Conveyancing Process – Sale
It is optional to engage an agent to assist you in selling your property. Alternatively you can do it yourself.
A conveyancer is engaged to prepare the Contract and Vendors Statement (section 32).
A Vendors Statement is an important document which has the purpose of giving information about the true nature of the property you are selling.
Of course a purchaser is needed. Until a purchaser is found there’s not much we can do.
As soon as a (a) purchaser is found, (b) deposit is received and (c) after contracts have been signed and exchanged your lender will be notified of the sale. Your lender will then determine the payout amount of your loan. This will take some time. Deposit is received but cannot be ‘released’ until a certain period of time has lapsed and specific conditions are met. Often a high payout figure relative to the sale price will prevent you from accessing the funds prior to settlement.
While we wait for your lender to get back to us about payout figures the purchaser’s Conveyancer is doing some important work also.
As soon as all parties are ready settlement is booked.
Settlement takes place. Balance of monies from sale will be deposited into your nominated account.