2. Vendor Disclosure Requirements
Sellers in NSW have disclosure obligations when selling property. The Contract for Sale must include certain prescribed documents and information. If required documents are missing before the contract is signed, the purchaser may have rights to rescind the contract within 14 days of exchange.

Excel Legal helps prepare the contract carefully so required documents are included and important legal issues are addressed before exchange.

This may involve considering matters such as:
 

• title details

• easements and restrictions

• zoning and planning information

• sewerage and drainage information

• strata documents, where applicable

• property exclusions

• special conditions

• other matters affecting the property

Clear disclosure helps reduce the risk of disputes, delays or issues after exchange.

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3. Listing the Property for Sale
Once the Contract for Sale is prepared, the property can usually be provided to the agent so the sale process can begin.

At this stage, Excel Legal can liaise with your real estate agent and provide the contract for marketing and buyer review.

Depending on how the property is sold, the sale may proceed by:
 

• private treaty

• auction

• expression of interest

• negotiation with a buyer 

Your agent manages the marketing and sale campaign, while Excel Legal manages the legal documents, contract issues and legal communication.

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4. Contract Negotiation
Before exchange, the buyer’s solicitor or conveyancer may raise questions or request changes to the contract.

Excel Legal can assist by:
 

• reviewing purchaser requests

• responding to legal enquiries

• negotiating amendments, where appropriate

• advising you on the effect of requested changes

• preparing agreed changes to the contract

• liaising with the agent, where required

This stage is important because once contracts are exchanged, the parties are generally legally bound by the contract.

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5. Exchange of Contracts
Exchange is the stage when the buyer and seller enter into a binding contract for the sale of the property.

At exchange:
 

• the buyer and seller sign the contract

• the deposit is usually paid

• the settlement date is confirmed

• the contract becomes legally binding

• the parties begin preparing for settlement 

Excel Legal helps ensure the contract is properly prepared, agreed terms are recorded, and exchange is handled carefully.

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6. Cooling-Off Period
In many residential property sales in NSW, the buyer may have a five-business-day cooling-off period after exchange. If the buyer rescinds during the cooling-off period, the buyer may forfeit 0.25% of the purchase price to the seller.

A cooling-off period generally does not apply to properties sold at auction. Buyers may also waive their cooling-off rights in certain circumstances.

Excel Legal can explain how cooling-off rights affect your sale and what happens once the cooling-off period expires.

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7. Pre-Settlement Steps
After exchange, there are several steps that need to be completed before settlement.

Excel Legal can assist with:
 

• liaising with your lender for mortgage discharge, where required

• preparing required settlement documents

• responding to purchaser settlement enquiries

• checking settlement figures

• reviewing adjustments for council rates, water rates and other outgoings

• coordinating with the buyer’s solicitor or conveyancer

• keeping you informed about key dates and requirements

This stage helps ensure the matter is ready to settle on time.

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8. Settlement
Settlement is the final stage of the sale. This is when the buyer pays the balance of the purchase price, ownership is transferred, and the seller receives the sale proceeds after any required payments are made.

Excel Legal coordinates with the relevant parties, including the buyer’s solicitor or conveyancer, your lender, the real estate agent and any other required parties.

Where applicable, settlement is completed electronically through PEXA.

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Selling by Auction

Selling by auction can be an effective way to sell property, but the contract should be prepared and reviewed before the auction campaign begins.

Auction sales generally involve:
 

• the contract being available before auction day

• buyer contract reviews before bidding

• exchange occurring immediately after the successful bid

• no standard cooling-off period for the successful purchaser

• payment of the deposit after the auction 

Excel Legal can prepare the Contract for Sale, liaise with the agent, respond to pre-auction enquiries, and help ensure the legal documents are ready before auction day.

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Selling a Strata Property

Selling a strata property may involve additional documents and considerations.

Excel Legal can assist with contract preparation and review of relevant strata-related documents, including:
 

• strata plan

• by-laws

• dealings affecting common property

• special conditions relevant to strata property

• title and property information

• disclosure documents required for the contract 

Strata documents should be prepared carefully so buyers can review the legal position before exchange.

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Selling an Investment Property

If you are selling an investment property, there may be additional practical issues to consider, particularly if the property is leased.

Excel Legal can assist with legal aspects of the sale, including:
 

• preparing the Contract for Sale

• addressing tenancy-related contract issues, where relevant

• reviewing settlement adjustments

• liaising with the agent

• preparing for settlement

• coordinating electronic settlement, where applicable 

You should also obtain accounting or tax advice about any tax consequences of selling an investment property.

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Selling an Inherited Property

Selling an inherited property can involve additional steps, especially where probate, transmission applications or transfer documents are required before the property can be sold or settled.

Excel Legal can assist with property sale matters involving deceased estates and help guide you through the required legal process.

What You May Need to Provide

To prepare your Contract for Sale, you may need to provide information such as:
 

• property address

• owner details

• mortgage details, if the property is mortgaged

• real estate agent details

• details of inclusions and exclusions

• settlement period preferences

• whether the property is vacant, owner-occupied or tenanted

• details of any recent building work, renovations or approvals

• strata information, if selling a unit or townhouse 

Excel Legal will let you know what information is required for your specific matter.