Preparing to Sell Your Property: Essential Steps for a Smooth Transaction
Selling your property is a significant financial decision to make for you and/ or your family. It can be an emotional experience, especially if it's a family home you are selling. Ensuring that every step of the process is adequately managed is crucial to avoid potential pitfalls.
Consult a Property Lawyer Before Signing
Engaging with a property lawyer before signing any contract is strongly recommended. Once a contract is signed, altering its terms can be extremely challenging and might lead to unintended consequences. While real estate agents are familiar with the conveyancing process, they are not specialised in understanding the legal requirements to fully protect your legal interests. Property lawyers and conveyancers are experts in this field and can ensure that your interests are safeguarded in various respects when it comes to buying or selling a property.
Obtain a Pool Safety Certificate
If your property includes a pool, securing a Pool Safety Certificate is essential before listing it for sale. You can verify the status of your certificate through the QBCC Pool Register by entering your property address. Having a current Pool Safety Certificate is beneficial because:
It allows you to address any non-compliance issues before listing the property; and
It prevents buyers from terminating the contract due to pool-related issues.
If you haven't obtained a Pool Safety Certificate before finding a buyer, contact us to draft special conditions to prevent contract termination due to pool compliance issues.
Address Building and Pest Concerns
Consider hiring a building and pest inspection prior to listing your property to understand any issues that may arise for buyer in the process of selling your property. Even if you don't plan on making repairs, being aware of any issues allows you to negotiate with potential buyers effectively. This proactive approach can prevent contracts from falling through or dropping the purchase price due to building and pest contingencies. We can draft special conditions to prevent contract termination based on known issues if required.
Ensure Smoke Alarm Compliance
In Queensland, properties must have compliant smoke alarms installed. Failing to do so can result in the buyer claiming a penalty of 0.15% of the purchase price at settlement. Providing a Smoke Alarm Compliance Certificate before settlement ensures compliance with legislation and standards, avoiding penalties. We recommend obtaining this certificate when you first list your property.
Meet Disclosure Requirements
Under the standard REIQ Contract in Queensland, sellers must make specific disclosures to buyers. Incorrect disclosures can give buyers termination rights or grounds to claim compensation. Key disclosures include:
Registered and unregistered encumbrances and easements (e.g., access easements, stormwater drainage pipes).
Work completed as an Owner Builder.
Land noted on the Contaminated Lands register.
If selling a unit within a community titles scheme, a Body Corporate Disclosure Notice must be provided to the buyer before they sign the contract. Non-disclosure is a common reason for contract terminations and compensation claims. Conducting thorough searches and consulting with a solicitor before signing a contract can prevent these issues.
Contact Us for Expert Conveyancing Services
At East Legal, we can assist you with conveyancing, offering competitive fixed fee pricing. Take advantage of our free initial 15-minute consultation to understand your requirements so that we can provide advice on property sales to ensure a smooth and successful transaction.