Selling a property can be a stressful process. Your expert conveyancing lawyer will help make the conveyancing process as easy as possible so that you can relax and enjoy the process as much as possible.
Below is a checklist of what you will usually need to do at each stage of the sale process:
Signing the Contract
Once you have accepted an offer from the buyer, you will be given a copy of the contract that has been signed by the buyer and for you to countersign. You should check over the whole contract and make sure the agreed purchase price is stated.
Once all conditions in the contract are satisfied such as the buyer’s finance and building and pest conditions, the contract becomes unconditional. At this stage, you need to ensure your mortgagee is preparing for settlement. You should also be making arrangements for moving out of the property unless you have made prior written arrangements with the buyer.
Releasing your mortgage
On settlement day, you will need to transfer the property over to the buyer, free of any encumbrances and mortgages on title. We recommend that you release your mortgage as soon as possible so your mortgagee (i.e. bank) will have to provide the release at settlement.
Foreign Resident Capital Gains Withholding Clearance Certificate
As a Seller, you are required to apply to the ATO for a ‘Foreign Resident Capital Gains Withholding Clearance Certificate’. This is a requirement of the Australian Taxation Office as of May 2017 and applies to all sales over the value of $750,000.00.
Even if you are an Australian resident, you will need to use the foreign resident capital gains withholding clearance certificate application form to notify the ATO foreign resident capital gains withholding doesn’t need to be withheld from the sale of taxable Australian real property (the asset). It provides the details of vendors so the ATO can establish your tax residency status and is now a requirement for purchasers in Australia. You can access this online form through the ATO website.
To transfer the property into the buyer’s name, you will be required to sign and return the transfer documents that your conveyancing lawyer sends to you. These forms will need to be signed in front of a witnessing officer such as a Solicitor, Justice of Peace and Commissioner of Declaration.
You will need to ensure that you are ready to vacate the property and that all of your personal possessions (that are not included in the sale) have been removed. The property will need to be left in a clean and tidy condition. You will need to either provide the keys to the property to your lawyer to hand over at settlement or arrange for the agent to provide the keys to the buyer after settlement.
Once settlement is completed you will receive a phone call from your lawyer and they will also let the Agent know to release the keys and deposit.
If you are looking for a solicitor to assist you with your sale, call GLG Legal or email us at email@example.com.