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.
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RatingKeaton is the best real estate agent I’ve ever dealt with! Works hard for all clients and goes above and beyond.
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We have always had prompt contact and have reliably seen our action items completed quickly and without a hitch. The Calibre team have been great to work with... We have barely had to lift a finger!
Keaton always knew I was looking for a property in Auchenflower. He understood my budget and expectations and truly went above and beyond to make it happen for me. He is incredibly kind and respectful of your time and energy, especially in such a tough market and he always keeps his word. I can’t compare him to any other real estate agent. I’m so glad our paths crossed and I truly appreciate all his hard work!
CALIBRE is amazing. They are quick to respond and deal with everything efficiently. Can't praise them enough
There’s going above and beyond, and then there’s Keaton, a pioneer of truly next-level, ground-breaking customer service. As the buyer, you could forgive me for being a little reserved; however, Keaton was easy to work with and no ask was ever too big. He even swapped out of his Armani suit to give me a tour of the home’s foundations! Keaton is professional & trustworthy, I valued his advice and genuinely felt he had my best interests at heart. I’ve come away with a great home and a new friend.
They are very responsive to enquires with elite professionalism, punctual and well mannered.
Keaton was great and easy to deal with.
Miquaela and the team are always responsive and great to communicate with.
We are so happy with how easy the entire process was with Dan from start to finish. He absolutely went above and beyond. We had the house on the market prior with another agent for 90 days, they did not get us one written offer and their final open home had just three groups through. Dans first week he got us 14 groups through, and an offer which he worded cleverly so we were able to pull out when he got us a better offer a week later. We settled about three weeks later. Highly recommend him!! Thank you Dan
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