Property sales in Gosford
When selling a property it is important to see a solicitor to prepare a contract so it complies with the vendor disclosure. We will prepare and supply the contract to the seller’s real estate agent, explain the contract to the seller and in particular their obligation to provide all the necessary disclosure, have the seller sign the contract and arrange to exchange contracts when a buyer has been found, give notice to the mortgagee such as the bank when the property has been sold so the bank can prepare the discharge of mortgage.
All fixtures are included in the sale without having to be mentioned specifically. However, the safest course is to discuss any items you are unsure of to remove any doubt. It is the seller’s obligation to have smoke alarms installed and to keep the property in the state and condition it is in at the date of contract.
The documents required by the vendor disclosure vary from property to property. The most common include:
If the required documents are not attached to a contract, the buyer can, without penalty, cancel the contract within 14 days of signing it. Unless the contract discloses anything to the contrary, the seller is deemed by law to have warranted to the buyer the following:
Settlement usually takes about six weeks from the date of the contract. Settlement usually takes place where the seller’s title deeds are located.
The settlement takes place between the buyer’s solicitor and the seller’s solicitor and bank representatives if the parties are financing the property. Investors buying interstate should be aware that individual states have different procedures in relation to acquiring property.
For example, in NSW, legislation requires the vendor (seller) to disclose in the contract certain minimum information, whereas in Queensland, the agent usually prepares an offer on behalf of the purchaser to put forward to the vendor.