Residential Selling - With an agent - Adcocks Conveyancer Adelaide

Residential
Selling - With an agent

Selling a property is not something you want to attempt on your own. Particularly with the changes to the real estate legislation in late 2008 it’s important you employ the assistance of a qualified professional.

There are many real estate agents to choose from, and who you choose is up to you. Some of the agents we’ve found to be professional and ethical can be found on our links page.

We do not receive any form of Commission or benefit for referring to these Agents.

In July 2008 the Real Estate Industry Reform legislation became operative. Most of the reforms made effect the way Real Estate Agents must carry on their business. Click here for a list of things you should know that affect you.

Buying

Selling

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

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?

Not necessarily but you should contact your accountant or tax adviser for advise in you particular circumstances.

Can I change my mind after I sign a Contract?

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

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.

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.

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 and provide them to your Agent 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.