REAL ESTATE SELLER (VENDOR) PROPERTY PROCESS
Video Steps: 1-5
Video Steps: 6-10
Step 1 – Engage Real Estate Agent
Real Estate Agent to sell your home. The Real Estate Agent requires the vendor to complete and sign an ‘authority to act’ which authorizes the real estate agent to sell the home on the vendor’s behalf.
Step 2: Residential Conveyancer Prepares Section 32
Locate a suitable residential conveyancer. The conveyancer requires the vendor to complete and sign an “authority to act” which authorises the real estate conveyancer to act on the vendor’s behalf. The conveyancer requires some personal information about the vendor and the property being sold. The “Seller Information Template” located under news lists the information likely to be required by the vendor’s conveyancer. With this information, the conveyancer can draft up a section 32 document which lists the particulars of the real estate being sold. A sample S32 is located under news.
Step 3 – Real Estate Contract Prepared by Estate Agent
Counter sign the real estate property contract prepared by the Real Estate Agent. The prospective purchaser will present their offer in writing within the property contract. The contract becomes legally binding once the vendor counter signs the contract. The vendor must provide their residential conveyancer with a copy of this signed real estate contract. A sample contract can be located under news.
Step 4: Conveyancer Contacts Sellers Mortgagee
The vendor’s conveyancer contacts their lending institution to advise them of the properties sale. This allows their bank to prepare for discharge of the mortgage.
Step 5: Section 27 completed by Seller
The vendor’s conveyancer can apply to have the deposit paid by the purchaser released early by completing a section 27 document. This document must be approved and signed by both parties, and is conditional on the purchase price meeting the lending institutions mortgage payout policy. A sample S27 is located under news.
Step 6: Transfer of Land Document Received by Buyer
The buyer and their residential conveyancer complete the transfer of land document and send it to the vendor’s conveyancer for authorisation. The vendor is required to sign the transfer document so the name on the title can change to the buyer. A copy of a transfer of land document is located under news.
Step 7: SRO Declaration Completed by Seller
The vendor and their conveyancer must complete the State Revenue Office Declaration which is employed to calculate the duty payable by the buyer. A sample of this document is provided under news.
Step 8: Statement of Adjustments Received by Buyer’s Conveyancer
A statement of financial adjustments is sent by the buyer’s conveyancer to the vendor’s conveyancer. Between the conveyancers, financial adjustments are made for items like council fees, water rates, land tax and body corporate fees.
Step 9: Settlement Arrangements Made
The vendor’s conveyancer makes arrangements for the property settlement with the vendor’s bank and the buyers conveyancer.
Step 10: Settlement Completed
The settlement is completed, the vendor notified and relevant notices are forwarded to the authorities.
# This flow chart is intended to be used as a guide only.