SELLING

Sellers are required to have a Contract for Sale of Land prior to advertising a property for sale.  At Gately Conveyancing Services we prepare this so your sales agent can commence your property marketing campaign.

Your real estate agent will liaise with you regarding any offers received from prospective purchasers.  Once negotiations are finalised, and you have accepted an offer, your agent issues a Sales Advice to all parties with details such as price, settlement period and any agreed special conditions. Your contract becomes binding when the agreed deposit is paid and the contract is exchanged  between the buyer and seller.

When Gately Convenyancing Services receives the Sales Advice from the agent, we update the Contract and liaise with the real estate agent and the Purchaser's conveyancer to arrange exchange.  The Purchaser signs one copy of the Contract and you, as Vendor, sign an identical copy.  Contracts are dated and your signed contract is given to the Purchaser's Conveyancer and the Purchaser's signed Contract is given to Gately Conveyancing Services together with their deposit.

Typically, the deposit paid on exchange is 10%.  However, this may be negotiated prior to exchange to a 5% deposit, bank guarantee or deposit bond.

Contracts can be exchanged with or without a cooling-off period (5 business days) unless sold under auction conditions.  If exchanged with a cooling off period, the Purchaser exchanges with a 0.25% deposit and has 5 business days to change his/her mind.  Only the Purchaser has the right to rescind.  If the Purchaser backs out of the Contract, he/she forfeits their 0.25% deposit, and this is released to the Vendor. 

The cooling-off period can be waived as part of the negotiation process.  A Section 66W Certificate is provided by the Purchaser's Conveyancer if the cooling-off period is to be waived.

It is crucial that Gately Conveyancing Services notifies your lender of your sale immediately after exchange of Contracts.  We will provide you with a Discharge Authority to complete and execute and return to us as soon as possible.