What Happens After You Accept an Offer on Your Property?

You have prepared your home, held inspections, negotiated with buyers and finally received an offer you are happy to accept. It is an exciting milestone - but the property sale is not finished yet.

For sellers in NSW and Queensland, there are still several important steps between accepting an offer and settlement.

The Contract Is Finalised and Signed

The contract will contain important details such as:

·         Purchase price

·         Deposit

·         Settlement date

·         Property details

·         Inclusions and exclusions

·         Special conditions

·         Other agreed terms

The Deposit Is Paid

The buyer will generally be required to pay a deposit in accordance with the contract. The amount, timing and way the deposit is held can vary.

Cooling-Off Periods and Contract Conditions

Depending on the transaction, a cooling-off period or other contractual conditions may apply. NSW and Queensland have different property laws and procedures, so your conveyancer can explain what applies to your sale.

Your Conveyancer Prepares for Settlement

Behind the scenes, your conveyancer may be:

·         Communicating with the buyer's conveyancer or solicitor

·         Reviewing title information

·         Checking settlement requirements

·         Calculating adjustments

·         Communicating with your lender

·         Preparing settlement figures

·         Arranging relevant documents

·         Confirming the settlement date

Your Mortgage Is Dealt With

If you have a mortgage over the property, your lender will usually need to be involved. The existing loan generally needs to be paid out and the lender's interest dealt with as part of settlement.

Keep the Property in the Agreed Condition

Make sure agreed fixtures and inclusions remain at the property and complete any work you have agreed to carry out under the contract. If you are unsure about your obligations, ask your conveyancer.

Prepare to Move

Start planning early. Consider:

·         Removalists

·         Utilities

·         Storage

·         Cleaning

·         Keys and access

·         Timing if you are buying another property

Settlement Takes Place

Settlement is when the sale is completed. The balance of the purchase price and relevant adjustments are dealt with and ownership is transferred according to the applicable process.

What If Settlement Is Delayed?

Occasionally settlement does not happen exactly as planned. A lender may need more information, a document may need attention or another issue may arise. If this happens, contact your conveyancer promptly so they can communicate with the other side and explain the next steps.

Ready for Your Spring Property Sale?

The best time to choose a conveyancer is before you accept an offer. Having your conveyancing organised early means your contract and documents can be prepared and you already have someone familiar with your transaction when a buyer is ready to proceed.

If you are selling a house, apartment, townhouse or investment property in NSW or Queensland this Spring, contact SL Conveyancing. We can help guide your property sale from contract through to settlement.