Check list for selling privately?

Save stress, time and money

• do you have council approval for pergola, sheds, granny flat?  If not disclose to buyer and include in contract for example 'Buyer is aware the pergola does not have council approval'
• do you have a pool? does the fencing meet current safety standards?  If not dislose to buyer and include in contract.
• all electrical, gas and plumbing working? If not disclose to buyer and include in contract for example ' buyer is aware the front sensor light not working'
• does the property have any encumbrances that will retrict the use of the property?  Notification the property is effected by sound polution,etc.  If so disclose to buyer and include in contract for example 'Buyer has received a copy of the title showing the property is encumbered by a sewerage easement'

How long does finance approval normally take?

Most lenders or finance brokers need up to 21 days to approve finance, a large part of the time is taken up with the bank obtaining a valuation.

Extra time may be needed if the buyer is self employed.

Finance approval should be '21 days from the contract been accepted'. 

I have a mortgage, what do I need to do when finance has been approved?

You will need to give your lender written authorisation to prepare a discharge of mortgage and the bank MUST attend settlement with your Certificate of Title, Discharge of Mortgage and registration fee.

The four major banks use a standard form called a "Request to Release Security or Discharge Authority".

On the Request form you can state if you want any surplus funds paid into a saving account with the bank after the debt has been cleared.

Most banks need 10 workings days to ready themselves for settlement after receiving a signed Request.  

The bank has to locate your title, the title may be stored in the eastern states.  Only when their Perth office has the title will the bank prepare a Discharge of Mortgage  to be signed by the bank signatories.

Partial Discharge - if your loan secures a couple of properties the bank may need approval throught the eastern states and extra time is needed. 

The ANZ go through Melbourne for their partial discharges, they may revalue your remaining properties.  You will be asked to  sign a document to accept the banks's new terms and conditions before settlement.  TELL your settlement agent if your loan secures more than one property!!

How do I calculate the Settlement Date?

If the buyer is taking out a loan to buy the property, most lenders need 21 days from finance approval to ready themselves to settlement. 

If the lender is based in the eastern states they may need 28 days.

When do I have to move out?

If you are living in the property you can stay until 12 pm the day following settlement. 

If you intend to move out early, you can hand the house keys to the Real Estate Agent.

The Real Estate Agent will only release the keys to the buyer when they have confirmation settlement has been completed.