At Meehans we take the stress out of the legalities of selling your property by managing the sale transaction and negotiations on your behalf so that you can focus on the task at hand!
When you sell your property, a Contract of Sale must be prepared before an agent can start marketing your property to potential buyers.
What does the Contract for Sale include?
The Contract is an important document that includes:
- Prescribed documents including a zoning certificate from Council and a sewer diagram;
- A swimming pool compliance certificate if there is a swimming pool (or an occupation certificate less than 3 years old noting the swimming pool on it);
- the settlement terms (a standard settlement term is six weeks); and,
- any special conditions associated with the sale.
Your solicitor will prepare the contract, make sure you understand all of the special conditions, and once a buyer is found we will liaise with the buyers’ solicitor to ensure all of the details are correct, and make any necessary amendments to the contract.
Appointing an Agent
Appointing a real estate agent is an important part of the sale process. Your agent will be responsible for marketing your property to potential purchasers and will be the first point of contact in relation to the sale. He/she should be someone you feel comfortable with, and someone you trust to look after your number one asset.
A few important things to remember when appointing a real estate agent include:
- All real estate agents are legally obliged to tell you their fee and provide you with an Agency Agreement at the time you appoint them
- Most Agency Agreements are exclusive – which means that once you sign the Agreement you cannot employ another Agent until the initial agreement period runs out (the period of the agreement varies but is usually 3 months)
- Agents cannot market a property for sale without first having a Contract for Sale in their possession – which means you need to have the Contract drawn-up and sent to the Agent before they can show anyone your property.
If you have any questions regarding the agent’s role, the Property Team at Meehans would be happy to help.
Exchange and Cooling Off
The term “Exchange” means that both the purchaser and the vendor have agreed on the deal, signed a copy of the contract and given it to each other. Once an exchange takes place, the property is no longer on the market and, as a vendor, you are legally bound to the deal.
In NSW, contracts are often exchanged in the real estate agent’s office and the purchaser has a period of at least five business days after the exchange within which they can pull out of the deal by providing you with written notice. This period is called the “cooling off” period. If the purchaser pulls out of the contract during the cooling off period they will forfeit their 0.25% holding deposit they have paid. This is the vendors compensation for holding the property off the market for that purchaser during the term of the cooling off period.
Once the cooling off period has expired however, the full deposit (which is usually 10% of the purchase price) is payable, and the purchaser can no longer pull out of the deal. The remaining balance of the purchase price is paid upon settlement.
Settlement
Settlement is the last step in the selling/buying process. On the day of settlement, your solicitor meets with the other party’s solicitor and your bank or lending institution to arrange final payment of the purchase price and the transfer of title. This takes place online so no one physically needs to attend a venue for settlement to take place.
Once this process is complete, the Real Estate Agent is notified so that the keys to the property can be released, and the buyer can move in or take possession.
If you or someone you know needs assistance in buying and selling a property in NSW contact our friendly team at Meehans today today on 4627 3333 for advice you can rely on.
This article was published on 06/11/25 and the information is valid as at the date of publishing. This article is general in nature and is not and should not be considered or relied on as legal advice. Meehans Solicitors is not responsible in the event this information is relied upon by the reader in the absence of specific legal advice.
