If you a looking to put your property on the market, by law, you or your Agent are prohibited from marketing your property without a Contract for Sale of Land.
We understand that it is imperative that Contracts are prepared quickly to enable your Real Estate Agent to begin the marketing process. With this in mind we aim to have the Contract prepared and sent to your nominated Agent the same day we receive your instructions (subject to the Councils Section 149 Certificate availability). To get the ball rolling, we have a questionnaire that we can email or fax to you for completion which will provide important details about yourself and your property in order for us to prepare a Contract on your behalf.
Typically, once your Agent has found a purchaser, the process is as follows:
Contracts are exchanged under a cooling off period
- The Agent will arrange for you and the Purchaser to sign the Contract and will exchange Contracts under a cooling off period which is 5 days (though the Purchaser may request a longer period).
- The Purchasers Conveyancer/Solicitor may request amendments to the Contract. These amendments are then communicated back to you so we can discuss the implications of such a change and then reply to your purchaser. The Purchaser will carry out their building & pest/strata inspections and will obtain their loan approval.
- Before 5:00pm on the final day of the cooling off period, the Purchaser must pay the balance of the deposit. After this time, if the Purchaser has not decided to rescind, the Contract is then unconditional which means that you and the Purchaser are now locked in to the Contract.
Contracts exchanged without a Cooling off period
We will receive advice from the Agent that a sale has been agreed. We will promptly forward a copy of the Contract to the Purchasers Conveyancer/Solicitor. The process is very similar to the above except you are not locked into the sale yet. This means that your property is still on the market and you may still sell to any purchaser. Once the purchaser is satisfied with their initial inspections and have their loan approval, their signed Contract and 10% deposit will be sent to us for exchange. We ensure there is a signed Section 66W Certificate which waives the Purchasers cooling off rights. Once exchange occurs, the Contract is unconditional and both parties are then locked in.
We advise your discharging mortgagee of the sale and request a discharge of mortgage to be prepared on your behalf. We will then arrange for you to sign the Transfer (the legal document that transfers the property from you to the purchaser). We then hold on to this until settlement.
Pre Settlement 1 – 2 weeks prior to settlement
We arrange a suitable time with your Purchasers representative and your discharging mortgagee (bank) for settlement. Settlement is normally a time set between 11:00am and 3:30pm. We will receive draft settlement figures from the Purchasers representative. On settlement we will adjust Council rates, Water rates and water usage charges and any Strata levies. We will check with the relevant authorities to ensure the adjustments are correct. We obtain a payout figure from your bank and you can then let us know where you would like your left over money to go after your mortgage has been paid out. All figures, including our invoice is sent to you for your approval.
Today is the big day! You do not have to attend settlement as we do this for you. All you need to concentrate on is the moving part. You will need to ensure that the property is vacated BEFORE the settlement time and is in a clean and tidy state ready for the Purchasers to move in. The keys should be left with the Agent so that following settlement, the Purchasers can collect them. Once settlement has been effected, we will call you to let you know.
Following settlement you will receive a letter from us confirming settlement and the final breakdown from settlement.