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.
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.
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