| Once your property has been listed on the market for sale, we will be able to introduce buyers to inspect your property, whether this is online or in person. When we reach a point where a prospective purchaser is interested in securing the property the following will occur:|
Offer and Acceptance
After viewing a property, a prospective purchaser will approach our Sales Agent and make an offer to purchase the property. Our agent will then contact you with the details of the offer, which will include:
- The amount they wish to offer
- Any conditions they have on their offer eg. A pest or building inspection to be carried out at their own cost, if the sale is subject to finance, any inclusions to remain at the property.
- The amount of the deposit the purchaser will pay when contracts exchange. Normally the deposit is 10% of the purchase price, but in some circumstances where both parties are in agreement can differ to include a lower percentage, a fixed amount or a deposit bond guarantee from the Purchaser's financier. The deposit will be paid to our office, and will be held in a non interest bearing trust account until settlement has occurred.
Don't be alarmed if their initial offer is lower than the listing price, think of this as a starting point and a good indication of interest. To show the Purchaser you're willing to negotiate, discuss the option of a counter offer with your Sales Agent.
If both parties come to a final agreement about the offer to be accepted and the conditions of that offer, this is called "offer and acceptance".
Notifying the Solicitor/Conveyancer and general public of the sale
Upon notification of offer and acceptance the Sales Agent will instruct the front office sale support staff to instruct your Solicitor/Conveyancer and the purchaser's Solicitor/Conveyancer of the sale/purchase. After this has been completed, our office will mark on our website and the in-office wall display that the property is "Under Offer".
When we receive enquiries on the property our staff are trained to advise to inform the public that the property is under offer, but will take the contact details of the person enquiring and place them in the file, so that in the event the sale falls through we are able to contact them.
Exchange of contracts
The purchaser is required to complete all conditions they have placed on the offer within a 2 week time frame if able to do so. Once all conditions have been met and you have discussed the matter with your Solicitor/Conveyancer you are now able to sign your contract of sale. The purchaser will also sign their contract of sale and make available the agreed deposit, once this has been done the Solicitor/Conveyancers will exchange the contract of sale. This signifies that both parties are prepared to enter into a legally binding contract.
There will be a standard 5 working day cooling off period, settlement will usually occur 6-8 weeks from the date of exchange of contracts.
Please consult with your Solicitor/Conveyancer to confirm the intended settlement period and estimated settlement date. As your Solicitor/Conveyancer will handle the settlement process of your property, we recommend that you liaise closely with your Solicitor/Conveyancer during this process so that your are able to be kept up to date.
Once your settlement has been booked by your Solicitor/Conveyancer to take place, the purchaser may wish to undertake a Final Inspection. This inspection will be scheduled to take place on the morning of, or the afternoon prior to settlement.
The purchaser will be accompanied by our Sales Agent and will be checking that the property is in the same condition as when they initially viewed and that all agreed inclusions are left at the property to a satisfactory standard.
Once they are happy to proceed they will instruct their Solicitor/Conveyancer to go ahead with settlement.
Once your property has settled, your Solicitor/Conveyancer will advise our office in writing, instructing that the property has settled and our office is authorised to release keys to the Purchaser.
We will also receive written confirmation from the Purchaser's Solicitor/Conveyancer advising that settlement has occured and that we are at liberty to release any deposit held in our trust account.
If we are holding a deposit in our trust account, our office will deduct our professional fee from this deposit and forward you the remaining balance. If there is nil deposit held in trust, or the deposit does not cover our Professional Fee, your Solicitor/Conveyancer will forward the balance to our office.
We trust this information will provide a clearer understanding of the sale process. Our office staff are eager to help you when next selling your home or property.
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