Property transactions are exciting for both buyers and sellers. Let Jessica Bray and Aasta Daley look after the details for you.
Frequently Asked Questions: Selling
If you have a mortgage on the property you are selling, you will need to contact your banker or visit your local branch once you have a signed Contract to advise them of the sale.
You will be asked to complete and sign a Discharge of Mortgage Authority Form and attach a copy of your Contract of Sale. Each bank will have their own specific forms that you will need to complete and sign.
Once you have completed, signed and returned the form to the bank, your Conveyancer is then authorised to liaise with your bank and make settlement arrangements.
In most cases there is no Certificate of Title or Title Deed to the property as the Department of Natural Resources and Mines now handle the transfers of the property electronically.
However where you have owned the property for many years, there might still be a Certificate of Title or Title Deed still in existence.
To find out if there is a Certificate of Title or Title Deed for your property, please contact your Conveyancer who can carry out a search with the Department of Natural Resources and Management at a small cost.
If there is a Certificate of Title or Title Deed for the property, you will need to provide the original of this deed to your Conveyancer to hand over at settlement. The original may be kept in your Solicitor’s safe custody or you may hold it in a safe place (eg. a safe).
If you can not locate the original, an application has to be submitted to the Department of Natural Resources and Management to cancel the Title Deed. This is a costly and timely process and settlement will need to be extended to allow for this process.
Contact your Conveyancer as soon as possible if you are unable to locate the original Title Deed and, after further investigation by your conveyance as to its possible whereabouts, if it still cannot be found they can arrange to lodge the application to cancel the Title Deed.
The buyer/buyer’s solicitor will carry out a water and rates search with your local council in order to calculate the necessary adjustments at settlement.
If you have paid rates in advance, the adjustment will be in your favour so that you are reimbursed for the period from settlement date to the date that the rates are paid up to.
If rates have not yet been issued by your council for the current rating period, the adjustment will instead be made in the buyer’s favour. The adjustment will be deducted from the purchase and is for the period from the commencement of the current rating period to the settlement date.
Water notices are only billed on the water consumed and therefore any adjustment is always calculated in the buyer’s favour and deducted from the purchase price. The buyer may elect to either have the meter read, or obtain an averaged water meter reading search from your council. If the calculations are based on an averaged water meter search, the daily usage is calculated on your last two water notices and the adjustment calculated from your last water meter reading to settlement date.
Please promptly provide any water or rates notices received by you after settlement to your Conveyancer. These are payable by the buyer and your Conveyancer will forward these to the buyer / the buyer’s solicitor for payment.
If you are selling your property through a Real Estate Agency, you will need to hand all keys to the sales agent prior to settlement.
If you sold your property privately, you will need to hand all keys to your Conveyancer prior to settlement.
You do not need to attend settlement as your Conveyancer will attend on your behalf. Your Conveyancer will have booked in a settlement time with the buyer/buyer’s solicitor on the settlement date.
All parties involved will meet at an agreed venue, hand over and collect the necessary documents and settlement cheques.
The Conveyancer will phone you to confirm once settlement has take place.