This information has been provided by
Australian law firm, Australian Conveyancing Services and is applicable in Queensland
only.
In Australia the whole legal transaction of selling/buying a property is called
'Conveyancing'. The law sees the transfer of ownership in a property as important, and there is a process that must be followed by the Seller and the
Buyer.
This process is normally less involved for the Seller. Whereas the Buyer has to make sure that the Title to the property is clear, organize their
finances, and prepare the transfer documents, the Seller’s duties revolve around making sure that he can give good Title to the Buyer, arranging the payout of any mortgages over the property, and making sure that the correct money is received on
settlement. The things that you as a Seller will do as part of a normal conveyance
for Queensland property includes:
Listing your property with an Agent and signing an agency agreement (unless you are selling the property privately)
Entering into a Contract of Sale. If you are selling a Unit or Townhouse, this involves making disclosure of various information about the unit and the complex in the Contract of Sale
Fulfilling any special conditions that are included in your contract
Signing the transfer documents that are sent to you from the Buyer
If you are thinking about selling your property, please consider using our online conveyancing service. The service is fully interactive and includes full information on how to arrange the above requirements.
For more information, click
here.
Providing the Buyer with ‘clear title’, that is, free of
any encumbrances (apart from any that you have agreed
with the Buyer not to release eg an easement). This
normally means arranging the payout of any mortgages you
may have on the property and in rare circumstances,
releasing any Writ of Execution or Caveat that may have
been placed on the property by an aggrieved third party.
Agreeing on the settlement figures and adjustments with the Buyer. This will mean paying any amounts owing on the property such as rates and land tax up to the date of settlement.
Giving to the Buyer vacant possession of the property after settlement (unless the Contract allows the Seller or a tenant to remain in possession)
Attending at Settlement to hand over any necessary documents and to collect your cheque· Paying the Agent (if any) commission
