Plum Property Blue Mountains Pre-Appraisal Information Kit
Plum Property Blue Mountains Pre-Appraisal Information Kit
Plum Property Blue Mountains Pre-Appraisal Information Kit
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The Sales Process<br />
Using an Agent<br />
A key to successfully selling your home is choosing the right agent. Before making your choice, it is<br />
good practice to talk to at least three agents, making sure they each have a valid Licence (you can do<br />
a Licence Check online on NSW Fair Trading Website).<br />
When you sign up with an agent, you enter into a legally binding contract, called an Agency Agreement.<br />
In this kit, I have provided you with the Fact Sheet ‘Agency agreements for the sale of residential<br />
property’ from NSW Fair Trading, which gives you more detailed information explaining the sign up<br />
process, what information is contained within an agency agreement, disclosure, ending the agreement,<br />
the types of agency agreements that are available, and where to seek assistance should you need it.<br />
Listing Your <strong>Property</strong><br />
Legally, a residential property cannot be advertised for sale until a Contract of Sale has been prepared by<br />
your legal representative. The Contract must contain a copy of the title documents, drainage diagram<br />
and a current Zoning Certificate (s149) issued by the <strong>Blue</strong> <strong>Mountains</strong> Council.<br />
<strong>Property</strong>’s with Swimming Pools - If your property has a swimming pool or spa, either a copy of a<br />
certificate of compliance or an occupation certificate (issued in the past 3 years) and evidence that the<br />
pool has been registered; or a valid certificate of non-compliance must be attached to the Contract. If<br />
one of these documents fails to be attached to the Contract, the purchaser may be entitled to rescind the<br />
sales contract within 14 days of exchange, unless settlement has already occurred. For more<br />
information, talk with your legal representative, or visit the NSW Swimming Pool Register website.<br />
<strong>Property</strong> exclusions must also be included and a statement of the buyer’s cooling-off rights must be<br />
attached. The draft contract must be available for inspection at the agent’s office. It is important that<br />
you consult your solicitor or conveyancer about preparing the contract to make sure that everything is in<br />
order.<br />
Contracts, Deposits & Exchange<br />
Exchanging Contracts of Sale is the legal part of selling your home. There will be two copies of the<br />
Contract of Sale - one for you and one for the buyer/s. You each sign one copy before they are swapped<br />
(exchanged). This can be done either by hand or post and is usually arranged by either your legal<br />
representative or your agent. At the time of the Exchange, the buyer is required to pay a deposit, usually<br />
10% of the purchase price (unless negotiated otherwise).<br />
The Contract Exchange is the most critical point in the sale process as both the buyer and seller are not<br />
legally bound until signed copies of the Contract are Exchanged. It is important to remember that buyers<br />
of residential property usually have a cooling off period of five working days following the Exchange of<br />
Contracts during which they can withdraw from the sale - this cooling off period can be waived, reduced<br />
or extended by negotiation. However, there is no cooling off period for sellers. Once contracts have been<br />
exchanged, sellers are generally bound to complete the agreement.<br />
Also, if the agent arranges exchange of contacts, they must give copies of the signed contract to each<br />
party or their legal representative within 2 business days.<br />
Settlement<br />
Settlement is the conclusion of the sale transaction and usually takes place 42 days (six weeks) after<br />
Contracts are exchanged. This is the time when the keys are handed over officially to the purchaser.<br />
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