Selling your investment? Where to start? Have disclosure requirements changed since you purchased the property?
At Vogue Conveyancing we recognise that when selling an investment property there are likely to be additional disclosure requirements.
We assist you in identifying these matters – are you liable for land tax? Have your tenants requested repairs? Are your tenant’s behind in their rent? These are a few of the areas which will investigate on your behalf.
What you can expect for $1,650.00 plus GST*
With Vogue Conveyancing
|We draft specific conditions for all our Sale Contracts tailored from your advice.||Generic broad conditions used.|
|We provide a thorough explanation of the terms of the Sale Contract in plain language so you understand what it means to you.||The Sale Contract is explained in little detail and using legal jargon leading to confusion.|
|We coordinate your entire sale transaction on your behalf. We will liaise with the Real Estate Agent, your banker or financier and engage services providers on your behalf.||Expect to do some running around.|
|We have affiliations with independent surveyors, engineers, managing agents, insurer brokers, strata, building and pest inspection companies which can assist you.||Expect to have to find these service providers without any recommendation.|
|Your transaction is handled by one person from start to finish.||Several points of contact throughout the transaction.|
|Our fees include acting for you in respect of any discharge of mortgage.||There is an additional charge if a mortgage is to be discharged/repaid.|
|Disbursements incurred by us are passed onto you at the same cost to us, no premium is added on top.||Premium is added to the cost of disbursements.|
|We take comprehensive and detailed instructions when preparing your Sale Contract.||Little detail is requested from you.|
|We identify matters which may require specific conditions for your Sale Contract. Non disclsoure can leave you exposed as a Seller.||No identification of potential matters or issues.|
*On a sale transaction our fees are $1,650.00 plus GST and disbursements. Disbursements will vary from transaction to transaction and depend on the style and location of the property.
We estimate that the disbursement component usually costs between $300.00-$350.00. This covers all the Government searches required to compile your Sale Contract. If you have your old purchase Contract then the cost of disbursements can reduced significantly.
Case study example
Several years ago a property was listed for sale and it was not disclosed to prospective buyers (in the Sale Contract or by the Selling Agent) that the property was the scene of a triple murder (The Gonzales case). As a result of this case all Sellers must now disclose any Material Fact. A Material Fact is an issue not discoverable by normal inspection.
Whilst a triple murder is extreme, the requirement to disclose a Material Fact to prospective buyers extends to issues such as construction or development on a neighbouring property, potential loss of views, extension of a nearby high rise carpark, history as to prior usage of the property.
Failure to properly disclose a Material Fact may enable a Buyer to get out of your Sale Contract. Where will this leave you if you are relying on the sale proceeds for the purchase of another property or investment.