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LEVEL 7, NO.1 CHANDOS ST |
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BSS Personal Legal Services: SELLING PROPERTY Selling a property is one of the most important transactions in your life. Why make a decision without knowing all the facts? Set out below are 10 things you should know when deciding who to choose to help you with the sale of property. These 10 points make reference to over 100 ways that Bull, Son & Schmidt can help you through the complications involved in selling a property.
Yes. In the last couple of years, we have seen examples of people paying money to fix mistakes made because they didn't use the right lawyers. To give a few examples, people have - • exchanged contracts to sell the wrong property; • signed contracts which require them to pay 12 months land tax instead of obtaining an adjustment from the purchaser; • sold property without attaching insurance certificates required by the Home Building Act. All of these problems could have been avoided if Bull, Son & Schmidt were involved in the sale transaction from the beginning.
Yes. That's why we prepared a Guide to Selling Property - a booklet which helps you to understand how and when things happen, what searches you need and much more. It also gives you a better understanding of the processes involved in the sale of property so that you can be more confident in your dealings with agents, banks and others involved in that process. To get this advice would normally cost you hundreds of dollars. As part of our service, as well as providing the guide to selling property we offer and recommend a face to face meeting so you can ask all the questions you can think of and we can get a feel for your requirements.
No. Different law firms have different approaches to conveyancing. If you shop around on price you can find some law firms which are "cheaper" for conveyancing than other law firms - by $50.00, $100.00, sometimes even $200.00 or more. You should look behind that price to see what you are getting for your money. Our guess is that the firms which advertise the lowest price probably have minimal solicitor input - the cheaper price is often brought about by having inexperienced junior, non-qualified staff working on your transaction. You must make a decision if that is what you want for one of the most important transactions of your life.
We have struck a balance between professional and staff input so that our lawyers ensure your interests are protected. We review your contract, negotiate amendments, explain the contract and the process to you and supervise all stages of the transaction up to settlement. (For more information on what we do, see below).
Our primary para-legal/administrator has worked in conveyancing for 30+ years; the last 26 years with Bull, Son & Schmidt. Our lawyers are experienced and practical - we don't use solicitors straight out of university and we don't use your conveyancing matter as a training ground for inexperienced solicitors. Our ISO 9001 certification (we were one of first 14 law firms in New South Wales to have achieved this internationally recognised standard of quality assurance) means we have standards and systems in place to provide you with an efficient legal service.
Selling property has become more complicated over the last 5-10 years. You get the benefit of our help and advice on recent developments such as the Home Building Act requirements, GST legislation and the warranties contained in the Conveyancing Regulations. These are matters which can seriously affect the sale of any property. A common perception is that conveyancing is a straightforward process. Whilst it is true that the process involves some procedural and administrative steps, there is a lot of work which goes on behind the scenes to enable you to move out of your house on the expected settlement day. To give you an example, some of the steps we carry out in a "typical" sale transaction include the following - • obtaining your instructions as to the timetable you wish to adopt for the transaction; • advising on the procedure relating to such a sale and your statutory obligations under the Conveyancing Act, Real Property Act and Conveyancing (Vendor Disclosure and Warranty) Regulation; • advising as to the role and obligations of the Real Estate Agent (if any) engaged by you to assist with the sale, including advice on your Agency Agreement in relation to the Auctioneers and Agents Act and Regulations thereunder; • obtaining (where appropriate) up to date title search from Land Titles Office; obtaining Section 149 Planning Certificate from local Council; obtaining Drainage Diagram from Sydney Water via facsimile; obtaining property search from Roads & Traffic Authority; ascertaining if there is a satisfactory Survey Report to annex to the Contract for Sale of Land or commissioning an up to date Survey Report after discussion with you; • preparing Contract for Sale of Land including relevant annexures of searches and certificates and Special Conditions to reflect your instructions and the nature of your property; compiling additional copies of Contract for submission to agent/s to enable property to be marketed; • completing final Contract for Sale when purchaser located and submitting that final Contract to Solicitor for purchaser; • attending on you to sign Contracts; • exchanging Contracts; • arranging for existing mortgage/s (if any) to be discharged on settlement of the sale; • receiving and replying to Requisitions on Title submitted by Solicitor for purchaser; forwarding to you for approval, those Requisitions on Title and our replies thereto; • receiving Transfer from Solicitor for purchaser and arranging for you to execute that document prior to settlement; • contacting Solicitor for purchaser and any discharging mortgagee and making appointment for settlement with those parties, including the numerous telephone calls normally required to arrange the settlement time and place; • receiving settlement figures (the sale price less deposit, plus or minus adjustments for rates) from the Solicitor for the purchaser and checking those figures; • ascertaining the amount to be paid to any discharging mortgagee and thereafter calculating and directing the Solicitor for the purchaser as to the cheques and documents required to be received on settlement; • attending on settlement; arranging for the sale agent to release keys of the property to the purchaser and to release to you the deposit moneys less commission, advertising, etc.;
We are not the cheapest and we are not the most expensive. We think, (and so do our clients) that we provide a quality service at a reasonable price. You may have phoned around to different firms asking the cost of legal fees for selling a property. Some firms give a telephone quote for costs and disbursements immediately. At first glance that sounds good but unfortunately conveyancing just isn't that simple. To give a realistic and accurate figure for costs and disbursements it is important to talk to you about the transaction. To do any different is to adopt a "cookie-cutter" approach. To give a specific figure for costs and disbursements without talking to you about the transaction is a fundamentally flawed approach. To give some examples - • Do you need an up-to-date survey? That could mean + or - $450.00. • Do you need to attach insurance certificates to cover work done on the property since May 1997? • Is the property Torrens title or is it old system title or is it an unregistered plan? This could mean a significant difference to how the transaction is carried out and to what it costs. Having said that, we understand that you want some realistic indication of cost. Schedule 1 attached sets out likely costs for a range of different residential sale transactions. The costs in the Schedule are based on the general principal that not all sales are the same. Some involve mortgagees who have detailed requirements. Some involve expensive properties which have more issues to consider. These estimated costs don't cover unexpected problems or disputes, lengthy negotiation of contract terms or extensive dealings with banks or other parties. Of course, if the costs are likely to be higher or lower than the estimated figure due to any unforeseen problems during the course of the matter, we will attempt to let you know as soon as possible.
Lawyers are often the subject of public scrutiny when it comes to costs. Lawyers are also often the subject of jokes dealing with costs. (In fact, one of our clients' favourite sayings - "it was so cold the lawyer had his hands in his own pocket" - comes from an anti-lawyer joke book in our office reception area.) It is important to keep some perspective on where legal costs fit into the total costs which are payable associated with selling a property. If you use a real estate agent to sell your property you can expect to pay advertising costs and commission of 2-3%. For a property selling for $350,000.00 agents costs of $7,000 - $10,000 are likely. For a property selling for $650,000.00 costs of $12,000 - $17,000 are likely. In contrast to these figures, the legal fee likely to be charged by Bull, Son & Schmidt is around $1,575.00.
When selling property, it is important that you get the contract "right" the first time. Our experienced staff ensure prompt, efficient service.
If you haven't got a copy of our Guide to Selling Property booklet - contact us and ask for one. We can send it out to you or you can pick it up from our office. It is free for clients. If you are thinking about selling, call us to arrange a time to discuss the matter.
Disbursements are additional to the above costs. A schedule of possible disbursement costs is attached. All figures quoted are exclusive of GST.
GST will be payable on some disbursements. |
Any questions? Contact us by email (lawyer@bullson.com.au), fax (9439 6756) or phone (9439 5299).
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