As the Vendor, you are bound by the contract once you have signed – you are not able to cool-off.
With this in mind, we are to peruse the contract, especially any conditions added to the contract, before you sign.
We will explain any contract conditions and clauses. This is to protect your interests. Remember that it is easier to negotiate any changes required before you sign, rather than after.
• If you have a mortgage currently registered on the Title you will be required to sign a Mortgage Discharge Authority which we will forward to your Mortgagee, who will begin the process of discharging your mortgage, provide us with a payout figure and meet with us on settlement day to provide the Certificate of Title.
• If there is no mortgage registered on the Title, you will need to provide the Certificate of Title to us prior to settlement. We will provide you with a receipt to confirm this important document is now in our possession.
• Liaise with all parties on your behalf to ensure settlement occurs on the agreed date, ie. Agent, discharging Mortgagee, Purchaser’s Conveyancer.
• Pay any outstanding rates to Council, ESL, SA Water, and Land Tax and Strata (if applicable) and calculate an adjustment of these rates so you receive a credited portion from the Purchaser.
• Apply to SA Water for a special meter reading, calculate your water use up to settlement day and pay the amount due to SA Water on your behalf.
• Advise SA Water, Council and Strata Corporation (if applicable) of the change in ownership. You are required to contact your telephone, electricity and gas providers prior to settlement to request a final meter reading (if applicable).
• Provide you with a statement detailing all costs, adjustments, amount required to discharge the mortgage and the final balance of funds due to you.
• On the day of settlement we will attend at the Adelaide Land Titles Office on your behalf, meeting with all relevant parties (discharging Mortgagee, Purchaser’s Conveyancer and the Purchaser’s incoming Mortgagee). Settlement will occur between 11am – 12am.
• Funds due to you will then be provided, as per your written instructions.
• We will contact you and the Agent to confirm settlement has been completed.
All of these above procedures are important. However, it is when a property transaction does not occur as planned that the true importance of our role as your Conveyancer becomes apparent. We will then negotiate on your behalf with all concerned parties to ensure your rights under the contract are upheld.