Selling property in Perth

Listing your property for sale

The first step when selling property is to list your property for sale on the market. Selecting a competent real estate agent can make all the difference to both the process of selling your property and your overall experience.

Making a counter-offer or accepting an offer

Received a fantastic offer? Great!

If you decide to accept the offer then a binding contract is formed, subject to any conditions in the offer. 

However, if you’re hesitant to accept the offer then you may want to consider making a counter-offer to the buyer. A binding contract is only formed once the buyer has accepted your counter-offer. 

If the buyer does not accept your counter-offer, there is no contract.

Property is one of the most valuable assets you will sell and it’s best to get it right. If you have any questions or concerns regarding an offer or counter-offer, CS Legal can help by reviewing the contract before you accept an offer or submit your counter-offer.

When entering into the contract, you will be asked to nominate a conveyancer, lawyer or settlement agent. While you don’t have to nominate a conveyancer at this time, we recommend you do so. 

This will make sure a copy of the contract is provided to your conveyancer who will assist you with keeping track of crucial compliance and payment dates under the contract.

Your conveyancer will notify you once they have received a copy of your contract.

Finance approval and other conditions

The contract may be subject to the buyer obtaining finance approval or other conditions which may cause the contract to be terminated if they cannot be satisfied in accordance with the contract.

Your conveyancer will keep you updated regarding the status of the conditions throughout your settlement and once all the conditions have been satisfied the contract becomes unconditional.

Pre-settlement

If your contract is not subject to finance or once finance has been approved, the buyer’s conveyancer will submit enquiries to the local shire, Water Corporation, Office of State Revenue and strata company (if required) for information on the rates and service fees payable on the property and the status of any account. 

Your conveyancer will be informed and any adjustments regarding these accounts will be made by your conveyancer at settlement and outlined to you on your settlement statement. They’ll also liaise with any existing mortgagee noted on the property to confirm the arrangement to discharge any mortgages and make sure they are ready to complete the settlement.

It’s best to make note of any other conditions that you need to fulfil on your contract and the date they are required to be satisfied. Your conveyancer will also remind you of due dates to ensure plenty of time for completion.

Settlement

On the day of settlement, all required documentation, such as the transfer of land document and money will be exchanged. 

If your mortgage is being discharged, the discharging bank will be given the discharge of the mortgage. Your conveyancer will attend settlement on your behalf and will notify you and your real estate agent once settlement has gone through.

Post-settlement

The real estate agent will make arrangements with you for the transfer of keys to the property.

Your conveyancer will provide a final statement of account for your records and at this stage we suggest closing any utility accounts, cancelling any insurance policies, and notifying people of your change of address (if required).