TLRbwWhen deciding to sell residential property, whether you list with a Real Estate Agent or you intend to sell privately, the law requires that you have a copy of the proposed Contract for the sale of the property available for inspection by a prospective purchaser. The Contract must have prescribed documents as set out in the Conveyancing Act before it can be signed by a Purchaser.  If Contracts are signed and exchanged without the relevant prescribed documents being attached, the purchaser may have a right of rescission (able to get out of the Contract).

You should contact your Solicitor or Licensed Conveyancer who will assist in preparation of the proposed Contract. In addition to various prescribed documents additional documents may be required.

Things to consider:-

Is there a Swimming Pool? If so, you should ensure that the Swimming Pool is registered on the NSW State Government NSW Swimming Pool Register. You should also ensure that you have a current Swimming Pool Certificate of Compliance – these remain valid for 3 years so if you either haven’t obtained a Swimming Pool Certificate of Compliance or have one which is expired or close to expiry you should arrange for this to be obtained as soon as possible.

Has any residential building work as defined in the Home Building Act been carried out in the last 6 years?  If yes and the cost the building work is over $20,000.00 then a Home Building Compensation Fund (HBCF) Certificate of Insurance should be attached to the Contract.  If this is not attached to the Contract or subsequently provided to a Purchaser prior to settlement a Purchaser may have the right to get out of the Contract at any time prior to completion.

Where Council approval is required you should ensure that it has been obtained and an Occupation Certificate issued by Council or an Accredited Certifier which should also be attached to the Contract.

Anything you do now to prepare your property for sale, both from an appearance and contractual point of view, may ultimately save you time and effort when it comes to selling your property and may mean that Contracts are exchanged sooner rather than later.

There may be other issues that should be identified in a Contract. To avoid issues between exchange and settlement, see your Solicitor or Licensed Conveyancer without delay.

At Everingham Solomons, we have the expertise to assist you in all of your property transactions because, Helping You is Our Business.

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