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Short Notes on Buying & Selling

These notes are in response to the questions on what happens in a sale or purchase and are a short general guide only.
Each matter is different circumstances and problems which should be discussed with you solicitor

  1. The Vendor lists the property with their agent.
  2. For residential property the Vendor has their solicitor prepare a contract of sale disclosing relevant information such as title search, plan of propery, details of easements, zoning certificate, sewer diagram and if a strata unit the strata plan and common property.
  3. The agent obtains agreement between the vendor to sell and purchase to buy at an agreed price, details of what's included in the sale and settlement date.
  4. The vendor's solicitor sends the contract out to the purchaser's solicitor.
  5. The purchaser obtains the building and pest report and a check is done with council to ensure the building is approved. The purchaser arranges a deposit and obtains finance approval to buy from their lender.
  6. The parties see their respective solicitors who agree on the final form of the contract.
  7. Contracts are exchanged with the solicitors ensuring that they are identical, the vendor obtains the purchaser's signed contract and the purchaser obtains the vendor's signed contract.
  8. The purchaser's solicitor notifies the lender on exchange and requests mortgage documentation. The lender prepares documentation and applies fro First Home Saving Grant.
  9. The purchasers solicitor applies for the relevant searches of the property such as council rates, land tax etc.
  10. The vendor's solicitor notifies the dischanrging lender (mortgagee) who prepares discharge of the loan and payout figure.
  11. The purchaser's solicitor arranges payment of Stamp Duty or First Home Exemption from Duty.
  12. Both sides arrange settlement. The purchaser's solicitor prepares a settlement statement and the vendor's solicitor advises how cheques are to be drawn. At settlement the loan is discharged and a transfer to the purchaser and title are handed over in return for the balance of the purchase money.
  13. The incomin lender morttgage sends the documents to the Land and Property Infformation for Registration.
  14. The vendor and purchaser recieved documentation from their solicitors confirming the sale or purchase.
  15. The Land and Property Information centre notidies council of the transfer.

This is a basic example. Should you wish further information please ring me.
The call is at no charge and obligation free.
 

© 2008 Clayton James