SELLING  A PROPERTY

VENDOR

SELLING A PROPERTY

In a conveyancing transaction, a vendor is a party who is selling the land. The vendor is usually, but not always, also the registered proprietor on the title to the property. If not it will be necessary for the vendor to provide documentation ( i.e. Power of Attorney, Grant of Probate, etc)  in the Section 32 Statement to enable a transfer of the land from the registered proprietor to the purchaser.

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You want to sell your property,  what next?

Below is a step-by-step guide in how we support our vendors through the sale of their property. A vendor:

Step 1

ENGAGE A CONVEYANCING PRACTITIONER

Puts the property up for sale, usually through an estate agent. An authority to sell is signed by the vendor and authorises the agent to sell the property on specified terms and conditions.
Step 1
Step 2

Vendor Statement

Arranges for the preparation of the vendor statement. The details required to be disclosed are set out in section 32 of the Sale of Land Act 1962.
Step 2
Step 3

Contract for sale

Has a contract for the sale of the property prepared. This contract sets out details of the property and goods (if any) being sold, the terms and conditions under which the vendor will sell the property, and the consideration or purchase price the vendor is willing to accept.
Step 3
Step 4

Accepts offer

Accepts an offer from the Purchaser and the contract is signed by both parties.
Step 4
Step 5

Early deposit release

Usually, but not always, requests an early release of the deposit paid.
Step 5
Step 6

REMOVAL OF ENCUMBRANCES

Arranges for the discharge or removal of any encumbrance or restriction shown on the title which the purchaser has not contracted to accept.
Step 6
Step 7

Create PEXA Workspace

Entering Vendors details and settlement details.
Step 7
Step 8

TRANSFER OF LAND

Vendor completes Transfer of Land details on PEXA.
Step 8
Step 9

Create Duties online Form

Representatives for Transferors are required to use the Digital Duties Form, for all contracts or agreements for land transfer duty. It is initiated by the Vendor’s representatives and accepted by the Purchaser’s representatives. This online form enables faster processing and pre-population into Duties Online, allowing for electronic signing via email by both parties.
Step 9
Step 10

ARRANGE SETTLEMENT

Participates in settlement arrangements. Check Purchaser’s Statement of Adjustments, enter payment destinations on PEXA.
Step 10
Step 11

TITLE DOCUMENTATION

Check Transfer and Notice of Acquisition have correct information and sign off.
Step 11
Step 12

Settlement

Check Title activity, banks and representatives have completed their tasks, if balanced, sign off. Settlement can take between 30 – 45 minutes for various processes to be completed. You will receive a PEXA notification after settlement and we will contact you, where we can, to congratulate you.
Step 12
Step 13

CHANGE OF OWNERSHIP

Arranges for notices to be sent to statutory authorities advising them of the change in ownership.
Step 13

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