The conveyancing process in Queensland varies significantly depending on whether you are buying or selling a property. The sale process is much simpler than the purchase process, which is why your conveyancing solicitor charges much less, however there are still important steps to follow and complete as part of the sale process.
To ensure the sale process proceeds smoothly it’s important that you meet your legal obligations to the buyer under the contract of sale.
You have a signed contract of sale, now what?
Engaging a Conveyancing Solicitor:
If you have not yet engaged a conveyancing lawyer, now is the time to do so. They’re crucial to the conveyancing process and communicating with the buyer’s solicitor. There’s nothing stopping you from engaging a solicitor prior to receiving an offer on the property, as they can assist with preparing the contract of sale and providing you with information on the sale process, but it’s vital you engage one as soon as possible after accepting a buyer’s offer and signing the contract of sale.
The first thing you’ll need to do is send them a copy of the contract. From there they’ll be able to review it and advise you of your legal obligations accordingly. They’ll also provide you with important information on the conveyancing process and the next steps, as well as communicate with your agent, your bank and the buyer’s solicitor.
Contacting Your Bank:
In Queensland when you sell a property you must provide clear title to the buyer, meaning the property is free of any encumbrances. One such encumbrance that you will most likely have is a mortgage over the property. This means that your bank holds an interest in the property and you will not be able to sell it until you have paid back the balance of your mortgage owing to them.
As part of the conveyancing process you will need to arrange for your mortgage to be discharged and a release of mortgage provided to the buyer at settlement.
It can take time for your bank to prepare this mortgage discharge, so it’s vital that you get in touch with them as soon as possible to inform them you are selling the property and when settlement is due to occur.
There’s no need to wait until after the contract goes unconditional before contacting your bank, as this can cause delays to settlement. You can contact your bank as soon as you sign the contract, as the mortgage discharge process can always be cancelled if the contract is terminated for any reason.
Providing Access to the Property:
Under the standard terms of a contract of sale in Queensland the buyer is entitled to access to the property prior to settlement for several reasons, most commonly to conduct a pest and building inspection, for their bank to conduct a valuation of the property and for the buyers to conduct a pre-settlement inspection.
In order to avoid any delays to settlement it’s vital that you provide access to the property for the buyer to conduct these inspections. Your real estate agent will be able to assist and will supervise these inspections.
As long as you follow these basic steps and any other directions your solicitor provides you with, the conveyancing process for a sale is relatively straight forward.