If you’ve sold your property and your contract has become unconditional, the following things occur:
Your conveyancer advises the purchaser’s conveyancer if the sale is subject to GST withholding, this only applies if you are registered for GST and the property being sold is a new residence, or a residence that has been substantially renovated by you as a business activity.
Your conveyancer will create the electronic settlement workspace, and invite the purchaser’s conveyancer to join.
You will be asked to sign a Client Authorisation, which authorises your conveyancer to digitally sign your electronic Transfer document (as the transferor).
If the sale price is $750,000 or more, you will be asked to obtain your ATO Clearance Certificate(s). These show that you are resident taxpayers, and thus the Foreign Resident Capital Gains Withholding provisions will not apply.
If there is a mortgage on the property, your conveyancer will assist you to complete and submit a Mortgage Discharge request to your lending Bank. This may also include a request to your lending Bank to issue its Section 27 certificate, which is a statement of particulars about your mortgage loan(s), which is needed if you want to ask the purchaser to release the deposit to you from trust before settlement. Your conveyancer will also invite the lending Bank to join the electronic settlement workspace.
If there is not a mortgage on the property, you will have to deliver the Certificate of Title to your conveyancer.
Your conveyancer will create the Duties Form for the assessment of stamp duty, and enter your details including a forwarding address. When complete, the purchaser’s conveyancer will be invited to complete the Form, then both the vendor(s) and the purchaser(s) will be asked to sign it.
In the lead up to settlement, the purchaser’s conveyancer will prepare a proposed Statement of Adjustments, which apportions the periodic outgoings (e.g. Council and Water rates, Owner Corporation fees, Land Tax and rental if applicable) between the purchaser and the vendor.