What Are Your Rights As A Seller?
Updated: Jul 14, 2022
Selling any home can be a stressful procedure. While planning to make room for the new owners, it's essential to comprehend your rights during settlement, and how your conveyancer can assist you with the process, even if the sale falls through.
What You Can And Cannot Take With You When Selling Your Home
There are two types of items in a property: those that are included in the sale and those that are not. Fixture items are automatically included in the sale of a property.
Simply said, a fixture is anything that is physically attached to the property and cannot be removed without causing damage.
The fixtures present at the property when the contract is created must stay and be present at the property on the date of settlement.
So, before you bring in the screwdriver to remove all those TV brackets from your living room and bedroom walls, think twice since you may be held liable for any damage to the walls. If you have any concerns, consult with your experienced conveyancer about the terms of your contract.
What If You Change Your Mind About The Sale Of Your Property?
It is essential to treat any property transaction seriously. If you are considering selling your home, you should be aware of the potential risks and possible expenses that this may entail.
You are breaking a legally binding agreement if you withdraw from a transaction after documents have been signed and exchanged, so speak with a reputable conveyancer to understand your choices and the potential penalties you may face.
Your real estate agent may claim reimbursement for marketing expenditures as well as lost commission, in addition to an unhappy buyer who may seek reimbursement for financial and legal fees, and may even file legal action against you for breach of contract.
Remember that leaving your much-loved family home requires dealing with the memories linked with the property. It's natural to experience a range of emotions at this time, but by focusing on the positives – including life at your new address - you can look forward to the new memories you're about to make.
What If The Buyer Wants To Pull Out Of Your Property Sale?
A buyer’s rights to change of mind has a limited time which allows them to cancel a contract. This is referred to as the cooling-off period, and the rights vary depending on the state in which the property is located. If the buyer changes their mind after signing the contract, they will face financial consequences. It is critical to consult with your conveyancer to determine the buyer's cooling-off rights in your state or territory.
Any effort to withdraw from the arrangement may be regarded as a breach of contract if your buyer has waived their cooling-off rights or the cooling-off time has ended. In some cases, if a buyer violates the conditions of the contract and the transaction is cancelled, the buyer may forfeit the whole deposit paid.
The Importance Of Planning
As a seller, using the services of a professional conveyancer to ensure your contract of sale protects you as much as possible is always recommended. We at Nazarian Law, carry out property transactions on a weekly basis.
Have a question about the process? We’re here to help!