Luchetti & Co - Solicitors

Caveat Vendor – Seller Beware

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Selling your house can be an exciting and rewarding experience. However, the prospect of opening your house for inspection to complete strangers may spark privacy and safety concerns.

The following article looks at a few precautions you can take to maximise the marketability of your house while minimising the security risk.

Don’t advertise your valuables

You may think that rare oil painting adds appeal to your property, but in reality it may attract the wrong kind of interest. Most people who visit your property during inspection times are honest house-hunters looking to make a good investment. However don’t risk losing your precious personal items in the hope to make a good impression. Store away all your prized art, vases, silverware, jewellery and other valuables and place replace them with neutral prints, plain vases and plants.

It is also advisable to remove, where practical, any expensive technological equipment such as plasma screens, computers and ipods.

Anonymity – the safer, more marketable option

Vendors often feel adding personal touches such as photos, trophies, collectibles medallions and souvenirs add “human appeal” to the property, but in reality they prove more detrimental than beneficial. Firstly, there is a risk of them being swiped by illegitimate buyers. Secondly, putting “your own brand” on the home momentarily shatters the buyer’s illusion about living in the house themselves.

So pack all your personal items and remove them from your property in a secure storage unit. This also removes a sense of “clutter” from the house, making it look more spacious and attractive to prospective buyers.

The house is open for inspection, not your post box

In the age of increased identity fraud and credit card scams, the last thing you want is a stranger to gain access to personal information such as credit card details, bank statements and other identity-revealing documents. So prior opening your home for inspection, empty your post box and lock all your sensitive information away. This includes passports, car registration and insurance details and confidential work-related information. It is also important not to leave cash lying around or in visible places such as in open drawers and clear jars.

Speak to your real estate agent

A professional real estate agent will discuss ways to reduce security risks while your property is open for inspection. A reputable agent will:

  • Ensure prospective buyers are not left unattended;
  • Keep a close eye on suspecting burglars and illegitimate buyers;
  • Be present at all times during the inspection;
  • Make sure the property is locked and secure post-inspection, including all windows, gates, garage and balcony doors; and
  • Avoid publicising the fact that you are on holidays.

Your real estate agent will also offer tips to make your home more marketable such as ways to improve your décor, lighting, cleanliness and tidiness as well as any necessary repairs/improvements.

Keep you home contents insurance up to scratch

For a more organised, hassle-free sale, check that your home contents insurance policy is current. This includes:

•  Making a list of all your valuables;

•  Photographing items such as antiques and jewellery (making sure you secure the photos away from wandering eyes); and

•  Confirming you’re insured for the right amount to cover the replacement costs of your contents at today’s prices.

Safety tips post-inspection

Inspection time may be over, but this doesn’t mean your house is safe. Sometimes tempted burglars will return at a later date to steal items impractical to take during inspection times, such as televisions and computers. So ensure you maintain secure practices such as:

  • Locking your property including your garage and garden shed;
  • Installing movement-activated sensor lights and burglar alarms; and
  • Keeping your property well lit to minimise cover for intruders if they try to break in.

As a vendor, you should be ready to show your house while protecting it at all times. Speak to us at Luchetti & Co so that we can help you settle your property securely and professionally.

Stages of the Conveyancing Process

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Checking your contract for sale

You need to be happy with your contract for sale before you proceed with your conveyance. “The contract for sale” is the legal document that describes the property, including the purchase price, details of the seller, buyer, real estate agent and conditions to the transaction. The contract will also contain special conditions, warranties and implied terms, which your solicitor will explain to you and ensure you understand and are satisfied with them. Various papers and certificates also need to be attached to the contract including:

  • A title search from the NSW Land and Property Information, which provides proof of ownership
  • A local council certificate
  • A plan showing sewer lines from Sydney Water of a local authority
  • Copies of other documents showing and restrictions to the use of land
  • Building and pest inspection reports
  • A survey to ensure measurements of the property are the same as the title
  • A strata inspection report if the property is part of a strata scheme, such as units or townhouses)

The contract for both the purchaser and the vendor need to be identical before proceeding to the next step.

Exchanging contracts

This is the exciting part where the vendor and purchaser check, sign, date and swap contracts with the vendor paying the balance of the deposit monies.

Preparations before settlement

“Settlement” is the culmination of the conveyancing process where solicitors for the vendor (selling party) and purchaser (buying party) meet with their respective bank representatives to exchange legal deeds, pay the balance of the purchase price and complete other payments such as stamp duties.

Before this takes place however, a number of steps need to be completed, including:

  • Requisitions on title, which is asking the vendor about the property
  • Arranging payment of taxes such as stamp duties and land tax
  • Preparing and examining any mortgage agreements, if you need a home loan
  • Checking whether any government authorities have an interest in the land or if there are any planned developments which could affect the property
  • Final Inspection and finding out any information that may have not been previously disclosed such as fence disputes or illegal building work
  • Calculating adjustments for council and water rates

Attending settlement

You are now ready for the big day! Everyone now gets together to make the final exchange of documents and payments to complete the conveyance. If all the checks and inspections have been made properly, the settlement will usually be a smooth and quick transaction.

After settlement

Other than the reward (and most often relief) of completing your conveyance, you will still need to lodge your legal documents with the Land and Property Information to formally register the change of ownership of the property. As a purchaser you may also need to inform the relevant authorities that you are now the new owner, such as the owner’s corporation if you have purchased a unit.

Costs to Consider

Apart from legal fees, there are quite a number of costs in a conveyance such as property insurance, taxes and stamp duties. You will be in a much more comfortable position to get the most out of your conveyancing experience if you have a realistic idea of how much it will all cost. Speak to us at Luchetti & Co and we will discuss these costs and fees involved in your conveyance.

The Conveyancing Network

Apart from your solicitor, there is a large body of people, organisations and government departments involved with the conveyancing process, including:

  • Surveyors
  • Pest and building inspectors
  • Sydney Water
  • The Land and Property Information (NSW)
  • The Office of State Revenue
  • Local Council
  • The Roads and Traffic Authority
  • Financial representative where there is a mortgage involved
  • Insurance company

Conveyance with Confidence!

Conveyancing may seem to be a rather clerical, time consuming and even impersonal process. However, with Luchetti & Co . to guide you every step of the way, we can enure your conveyance is a rewarding and even exciting experience. Remember the better informed you are, the better you can conveyance with confidence.

Conveyance with Confidence

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Have you finally found your dream home?
Or are you ready to invest in some property?
Perhaps you wish to sell your business, home or investment property.
Then welcome to the world of conveyancing.

What is a Conveyance?

A “conveyance” is a written instrument legally transferring the interest in land from one person to another. Examples of conveyances include deeds, real estate contracts, or contracts for deeds, assignments, leases, mortgages or deeds of trust. “Conveyancing” is the legal work involved in preparing these deeds in order to transfer interest in land from one party to another.

Who is Qualified to do Conveyancing Work?

Some people choose to undertake their own conveyance or use a licensed conveyancer. Generally speaking, doing your own conveyancing can be a risky business, as you can’t get the same insurance available to legal professionals.

This means that if you make a mistake you are responsible and there is little avenue for financial compensation. Even if you have done your own conveyancing before, it is nonetheless advisable to see a solicitor. This is because laws change quite frequently and there may be complex and potentially costly problems catching you out when you least expect it. Speak to us at Luchetti & Co to ensure your conveyance is in safe hands. We will provide practical and effective solutions and will be easily accessible to ensure you get the most out of your conveyance from start to finish.

Stages of the Conveyancing Process.

 

Conveyance with Confidence!

Conveyancing may seem to be a rather clerical, time consuming and even impersonal process. However, with Luchetti & Co . to guide you every step of the way, we can enure your conveyance is a rewarding and even exciting experience. Remember the better informed you are, the better you can conveyance with confidence.

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