Once you have received an offer with a price, terms and settlement period that you are happy to accept, then the offer will be put in writing on a Contract of Sale. This document will be accompanied by the Section 32 (Vendor Statement) and will outline the full offer in writing, in a legally binding format. Once you have counter-signed the paperwork the contract will be sent to both the purchaser, the vendor and both parties’ solicitors or conveyancers.
Under Section 31 of the Sale of Land Act 1962, the purchaser(s) have a 3-day cooling off period from the day they signed the paperwork. If the purchaser(s) decide to exercise their option to cool-off, it must be done in writing. In this instance, the purchaser(s) will be entitled to receive their deposit back, minus $100 or 0.2% of the purchase price – whichever is greater. Feel free to contact our office for additional information regarding the cooling off period.
When the paperwork is all signed and counter-signed and the cooling off period has expired, the contract may still be conditional upon other factors, such as the purchaser(s) being approved for finance or having a successful building and pest inspection. (This depends on the terms agreed upon as part of the offer to purchase).
After any conditional parts of the contract are completed such as finance, building & pest etc. and everything is satisfactory to the purchaser then the property becomes unconditional and is officially SOLD.
Between this point and settlement, we would advise you maintain insurance on the property and keep the property well maintained and with the same presentation as when the purchasers bought it.
Purchasers will generally request a final inspection around a week prior to settlement to check that the house is as they purchased it, so any potential issues can be sorted prior to settlement.
On settlement day, the office will be notified when settlement has occurred. After this, we can hand over the keys to the new owners. An account sale will be completed to release the deposit balance to you, minus any commission or advertising that was agreed at the start of the process.