In order to effectively market your property, you will need to have a contract for sale. Contract requirements in each of the ACT and NSW are quite different and it is important that you obtain legal advice about whether your contract is compliant with the law.

To get started, all you need to do is contact BDN Lawyers by phone or by email and we will arrange all the necessary steps to prepare your contract for sale.

As a general rule, your real estate agent will make a recommendation as to whether you should sell your property by private treaty or by auction.

Private treaty refers to the exchange of contracts after a financial offer has been accepted by you from a buyer. This option allows you greater control over the sale of your property and more time to consider offers made by potential purchasers.

An auction can also be used to sell your property. You will be asked by your agent to nominate a reserve price. If the final bid has not exceeded your reserve the offer will be “passed in” and you will be able to choose to negotiate with the final bidder or to place the property back on to the market. If the final bid exceeds your reserve price, the property will be sold for the price of the final bid.

Your property is of significant value and it is essential that your legal interests are properly protected through the sale process. A good lawyer will prepare a contract that contains all the necessary provisions to protect you and take account of any unique aspects of your property transaction.

Prior to contracts being exchanged, it is common for solicitors acting for the buyer to request amendments to the contract. A good lawyer will provide advice about the amendments and whether they are reasonable or whether they will adversely impact on your interests.

It also needs to be kept in mind that conveyancing is far more complicated than a simple “box ticking” exercise. A good conveyancing lawyer will have a thorough knowledge of the conveyancing process and is best placed to ensure the transaction takes place as smoothly and as quickly as possible.

The “exchange” or swapping of signed contracts is the legal way of entering into an agreement to buy or sell property in Australia. It is a crucial step in the sale process because until contracts are exchanged neither party is bound to the sale.

Settlement (also referred to as Completion) is the day on which the property transaction is finalised. In short, the buyer will hand over their money, and the vendor will hand over the title and keys to the property.

The specific date for settlement is prescribed on the contract and usually occurs about 1 month following exchange of contracts.

Settlement is extremely exciting however it also involves significant risk, which is why it is so important to select a good legal team to guide you through the process.