Important steps to know when selling your property

Selling your home can be STRESSFUL!

Dealing with Agents and Buyers and potentially buying a new house at the same time can be daunting and stressful.

While the checklist of what you are required to do is a lot shorter than if you are a Buyer there are some very important steps that can affect your settlement if forgotten about.

The first step is to let your bank know that you have entered into a contract of sale and that you will need them to remove the mortgage over the property.

Usually you will need to fill in a form supplied by your bank detailing when settlement is going to occur and who your lawyer is so that they can deal directly with your lawyer about the logistics of the removal of the mortgage.

If you have a banker it is always a good idea to speak with them regarding the release of your mortgage. Make sure that you also let your lawyer know once you have submitted the relevant document to your bank.

The second step only applies if the purchase price for your property is $750,000.00 or more, legislation now requires the Seller to provide the Buyer with a Capital Gains Withholding Clearance Certificate prior to settlement occurring.

The certificate verifies to the Buyer that they are not required to withhold funds at settlement for capital gains tax payable by the Seller.

Each Seller must apply for their own Capital Gains Withholding Clearance Certificate, it is not possible to make a joint application. Applications can be made online and it will take approximately 14 days from the date of the application to receive the certificate.

It is important to provide the certificate to your lawyer as soon as you receive it to make sure no withholding of sale proceeds occurs at settlement.

 

If you are looking at selling your home or property, call GLG Legal today so that we can make a stressful process easy and maybe even enjoyable!