5 Things Great Sales Agents Do to Speed Up Property Transfers
Getting your property transferred to the buyer can be a lengthy and complicated process at the best of times, but do you know about all the ways your agent can go above and beyond to help move things along?
Below, we take a look at five things a good agent will do to speed up the property transfer behind the scenes:
Giving Notice to Cancel Your Old Bond If you have a bond on the property you are selling, you will need to give notice to the bank to cancel your bond before the transfer can take place. A good estate agent will usually advise you to cancel your bond as soon as you have signed the Mandate with them. The reason why they will ask you to do so right at the beginning of marketing the property, is to accommodate for the 90-day notice period required by the bank in order to cancel your bond without charging you penalty interest. Not only is your agent going to save you some time when you’re ready to start the registration process, but they will also save you some money!
Collecting Essential Documents Although there is a long list of documents that are required to complete a property transfer from start to finish, there are only actually four documents that your conveyancer needs to lodge at the Deeds Office, therefore kick-starting the bond registration process. If your agent knows their stuff, they will likely ask you to make sure the following documents are prepped and ready to go for lodgement:
- The Power of Attorney to Pass Transfer
- The Original Title Deed
- The Transfer Duty Receipt
- A Rates Clearance Certificate
Checking Your Documents for Errors Did you know that if any errors, such as an unrecorded change in marital status, or an incorrect mortgage bond account number, are found during lodgement at the Deeds Office, you can experience up to three weeks of delays in order to have those errors corrected and for new bond instructions to be provided? Although the conveyancing attorneys involved will usually check for any errors before lodgement, even they can miss things every now and then, and an experienced agent will know to check for errors on their end too, before sending off to the attorneys. That way, if they pick up any issues, they can ask you to rectify those errors before lodgement even begins.
Keeping Communication Channels Open A good estate agent will understand the importance of communication throughout the transfer process, and will therefore keep in touch with all of the attorneys involved to ensure that there are minimal delays. Not only this, but they will also take the initiative to keep you, as the seller, in the loop, so you can be completely aware of any delays or developments throughout the process.
Ensuring the Special Conditions Are Met Near the end of a property transfer, the purchaser will usually have up to five days to meet any and all of the special conditions stipulated in the Offer to Purchase (such as a request for approved plans, an electrical wiring certificate, etc.). This is known as the “holdover” period. Should the purchaser not meet these conditions on time, the transaction will be rejected by the Deeds Office and the process will need to start all over again. That’s why an experienced agent will likely ask the purchaser’s agent to ensure that all the special conditions are met as soon as possible, so that these delays don’t happen.
The best agents assume responsibility for following up on all these matters, rather than waiting passively for municipalities, attorneys and banks to do what needs to be done.