Selling Your Property
When you decide to sell your property, a Contract for Sale must be prepared and provided to the purchaser. Both the vendor and the purchaser are required to sign the contract for it to become legally binding.
The contract sets out the essential terms of the transaction, including the details of the parties, the purchase price, settlement date, and any special conditions. It also addresses matters relating to title, such as whether the property is subject to any encumbrances, including mortgages, caveats, easements, or other registered interests.
In South Australia, the vendor must also provide the purchaser with a Form 1 (Vendor’s Statement) in accordance with the Laws. This document discloses important information about the property, including council rates, land tax (if applicable), Emergency Services Levy, water rates, and other relevant statutory details. The purpose of the Form 1 is to ensure that the purchaser is fully informed about the property prior to completing the purchase.
Once the parties have agreed to the terms and the contract is signed, the matter proceeds to settlement on the agreed date.
If you are considering selling your property and require professional assistance, please contact Troubridge Barristers and Solicitors for further advice and support.