Your home is likely your most valuable asset, so it’s important to handle the sale of it with care. If you have a property in Sydney that you are looking to sell, you should get in touch with a conveyancer as soon as possible. Not only will they walk you through the process from start to finish, but they can provide crucial advice and information that could have an impact on your sale.
While you aren’t legally required to use a conveyancer to sell a house in Sydney, without them you risk misunderstanding your legal obligations or missing important details that could benefit your sale. Any hiccups in the sale can be stressful, and it could have a significant impact on you and your finances.
The property market in Sydney is high-competitive and sometimes challenging to navigate, so having insider knowledge and experience is key to achieving a successful sale.
Whether you need a conveyancer when selling a house or not, it’s important to understand your options for sale and the benefits of each.
How to sell your property in Sydney
It’s important to be aware that a residential property in NSW cannot be advertised for sale until a Contract of Sale has been prepared, so it’s important to have a conveyancer advise you on this before starting any of the sale processes.
There are a number of ways that you can sell your property in NSW. The following are the most common ways that properties are sold, with auction being particularly popular in the Sydney market.
Private treaty
Private treaty is the standard way residential properties get sold. The process involves the homeowner setting a price for the property, then a real estate agent negotiates with prospective buyers to achieve a sale price that is as close to the asking price as possible.
Once an offer is made, it’s likely that the prospective buyer will want to negotiate terms and conditions in the Contract of Sale. When negotiations happen, it’s beneficial to have a conveyancer advising you on what is in your best interests.
Auction
The auction process involves a public sale, conducted by an auctioneer and following a strict set of rules. The sale works by setting a reserve price for the property and then waiting for interested parties to bid on it until there is a winning bid. The reserve price is essentially the minimum the home will sell for; if bids go over the reserve, the highest bidder at the close of the auction will have to sign the contract of sale straight away.
In New South Wales (and in particular Sydney), auctions are quite popular, particularly for higher-end properties.
Tender
Tender is a process where buyers submit single offers with a small percentage of deposit. In NSW, this is usually a 5 or 10 per cent deposit. The seller can then examine the offers and either accept or reject them as they choose.
There are benefits and disadvantages to selling by Tender. It is essentially a closed, silent auction, which can drive up bids because people don’t know what others have bid. But it can also have the opposite effect and lead to lower bids than the expected sale price. You should discuss tender with your conveyancer to assess whether it’s right for you.
What is conveyancing?
Now you know your options for selling a house in Sydney and how a conveyancer can help, but you may still be a bit confused about the process of conveyancing. Here’s a quick rundown:
Essentially, conveyancing involves transferring the ownership of a legal title of land to a new owner. This can happen between persons or entities, such as a partnership, corporation, trust, other entity.
While this process might sound simple, there are legal obligations for both parties and documents that each are required to prepare and lodge correctly. Having a legal expert to handle your conveyancing is the best way to ensure you are meeting your obligations, while also achieving the best possible outcome for you.
If you’re looking for a conveyancer in Sydney, Pitt Street Conveyancing can provide specialist assistance in your next property sale. Whether you’re aware of it or not, right now there could be any number of issues that may cause a delay in settling your sale. It’s surprising what can go wrong. Our experienced solicitors have the expertise to guide you through the sale process. They will discuss your sale and advise you of any potential issues that may impede the sale of your property.
We provide fully tailored services to all of our clients and also offer free quotes.
If you’re still unsure whether a conveyancer is necessary when selling your house, you can discuss your options with us and find the best possible outcome for your sale.