You’ll need a professional to handle the legal aspects of the sale, including preparing the contract for sale, conducting title searches, and liaising with the buyer’s legal representative. Hire a Solicitor or Licensed Conveyancer: Conveyancing Finance and Mortgage Capital Gains Tax (CGT) Legal ad Compliance Moving and Logistics Tax and Financial Planning Selling a home in New South Wales involves various steps and considerations beyond just picking a real estate agent. By understanding these aspects, you can navigate the home selling process more effectively and ensure a smoother transaction. It's advisable to seek professional advice tailored to your specific situation to address any complexities that arise. Here are some key aspects you need to know: This must be prepared before your property is listed. It includes details about the property, terms of sale, and any disclosures required by law. Contract for Sale: Outstanding Mortgage: Contact your lender to understand the process of discharging your mortgage. There may be fees associated with this. Mortgage Payout Figure: Get an accurate payout figure from your lender to know how much you need to clear your existing mortgage upon sale. Primary Residence Exemption: Generally, if the property is your primary residence, you may be exempt from CGT. Investment Property: If the property is an investment, you may be liable for CGT on the profit from the sale. It's calculated based on the difference between the purchase price and the sale price, adjusted for costs and depreciation. Disclosure Requirements: You must disclose certain information about the property, such as any defects or issues, to potential buyers. Building and Pest Inspections: These are often required by buyers and can affect the sale if significant issues are found. Moving Plans: Plan your move to coincide with the settlement date. Utilities and Services: Arrange for the disconnection and reconnection of utilities and services. Tax Implications: Apart from CGT, consider other tax implications and consult with an accountant. Proceeds Management: Plan how you will manage or invest the proceeds from the sale.
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