Selling Your Property 101
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This is getting right back to the basics but it appears these days in the hustle and bustle of everyday life and the ‘I want it yesterday’ attitude of the nation, simple processes are not being followed correctly, leaving sellers at risk.
Before you decide to sell your property, chat to your bank that you have a mortgage with or your mortgage broker, to ensure you know the minimum price you can accept as a sale price or even if you have enough security for the bank to agree to release you from the mortgage. With the economy the way it is and the possibility things may worsen in the coming years, banks are tightening their reins and once you sign a contract for sale you have limited opportunities to terminate, without the default of the buyer.
When selling a unit/duplex or other property which is strata titled (body corporate controlled) ensure the agent completes and you sign a BCCM Form 14 Disclosure Statement. This must be presented to buyers at the time of making an offer to purchase your property. If this document is not attached or presented to the buyer at the time of signing the contract of sale, you leave yourself open to risk of termination until the matter settles, regardless of what other conditions are in the contract of sale. The agent is required to follow this procedure under PAMDA legislation, so make sure you ask your agent about it.
These are simple but important issues that will assist with the smooth progress of your property sale.
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The content published in this Blog is in the form of academic papers and the opinions expressed herein are generalised. The information provided is for educational purposes, not specific legal advice.
The application of any principles referred to can alter from case to case and accordingly you should seek independent legal advice in respect of your individual circumstances.