This guide explains the basic steps involved when selling a property in the ACT. We’ve included are some notes on timing as well as some tips to ensure the purchase of your house runs as smoothly as possible. As always, if you have any questions along the way, just ask. We’re with you.
Chamberlains will send the Contract to the Buyer’s solicitor within 24 hours of receiving Sales Instructions. Exchange will generally occur within 2 — 3 weeks after this, as the Buyer must obtain unconditional finance prior to exchange. Unless anything unexpected occurs (e.g. yours or the Buyer’s bank is not ready to proceed due to an administrative issue, or the buyer finds the property to be unsatisfactory at the pre-settlement inspection), settlement will occur on the date agreed in the Sale Contract. This date is usually 30, 60 or 90 days after exchange.
Top Tips for Buying a House in the ACT
Tip 1 – Engage a Real Estate Agent you know and trust
Selling your house is one of life’s major financial transactions so it is important that you engage the right person. They will be marketing your house as well as negotiating with the Buyer on your behalf. You must be confident that they have your best interests at heart and will efficiently perform their responsibilities.
Tip 2 – Use an experienced conveyancer or solicitor
This is important because they have likely seen it all before and know the best way to handle all kinds of situations involved in the process. An experienced solicitor/conveyancer will have a high level of knowledge of the process and the law, and will have close relationships with other important people in the industry.
Tip 3 – Ensure your property is in good shape
Any defects identified in reports will compromise your ability to sell the property and most likely will need to be fixed for a sale to occur (or you will need to cut your price to account for the defect). Depending on how serious the defect, it may delay an exchange of contracts by several weeks.
Tip 4 – Understand that things can go wrong
We have listed some of the problems we come across from time to time. Remember that a solution can generally be found, especially with some patience and flexibility.
1 . Your bank unable to settle –
a. It has been known to happen that your lender will lose or misplace the original Certificate of Title. If this does happen, it is the Lenders responsibility to replace the title but unfortunately this can cause delays due to government procedures.
b. Your lender has not been given sufficient time to prepare the discharge of mortgage, however an experienced conveyancer will be familiar with the timeframes your bank will require to ensure a smooth hassle free settlement.
2. Buyer unable to settle –
a. The main reasons a buyer would be unable to settle would be due to delays with their finance. We will work hard on your behalf to keep the pressure on the buyer to finalise the sale as soon as they can.
b. The other main reason would be that they are unhappy with the state of the property in the lead up to settlement. We can advise you on your rights and obligations in this situation. These are all issues that an experienced conveyancer can assist with and resolve, so that your sale will go through with minimal stress and fuss.