While you are able to sell you property privately, you should proceed without first discussing your legal obligations. Regardless of whether you already have a Purchaser or not, you should make a time to see //Adcocks to ensure you are protected.
If you already have a Purchaser willing to buy your property, you will still need to do the Statutory Searches, prepare a Contract and Form 1 and provide the R3 as required now by law. //Adcocks can do all this work and handle the legal side to Settlement.
We suggest you obtain an offer in writing from your Purchaser and //Adcocks can then prepare the Contract and other forms. If you would like to use our letter of offer, click here complete the fields & print off. Alternatively, if you have all the details ready and would like us to proceed, Contact us and we will prepare the Contract immediately.
Can I sell to a relative?
Yes. If you intend to sell to a relative you need to make an appointment to come in and discuss the details with us. This is to ensure all parties are aware of the Costs involved, who is paying for what, the long term implications (particularly if you are selling for less than market price), and to ensure you receive any grants or concessions for which you qualify. Contact us to make a time to catch up and discuss your plans.
What happens if the Purchaser defaults under the Contract?
There are many different Contracts currently in use in South Australia, and your rights and responsibilities vary depending on the Contract. Typically, if a Purchaser fails to comply with any term of the Contract, your Conveyancer may serve Notice to them on your behalf. Depending on the default caused, you may also be able to charge and collect default interest. Contact us to discuss what your rights are under your Contract.
What are the risks of selling privately?
Typically the attraction to selling privately is the saving of the Agent’s commission. However, if you sell privately your biggest risk is to sell for less than the property is worth. Agents have experience in property values and can negotiate the best price from a purchaser. A good Agent should be able to sell the property for more than you can and their commission should be covered by that better price. //Adcocks will work with you appointed Agent to ensure the best possible outcome for you. If you do not have an agent, click here for a list of some of the Agents we have found to be excellent at what they do.//Adcock’s does not receive a fee or commission for it’s referrals.
How do I sell my house if my partner has died?
When an owner of property dies it is required to register their death on the title. If the property is held by the owners as Joint Tenants nothing further is required as ownership will belong to the survivor. If the property is held by the owners as Tenants in Common, probate will need to be obtained and the Executor of the Estate will need to join with you to sell the property. In both cases, the sale of the property can be started while the title is being put in order. //Adcock have experience in deceased estates and can advise you in this regard.
If I rent my house out, am I still liable for Capital Gains Tax?
No, unlike the Purchaser, who usually gets 2 clear business days to consider the purchase, when you sell, you are bound by the Contract as soon as you sign.
Can I change my mind after I sign a Contract?
Generally speaking you shouldn’t use the same Conveyancer as the other party to the transaction. At //Adcocks we prefer to act only for you because any advice we give you will not compromise the advice we would give to the other party. Any possible cost saving can be insignificant where a problem occurs and you may be required to engage another Conveyancer at the last minute resulting in far greater costs.
Should you be unclear on what you wish to do or should you wish to discuss these terms further please contact //Adcocks.
What happens if the Purchaser defaults under the Contract?
There are many different Contracts currently in use in South Australia, and your rights and responsibilities vary depending on the Contract. Typically, if a Purchaser fails to comply with any term of the Contract, your Conveyancer may serve Notice to them on your behalf. Depending on the default caused, you may also be able to charge and collect default interest.
Contact us to discuss what your rights are under your Contract.
What happens if I can’t get Finance?
If your Contract is subject to you obtaining finance, you must consider your position carefully. If you waive the Clause, and make the Contract unconditional you may incur large costs if you cannot settle. Usually if you have done everything possible to obtain the finance, but have failed, your costs to terminate the Contract should be minimal. However, ignoring the clause will not make it go away! //Adcocks will deal direct with your financier and ensure you have sufficient time and advice to make the right decisions.
If you do not have your finance in order and would like assistance, click here.
//Adcocks does not receive a fee or commission for it’s referrals.
It is important that you understand your obligations with regard to all the Contract conditions. //Adcocks can provide the expertise necessary to deal with these issues.
Click here to email us a copy of your Contract today, or Contact us to make a time to pop in.
What happens after I sign the contract?
Once you’ve signed the Contract and associated forms, you need to start working towards Settlement. This means, your financier and your Conveyancer will need a copy of the Contract immediately so documentation can be prepared to avoid delay.
If you bring your Contract to our office, we’ll make copies and supply them to the relevant people on your behalf. This must be treated as a matter of urgency as the process from signing to Settlement is typically 4 weeks; and some financiers require all of that time to be ready.
Do I get a Cooling off period?
No, unlike the Purchaser, who usually gets 2 clear business days to consider the purchase, when you sell, you are bound by the Contract as soon as you sign. Contact us to discuss what this means to you Before You Sign!
What’s the difference between Auction and Private Treaty?
Auctions; the basics
*Contracts are unconditional (no subject conditions such as Finance)
*Are held at a pre determined place and time
*10% deposit payable by the Purchaser (unless a lesser amount is agreed by you before the auction)
*The Purchaser does not get a cooling off period
Private Treaty; the basics
*Contracts can be made conditional to things such as finance, works being done, sale / settlement of the purchasers property etc
*Are negotiated between the Purchaser and the Agent on your behalf
*Deposit amount varies as agreed to by you and the Purchaser
*The Purchaser receives a cooling off period
What Searches are required, Why do I need them?
It is a requirement by law that certain searches be carried out before Real Estate can be sold. These are your responsibility as a Vendor to pay for and include:
Section 7 Statement
Information on charges, orders and other restrictions on the property Council Search
Council information on the buildings, charges / orders on the property Copy of documents such as Encumbrances or Easements
Details on any Easements / Encumbrances registered on the Title Section 41 Statement (if selling a Strata or Community property)
Details on the financials of the Corporation, works to be done etc
//Adcocks can do the searches for you and you will not have to pay until the property settles if we act on your behalf. If you would like us to do the searches on your behalf call us on 8267 6255.
When should I choose my Conveyancer?
The Australian Institute of Conveyancers (SA) recommends you speak to your Conveyancer before you enter into a Contract.
At //Adcocks our long term clients prefer to get us involved before they’ve sold. This way, we can work with your Agent as part of your team to ensure the best possible result without delay.