you may have the right to terminate the contract and retain the deposit. The exact process depends on the terms of your contract, so it is important to get advice before taking any steps.
Why Choose Quinn & Quinn
Contract Preparation
We prepare your contract of sale and section 32 vendor statement to ensure full compliance and protect your interests as vendor.
Disclosure Compliance
We ensure your vendor statement meets all legal disclosure requirements so you are not exposed to claims after the sale.
Local Brighton Knowledge
We work with local agents and understand the Bayside property market, so we can tailor your contract to suit your sale.
Smooth Settlements
We manage the entire settlement process, including mortgage discharges and adjustments, so you can focus on your move.
How We Work
Prepare Your Documents
We prepare the contract of sale and section 32 vendor statement, ensuring all required searches and disclosures are in order before the property goes to market.
Manage the Sale Process
Once a buyer is found, we review any counter-offers or special conditions, handle the exchange of contracts and ensure the deposit is secured.
Settle & Complete
We coordinate with your bank to discharge any mortgage, calculate settlement adjustments and attend to electronic settlement so funds are released to you promptly.
Expanded Capability
Your network of trusted advisors
As part of the Sather Legal Group, Quinn & Quinn Lawyers clients can access specialist advice across multiple practice areas without leaving the network. One relationship, broader expertise.