Sales Process For Vendors
Preparing to Sell
Before listing your property for sale, whether through an agent or privately, you must have a Contract for Sale ready. This document is necessary for advertising the property. We will handle the preparation of the Contract and obtain all the required statutory certificates to be included.
Cooling-Off Period
The purchaser has a five-business-day cooling-off period, during which they can withdraw from the contract. If they do so, they forfeit 0.25% of the deposit to the vendor. Note that there is no cooling-off period for auction sales and only applies to residential property.
Exchange of Contracts
Once a buyer is found and both parties agree on the terms, the next step is the exchange of contracts. At this point the contracts are signed by both parties and the deposit is paid and the contracts are both dated. This exchange of contracts legally binds both parties.
Arranging Settlement
If you have a mortgage, we will coordinate with your bank to prepare a Discharge of Mortgage for settlement and arrange to pay off the debt. You will need to organise final readings of utilities such as electricity, gas, and telephone services, and arrange mail redirection. We will adjust council rates, water rates, and strata levies (for units) up to the settlement date. The buyer is also entitled to a final inspection just before or on the day of settlement. You must keep the property insured until after settlement.
On Settlement Day
Typically, the property is vacant, and the agent holds the keys. If you have a mortgage, your loan will be paid out at settlement, and any remaining funds can be deposited into your nominated account. The agent will release the balance of the deposit to you after deducting their commission. All settlement payments are electronic and made via PEXA (Property Exchange Australia).
After Settlement
We will notify relevant authorities, including the agent, local council, water board, NSW Land Registry, and other applicable statutory bodies, that your sale has been finalised.