YOUR PROPERTY SALE

When you are about to embark on one of the biggest financial decisions of your life, having trusted service providers on your side is critical to ensure your settlement runs as smoothly as possible. Here are a few points of our service promise to you:
  • Complimentary draft contract preparation.
  • 7 day/week email and mobile availability to discuss any crucial aspects of your sale.

  • Our conveyancing documents can all be completed and signed electronically via our PDF form fillers, saving you more time and reducing the paperwork involved in your sale.

  • Our conveyancers all work out of the same local office meaning you have peace of mind that your personal data and services are not being outsourced to various locations or offshore.

  • Flexible verification of identity compliance. No need to pay any additional costs or line up at Australia Post. Verification of identity can be completed via an online encrypted platform or in our office, whatever is most convenient for you!

  • Complimentary use of our Trust account for disbursement of sale proceeds or to hold deposit funds

  • Access to the PEXA Key app. This unique app allows you to see critical information in relation to your sale in real time and for us to securely communicate important information such as account details to transfer sale proceeds. You can read more about the app here.

  • A professional and approachable service which will work harmoniously with you and all other key stakeholders involved in your settlement.

  • Fixed fees. No hidden or additional costs.

You’ll hear people say ‘selling property is the most stressful thing you can do’, but it doesn’t have to be! With specialist knowledge in New South Wales property law, we help you create an airtight contract. Check out our handy guides below to help guide you through this process and view some of our amazing testimonials from previous clients by clicking here.
Learn how the selling process works in NSW by following our flow chart.
We have provided a quick guide on the four steps for any property sale in NSW.

THE SELLING PROCESS

DECISION TO SELL A PROPERTY

The seller (vendor) decides to sell their property, the first step is to engage a conveyancer and real estate agent.

CONTRACT PREPARATION

It is a legal requirement that before the property is advertised for sale that a draft contract be available to view by potential buyers. This will include details such as settlement timeframes, inclusions/exclusions to the sale, title searches, diagrams and a zoning certificate from Council.
YMC offers complimentary contract preparation typically available within 3 business days!

CONTRACT DISTRIBUTION

Once the contract has been prepared and agreed to by the vendor, it is sent to the real estate agent to distribute to potential buyers.

CONTRACT UPDATES

The buyer can request for changes to the contract ahead of making an offer. Changes must be agreed to by the vendor and are made by the conveyancer.

CONTRACT FINALISATION

SALE

A buyer has been found! The contract is finalised to include buyer’s details, sale price and any other negotiated terms.

AUCTION

Where the property is sold at auction, buyer’s details and agreed terms are completed at auction at the fall of the hammer.

EXCHANGE

After the contracts are exchanged (and the cooling off period has expired where applicable), the property is sold! Note: if the property is sold at auction there is automatically no cooling off period.

BETWEEN EXCHANGE & SETTLEMENT

The vendor’s conveyancer will be checking:
• The coordination of any loan payouts
• PEXA workspace for settlement
• Settlement adjustments and amounts provided by the buyer to provide a breakdown to the vendor
• Title deeds are correct

FINAL INSPECTION

The buyer has the opportunity for a final inspection of the property to confirm the property is in the same state of repair as at time of exchange subject to ‘fair wear and tear’.

SETTLEMENT

Congratulations to the vendor, they have settled! Net sale proceeds are disbursed to the vendor via PEXA. Keys to the property are provided to the real estate agent to pass on to the buyer.

POST SETTLEMENT

A settlement report confirming ownership is provided by the vendor’s conveyancer. The process is complete!

4 STEPS TO SELLING A PROPERTY

1. BEFORE YOU GO TO MARKET

The very first step in the sale process is to contact us to have a draft contract drawn up for the sale of your property.

It is a legal requirement that before the property is advertised for sale, that a draft contract be available to view by potential buyers. The draft contract will typically note standard items in the contract such as, settlement timeframes, inclusions/exclusions to the sale, as well as standard documents such as title searches, diagrams and a zoning certificate from the local council.
Your property conveyancer will provide the draft contract to you and your real estate agent usually within five business days (sometimes earlier), depending on the circumstances of your sale.

2. ONCE A BUYER HAS BEEN FOUND

Our next involvement is when a buyer has been found for your property. We finalise the contract by updating it with the buyers details, sale price and any other negotiated items so it is ready to sign and ‘exchange’.
The exchange process is when the deal becomes binding. You will sign one copy of the contract and the purchaser will sign an identical counter-part. The deposit is paid and the contracts are then ‘exchanged’ and dated.

There are two ways which contracts exchange:

Every contract for residential property in New South Wales comes with a five business day cooling-off period for the benefit of the purchaser (unless the property is sold at auction). This scenario locks you in to selling the property to the purchaser however the purchaser can pull out and rescind contracts during the cooling-off period. If they decide to do this then they will forfeit 0.25% of the purchase price to you.
As the vendor of the property you can insist on the purchaser waiving the cooling-off period and providing what’s called a Section 66W Certificate. This Certificate is signed by the purchaser’s conveyancer and when it is provided there is no cooling-off period and the purchaser is bound to settle the contract from day one. This scenario is common where you might have a number of parties interested in your property who are all offering around the same price with similar conditions. You will be guided by your real estate agent as to which option will work best for you depending on the circumstances of your sale.

3. AFTER EXCHANGE OF CONTRACTS

Once contracts have exchanged and the cooling-off period has expired, we are then involved in ensuring that your mortgagee (if there is one) is on track to settle the discharge of mortgage.

Typically you’ll be required to complete what’s known as a Discharge of Mortgage Authority form. This document engages the mortgagee to deal with us and co-ordinate the payout of any loans which may still be outstanding over the property.

During the lead up to settlement we will provide you with a break-down of the settlement adjustments including any loan payout amounts provided by the bank. You then have several options on how to deal with the sale proceeds and we will discuss these with you at that time.

4. SETTLEMENT

Your conveyancer will look after all the formalities on the day. You will be invited to your PEXA workspace for your sale so you can follow along with the progress of your settlement.

Your conveyancer will make sure that the correct amounts are provided by the buyer and that cleared sales proceeds are provided to you at the time settlement takes place.

There is nothing you will need to do on the day, your conveyancer will take care of the paperwork. You will simply need to provide all sets of keys to your real estate agent so they can hand them over to the purchaser immediately after settlement.