Putting your house or apartment on the market can be a lengthy or short experience depending on the property, area and the current real estate market. Our Brisbane conveyancing experts provide a fixed fee service for a sale conveyance and go further in applying this to the “life” of the sale. Sometimes a house may have one or two Contracts that are terminated under finance or the Buyers did not proceed for whatever reason. Our belief is that we are there until the sale has been completed.
Generally a Real Estate Agent in Queensland will prepare the sale Contract and attend to negotiations between you and the Buyer/s. We are able to review the Contract before you sign it or alternatively afterward where appointed by you at a later date. Should you not have a Real Estate Agent we can prepare the sale Contract for you at a small cost.
A Buyer may have “Special Conditions” that they want added into the Contract. Special Conditions are normally prepared by a Solicitor for either the Seller or Buyer and can be part of the negotiation process in forming the Contract. Ultimately the agreed Special Conditions, finance period, building & pest period and settlement date all form the Contract once signed. Any Special Condition that is the benefit for a party to the Contract can only be satisfied by that party.
It is important to request a “security release” or Mortgage release” from your lender as early as possible. Your Lender can take 14 to 21 days to be in a position to accept a sale settlement booking. During the conveyance a Contract becomes “unconditional” when all of the conditions have been meet. From here it is onto the settlement date where the Seller and Buyer respective Solicitors meet at your Lender’s office (or alternative location) and money is exchanged. The sale will be completed when all parties are satisfied with the funds and documentation at this time.
Duty may also be a consideration if you have claimed home residence on this property within a 12 month period. Where a property was purchased by you less than 12 months before and home residence or first home buyer duty concession was applied, you may need to pay the concession amount back.
Additional Considerations Where Selling Investment Property
A Buyer may require “vacant possession” of the property where no tenants are occupying the residence. If you have a tenant in the property, strict notice requirements on time frames must be considered and provided to the tenant, usually by the letting or managing agent.
Where the Buyer is intending to continue renting the property, the letting or managing agent will make an adjustment on rent when settlement has been completed.
On selling or when considering to sell an investment property, advice from your accountant should be obtained regarding Capital Gains Tax and or the impact of the transaction on your financial position.
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