Selling your property - things that are often overlooked
When selling your property in NSW, your Solicitor or Conveyancer will need to verify your identity and rules around verifying your identity are strict. You will need to be able to show your Solicitor or Conveyancer your original ID documents. You will generally be asked to provide all of the following ID documents:
a. Your Passport (if you hold one)
b. Your driver’s license / Photo ID card (proof of age)
c. Your marriage Certificate / Change of Name Certificate (if applicable)
d. Your Birth Certificate
e. Your Medicare Card
Full information on what documents are required to satisfy the requirement can be found at the below link:
Verification of identity – Registrar General’s Guidelines (nswlrs.com.au)
If you do not have the original documents, you should immediately let your Solicitor or Conveyancer know and you should apply for your Birth, Death, and Marriage Certificates early, to avoid any delays in your transaction.
- Your name on the tile should match with your name on your photo identification. If there is any change in name after purchase of property or the name on title is not spelled correctly, those issues need to be sorted prior to settlement.
- If you are selling your properties with the sale price of $750,000 and above and if you are an Australian resident, you must apply for foreign resident capital gains withholding clearance certificate from Australian Tax Office. These certificates take time to be processed, so it is essential that vendors apply for this certificate as soon as the “cooling off” period has elapsed. Failure to apply for this early, can result in your settlement being delayed or result in an amount being held back on settlement by purchasers. Further information, including how to apply for a certificate, can be found by using the below link:
- If there is any development done on the property, including subdivision of the land or constructions of new house (not previously occupied as a residence), you may be liable for GST Residential Withholding payment at the time of settlement which is paid to Australian Taxation Office from the price.
- For GST Residential Withholding payment, make sure that you provide correct ABN number. If the property is owned by a trust, the ABN of the trust is required and not the ABN of the trustee company.