Selling a House in Darwin

Selling a house involves several steps to help transfer ownership to the buyer. This includes preparing a Contract of Sale, which outlines the terms of the transaction, and meeting all disclosure requirements, such as providing information about the property’s title. Additionally, the process requires liaising with the buyer’s representatives, addressing any special conditions and coordinating the settlement where ownership and funds are exchanged. A clear understanding of these steps helps sellers meet their obligations and complete the transaction smoothly.

While it is possible to handle the sale independently, a conveyancer can provide valuable assistance by managing the  administrative tasks required in the process. They can prepare the Contract of Sale, conduct title searches, handle any issues that arise and ensure all documents meet property law requirements. A conveyancer can also communicate with the buyer’s conveyancing team and financial institutions, aiming to reduce the risk of errors and delays during the sale.

A Contract of Sale is a legally binding document that outlines all terms of the property sale. It includes details such as the agreed sale price, property address, settlement period and any special conditions, such as inclusions or repairs required before settlement. This document can be crucial for protecting the interests of both the buyer and seller, making its accuracy and completeness essential to the process.

Settlement day marks the completion of the property sale. On this day, the buyer’s financial institution transfers the remaining purchase funds to the seller, and the legal ownership of the property is officially transferred to the buyer. A conveyancer manages the coordination of this process, which includes updating the property title, paying off any outstanding mortgages and ensuring all conditions of the sale are met. Sellers typically hand over keys and other necessary documents to the buyer, finalising the transaction.

This is the formal process of transferring ownership from one party to another for the sale of a home or property. 

These parties can include individuals, entities or trusts (for example, self-managed superannuation funds). 

This process is more complex than you might think, which is why it is imperative to hire a professional for your conveyancing
to ensure compliance and to ensure the process is as smooth and seamless as possible.

There are DIY conveyancing kits available and individuals or entities are entitled to use them to manage the conveyancing themselves. 

It is only recommended that these DIY kits are used for the most straightforward transactions. 

In most instances, there are multiple complexities and a professional conveyancer is required for the protection of both the buyer and the seller.

In most transactions where there is a Real Estate Agent involved the buyer will have a four working day cooling-off period during which time it is recommended that they contact their Conveyancer to go through the Contract of Sale with them to ensure that they are aware of the terms and conditions contained in the Contract. 

If the Contracts are exchanged by Conveyancers, for example, if there is a private sale and no agent is involved there is no cooling-off period however the parties to the contract do not exchange until they are all satisfied with the conditions contained in the contract of sale. 

Usually after meeting with their Conveyancer to discuss this and satisfy themselves that everything is in order.

Having the ownership in the correct format and name is an integral part of purchasing a property. 

It is very challenging to change this later, so getting it right the first time through a reputable conveyancing firm is essential.

There are four different property owner structures:

• Sole Tenant – this is where a sole individual is on the title.
• Joint Tenancy – this means you own the property jointly and should one person pass away the property will automatically revert to the survivor.
• Tenants in common – Each buyer can purchase a share of the property ie 40%/60%. If you purchase as Tenants in Common it is very important that you have a will prepared to make sure that your share of the property passes to your beneficiary. It will not automatically pass to the Survivor in this instance.
• Company/Trust Names – You will need to ensure that the buyer entity is correct on the title. We normally recommend that you refer to your Accountant to ensure that the details are correct before lodgement on the settlement date. There are things you must consider when doing commercial building sales or buys, so getting a professional is a great help.

Every time a property transaction has been completed, a percentage of the sale price must be paid to the Northern Territory Government in the form of stamp duty. 

Your Conveyancer will be able to advise you of the amount of stamp duty that you will need to pay.

There are significant differences, the most significant being there is no cooling-off period when you purchase at auction. 

All information is present for you to view, you can inspect the property and all offers are final. 

Even if there are issues with the building structure, pest infestations, or your finance is declined, you still legally have to settle the property if you win at auction. 

It is highly advised to speak to a professional property conveyancer before putting any bid down at an auction.