Seller's Handbook
Residential Property Sale Guide - New South Wales
This handbook provides essential information about your rights and obligations when selling residential property in New South Wales. Please read this guide carefully alongside your contract documents.
Please read this handbook together with our initial letter and all attachments. It contains essential information about your rights and obligations when selling property.
We may advise you during your transaction on your rights, such as rights to terminate the contract or claim compensation from the Buyer. These rights can be subject to strict time limits or lost as a result of your actions or steps in the transaction.
Important:
If you have any questions about this information, please contact us immediately. Time-sensitive decisions may need to be made during your transaction.
Under the Conveyancing Act 1919 (NSW), Buyers may have a statutory cooling-off period of 10 business days from when they receive a signed copy of the contract.
Application to Sellers:
- Certain words must be included in the contract for cooling-off rights to apply
- If the Buyer terminates during cooling-off, they forfeit 0.25% of the purchase price to you
- The balance of the deposit will be refunded to the Buyer
Cooling-off may not apply if:
- The property is sold at auction
- The contract is signed within 2 business days before or after auction
- The Buyer waived cooling-off rights with legal advice
- The contract relates to certain commercial or rural properties
What is E-conveyancing? Electronic conveyancing (e-conveyancing) uses an electronic lodgement network (such as PEXA) to complete property transactions online instead of physical settlement.
When can it be used? E-conveyancing is now mandatory for most property transactions in New South Wales. It allows for faster, more secure settlements.
Client authorisation and verification: You will need to provide authorisation for us to act on your behalf in the electronic settlement system. You must also verify your identity through approved methods.
Risks of E-conveyancing:
While e-conveyancing is generally secure, risks include system outages on settlement day and potential for fraud. We implement security measures to protect your transaction.
What are personal property securities? The Personal Property Securities Act (PPSA) creates a national register of security interests in personal property (not land). This may affect fixtures or chattels included in your sale.
What is affected? Items that may be affected include:
- Swimming pool equipment
- Solar panels (if leased or financed)
- Air conditioning units
- Other fixtures subject to finance arrangements
When do you need a specific release? If any chattels or fixtures are subject to a registered security interest, you will need to obtain a release from the secured party before settlement.
Need Further Assistance?
If you have any questions about this handbook or your property sale, please contact your lawyer or email conveyancing@baystonelegal.com