When selling your own property, you should still engage solicitors or conveyances for handling the legal documentation. This gives you the assurance that everything will be handled correctly. You need to do the work that a real estate agent would normally do, which may involve quite a lot.
However, you can potentially save about a year’s salary by selling yourself. You can always engage an agent in the future, particularly if there are several interested buyers. In these situations, particular with properties that have a high market appeal, a professional agent can often negotiate a higher price which more than justifies their commission.
Normally a 10% deposit is required, but this is negotiable. As a vendor you cannot put the deposit for a property into your own account, it must be in a trust fund. This is setup by your solicitor or settlement agent.
The two legal documents required for selling a property are the Vendor Statement and the Contract of Sale. Your solicitor or conveyancer will prepare these documents.
The Vendor Statement contains information that is relevant to the property. It must be provided to the buyer before the contract is signed.
This information includes your details and information regarding outgoings payable by the owner of the property . Details of any mortgages or other debts or charges over the land.
Details of the land title and any building permits issued in the past 7 years. Covenants, easements and any other restrictions on the title, where zoning restricts land use.
Disclose notices or orders issued by authorities such as road-widening etc. and if there is access to the property by road.
Once you have agreed The Vendor’s legal representative usually holds the deposit in trust until settlement.