Once you’ve agreed on the contract and all parties have signed, your agent will send a copy to both solicitors to proceed with the legal component of the sales process. The exact steps can vary, but this generally involves a cooling off period, finance, building & pest, any other conditions, and then settlement.
The actual exchange of contracts might happen after a short period of negotiation. Once the sale price is agreed, the contracts can be drawn up and the buyer will pay a deposit (usually 10% of the sale price). If you sell your property at auction, the exchange of contracts will happen on the day, with no cooling-off period nor any other conditions.
Private sales can include a 5 day cooling off period. This allows the buyer to terminate the contract with the seller without penalty.
The most common conditions that buyers opt for are a finance clause, and a building and pest inspection, but there may be others.
The property settlement can take anything from 30 to 90 days, but your solicitor should cover off all of the necessary paperwork and keep you updated on how it’s progressing. You can use this time to carry out any repairs that you agreed with the buyer during negotiations, and that were flagged up in the building and pest report. You should also make sure that your finances are in order (get your mortgage discharge signed off), and prepare for your move.
Arrange movers for your agreed completion day (a local recommendation is usually a good way to go!). Make sure not to leave anything in your property that you haven’t agreed with the buyers, and leave all house, garage, shed and letterbox keys for the new owners.
Your real estate house contract sets out the specifics of the transaction, including details of the property, conditions of sale, agreed sale price, dates for exchange of contract and settlement, and more. It details the particulars of your property sale, and stands alongside the standard legal terms and conditions of any real estate transaction.
This is a crucial document so it’s important that you read and understand it in full. If you have any questions about your house sale contract, your real estate agent should be able to give further explanation and clarity.
The exact process for signing and exchanging contracts can differ from state to state. In Queensland, your agent is responsible for preparing the contract of sale and accepting the buyer’s deposit on your behalf once both parties have signed.
The property settlement date is the date on which the buyer pays the balance of the agreed purchase price. According to property settlement law, this is when the title of the property is transferred from the seller to the buyer. Here’s a brief run down of how settlement works:
Conveyancing is the process of transferring the ownership of a property from the seller to the buyer. It is a complex process, with no room for error, as it must be carried out according to property settlement law. This is why we recommend enlisting the services of a conveyancer or solicitor. Here, you can get a better idea of the role and responsibilities of a conveyancer, and what to expect on settlement day itself. We will also give you some tips about what to look for and what to ask when choosing a conveyancer or solicitor for your property sale.
The contract for selling a house is a critically important legal document. Make sure you understand exactly what it is, what it includes, and what it all means. Your agent can walk you through the contract and explain anything that is not clear.
Find Out Now For Free
Download Now
Contact Us
Visit Our Team Page
Learn More
Learn more about our reputation for client-focused service and exceptional outcomes as an award-winning real estate agency. Find out why our customers choose us, and why they keep coming back.
A dedicated and personal service, an enjoyable and stress-free experience, and a great sale price… Find out how we deliver for our clients again and again!
