Property Selling Guide
Things to consider when selling a property include:
- LEGAL ADVICE: Your solicitor will need to prepare the Vendor’s Statement and Contract of Sale. You may need special conditions included in the Contract which are specific to your property.
- CHATTELS & FIXTURES: Are there any items that could be considered fixtures and fittings which you specially intend to remove from the property? Chattels and fixtures need to be listed in the Contract. What do you intend to include and exclude?
- LAND MEASUREMENTS: Does the land on Title accord with its physical size and distance from the nearest cross street? A special condition may need to be included in the Contract to prevent the purchaser from making any requisition or claiming compensation if the measurements do not match up.
- RESTRICTIONS: Are there any restrictions as to use applicable to the property? If so, you will need to disclose this information in the Vendor’s Statement.
- EASEMENTS: An easement is an interest in land which grants a person the right to use the land of another. The most common form of easement is where a Government authority has the right to run electrical mains or drainage through private property. Another example is where a neighbour has the right to use the driveway of an adjoining property. Are there any easements affecting your property? If so, you will need to disclose this information in the Vendor’s Statement.
- RENOVATIONS, EXTENSIONS & RECENT BUILDING WORK: Has there been any recent building activity at the property or any alterations within the past seven years? Were building works carried out by a registered builder? Is there any builders warranty insurance or owner builders warranty insurance covering the building works for a certain number of years? Are you an Owner Builder? Owner Builders must provide certain promises (Warranties) in their Contracts, together with a Building Inspection Report and insurance.
- LEASE: Is the property occupied by someone other than the registered owner? If so, is there a lease or licence in writing? Is there a managing agent supervising the tenancy? Will you be able to give vacant possession to the purchaser on the settlement day?
- RATES & TAXES: What are the annual outgoings applicable to the property? Consider Council rates, Water rates and possibly Owners Corporation (formerly Body Corporate) fees and land tax fees.
- CONNECTION OF SERVICES: Are all services connected to the property, such as gas, electricity, water, sewerage and telephone?
- ZONING & TOWN PLANNING: What is the zoning affecting the property? Are you aware of any breaches of the zoning and planning provisions? Have any Planning Permits been issued for the property by the local council?
- AUCTION OR PRIVATE SALE: Have you decided whether you intend to sell the property by auction, private sale or tender? Have you appointed a selling agent?
- ACCESS TO PROPERTY: Is there access to the property by road, or the property land-locked?
- RELEASE OF DEPOSIT: Do you require the deposit to be released to you prior to settlement? If so, certain disclosures need to be made to the Purchaser.
- CERTIFICATE OF TITLE: Who currently holds the original Certificate(s) of Title? Is the property mortgaged? Have you lost the Title?
- REPRESENTATIONS: You should take special care to not mislead the Purchaser or make false representations regarding the property and what is included as part of the sale.
- CAPITAL GAINS
TAX: Have you considered your tax position regarding the sale of the
property? Will Capital Gains Tax apply? Are there any exemptions? Seek
Selling Unit, Flat, Townhouse
Additional things to consider when selling unit, flat or townhouse include:
- COMMON PROPERTY
- INSURANCE – COMMON PROPERTY
- INSURANCE – BUILDING
- OWNERS CORPORATION MEETINGS
Selling Commercial and Industrial
Some of the things to consider when selling commercial and industrial include:
- ZONING & PLANNING
Selling Vacant Land
Additional things to consider when selling vacant land include:
- COUNCIL RESTRICTIONS
- ZONING & PLANNING
Additional things to consider when selling off-the-plan include:
- ARCHITECTS PLANS & BUILDING SPECIFICIATIONS
- PROPOSED PLAN OF SUBDIVISION
- PLANNING PERMITS & BUILDING PERMITS
- LOT ENTITLEMENT & LIABILITY
- SUNSET CLAUSE
- OWNERS CORPORATION RULES
- OWNERS CORPORATION
- STAMP DUTY BENEFITS
- FIRB- FOREIGN INVESTMENT REVIEW BOARD APPROVAL
NOTE: This is information of a general nature only and cannot be relied upon as all encompassing.
You must seek legal advice specific to your purchase and never commit to an agreement unless you have obtained that legal advice. Contact us for further information.