Emil Ford Lawyers

Selling a Property - Quick Summary

This is a summary of the main steps involved with selling a property. For further information click on the links or download our more detailed version of Selling a Property.

So you’re ready to sell. What happens now?

  1. Contact us so that we can commence drafting the Contract for Sale.
  2. Find a Real Estate Agent and sign an Agency Agreement.  Once the Contract for Sale is drafted the Real Estate Agent may begin marketing your property. 
  3. Once you have a purchaser for your property contracts will be exchanged and the purchaser will pay a deposit. 
  4. Cooling off period:  Unless you are selling at Auction, your purchaser will have a cooling off period of 5 working days.
  5. Discharge of Mortgage:  If you owe money on the property you will need to have the mortgage discharged on settlement.  You will need to send them a written authority to do this.
  6. Building Insurance:  Make sure all your insurance is up-to-date as the property remains your responsibility until settlement.
  7. Is there a tenant? A tenant is not bound to move out of the property until the term of the lease has expired and a notice to vacate has been served.  If you are selling with vacant possession you need to consider this.  If you are selling with an existing tenant, the rent payments will be adjusted at the time of settlement.
  8. Council, Water Rates and Strata Levies will be adjusted and paid at settlement.
  9. Settlement: If the property is sold with vacant possession then you need to make arrangements to vacate the premises prior to or by the time of settlement.
  10. After settlement:  you will be paid all monies owed to you.  We will notify Council, Water Authority and Valuer General of the change in ownership.
Suite 4 Level 5
580 George Street
Sydney NSW 2000
Phone: +61 2 9267 9800
Fax: +61 2 9283 2553