This is a question commonly asked by both buyers and sellers. Exchange occurs when a seller and buyer enter into a legally binding contract with each other. For a residential property, the following list explains some of the actions required after exchange.
For a buyer:
- We prepare the transfer electronically. This allows the land to be transferred from the seller to the buyer after settlement.
- We prepare Requisitions on Title. This is a set of questions about the land title the seller is required to answer for the buyer.
- We order searches which may include some of the following: Council rates enquiry, State Rail Authority enquiry and Roads and Maritime Services enquiry.
- We request a cheque for payment of stamp duty. We electronically stamp the contract and transfer and pay the stamp duty to the NSW Government.
- Confer with your financer and satisfy their requirements
- We prepare the settlement statement. This statement shows the purchase price, deposit and the adjustment of rates and other costs. The settlement statement is provided to the seller’s solicitor/conveyancer requesting the required breakup of the settlement monies for the seller.
- We notify the Australian Taxation Office if GST withholding tax is required on settlement
- We arrange the electronic settlement with your bank (if applicable) and the seller’s solicitor/conveyancer and seller’s bank (if applicable).
- At the time of settlement, the transfer, Certificate of Title, seller’s mortgage (if applicable) and the buyer’s mortgage (if applicable) is lodged electronically at the Land Registry Services.
For the Seller:
- We arrange for your bank to prepare a discharge of mortgage (if applicable)
- We assist you to answer questions about your title asked by the buyer.
- Obtain land tax certificate
- We receive from the buyer settlement figures which are checked by us in consultation with you.
- We obtain a Foreign CGT clearance certificate if required
- We arrange the electronic settlement with the buyer’s conveyancer/solicitor and with your bank. Your bank provides the payout figure to discharge the mortgage.
- We request from the buyer’s solicitor/conveyancer the monies required on settlement.
The next step is what is known as settlement or completion, which is when the actual sale or purchase is finalized and legal title of the land is transferred from the seller to the buyer.
Our conveyancing team is able to help you with the business of buying or selling a property to make the process as smooth and simple as possible, because at Everingham Solomons, Helping You is Our Business.
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