Preparing a Section 32
A Section 32, or Vendor's Statement, must be prepared before you can legally market your property for sale. It discloses title details, zoning, outgoings, and any building permits or notices. Preparing it accurately and early avoids delays once a buyer is found, so engage your conveyancer before listing.
Selling Process
Selling property involves preparing your Section 32, signing a contract of sale, negotiating with buyers, and coordinating settlement. Your conveyancer manages the legal steps while your agent handles marketing and offers. Understanding each stage helps you stay in control and avoid delays between accepting an offer and settlement day.
Mortgage Discharge
If your property has a mortgage, you'll need to arrange its discharge before or at settlement. Your conveyancer liaises with your bank to organise the paperwork and ensure the loan is cleared from sale proceeds. Starting this process early prevents delays, since banks can take weeks to process discharge requests.
Settlement Adjustments
Settlement adjustments reconcile costs like council rates, water charges, and owners corporation fees between buyer and seller based on the settlement date. Your conveyancer calculates these figures precisely, ensuring both parties pay only their fair share. Getting adjustments right avoids disputes and keeps your settlement running smoothly and on schedule.
Electronic Settlement
Electronic settlement, via platforms like PEXA, allows funds and documents to transfer digitally rather than through an in-person meeting. It's faster, more secure, and now standard for most Australian property transactions. Your conveyancer manages the electronic settlement process, coordinating with your bank and the other side's representative on your behalf.
Delayed Settlements
Settlement delays can happen due to finance issues, missing documents, or unresponsive parties. A delay may entitle you to penalty interest or affect your own moving arrangements. Your conveyancer monitors the process closely and communicates promptly if issues arise, helping resolve delays quickly and protecting your interests throughout the transaction.
Selling an Investment Property
Selling an investment property involves extra considerations like tenant notice periods, capital gains tax, and adjusting rental income at settlement. Your conveyancer coordinates with your property manager and ensures lease obligations are met. Planning ahead for these details helps you avoid disputes and achieve a smooth, well-timed sale.
Selling a Deceased Estate
Selling a deceased estate requires probate or letters of administration before the property can be legally transferred. Your conveyancer works alongside the executor to ensure all documentation is in order. This process can take longer than a standard sale, so early preparation helps avoid unnecessary delays for beneficiaries.
Selling Company Title
Company title properties are owned via shares in a company rather than a standard land title, requiring special legal steps to sell. Your conveyancer manages share transfer documents and company approvals alongside the usual contract process. These sales are much more complex than strata title transfers and require more time, so experienced guidance is essential to avoid settlement issues.
Preparing for Settlement
Preparing for settlement means finalising mortgage discharge, settlement adjustments, and any outstanding conditions before the agreed date. Your conveyancer coordinates with all parties to confirm everything is ready. Staying organised and responsive in the lead-up ensures a smooth handover and lets you finalise your sale without last-minute stress.
