When selling your house most vendors want to get the best price in the fastest time.
Hi, I’m Jess a lawyer at Conveyancing Depot and here are four of our tips for selling your home.
Appointing a real estate agent can be a difficult choice for some clients. Slow down, check the documents carefully before signing anything. Some vendors have signed up 2 exclusive authorities with real estate agents by not paying attention to what they are signing.
Also, check the terms of the authority such as commission and length of the authority. Some of these are negotiable so don’t feel pressured.
You will need to know your finances if you are buying and selling a home simultaneously.
Tally the costs to prepare, market and sell your home with your selling agent.
There’s the agents commission plus costs for items like furniture staging, removalists, photos or auctioneer fees that may seem small but can add up quickly.
After the sale you may need to allow for adjustments of rates or mortgage payout and legal fees to be deducted from your settlement funds.
If you are selling and have a loan it needs to be paid out at settlement. Ask your bank for an indicative payout figure of your loan as there may be exit costs you are unaware of. Some mortgages are also cross collateralised or used as security for other loans. Restructuring your finance is one of the main reasons vendors miss settlement especially when other properties need to be revalued by the bank.
Even vendor’s who’ve paid out their loan can still have a mortgage registered on title. Don’t think if I don’t have a loan I don’t have a mortgage – they are two different things.
Sellers don’t pay any stamp duty when they sell their home in Victoria, but you might have to pay capital gains tax or GST in some cases. It is important to talk to your accountant about any capital gains or other taxes you might have to pay.
The sooner you instruct your lawyer the sooner you will have the documents and paperwork you need to sell your house. This way if a buyer wants to make an offer early they can. Some certificates needed for your Section 32 can take a while to get. You want it ready and available for prospective purchasers asap.
At Conveyancing Depot, we help vendors with selling houses by managing the process from the sale to settlement.
We are also here to protect you and manage any issues that might come up along the way.
Start by giving us a call today and getting a price on conveyancing for selling your home.
Speak to one of our conveyancing lawyers on 1300 900 440 today to get help.
Disclaimer: This article has been prepared for general information purposes and may not apply to your situation. This information should not be relied upon for legal, tax or accounting advice. Your individual circumstances will alter any legal advice given. The views expressed may not reflect the opinions, views or values of Conveyancing Depot and belong solely to the author of the content. © Conveyancing Depot Pty Ltd.
If you require legal advice specific to your situation please speak to one of our team members today.
Jessica is an experienced conveyancing lawyer and has enjoyed helping many clients buy and sell...