Double-check the Contract of Sale Both you and the vendor will be asked to sign the Contract of Sale after the auction. Make sure the details are correct – things can be overlooked in the buzz of auction day. The signed contracts will then be exchanged to formalise the agreement. Pay the deposit You will be required to pay 10% of the sale price as a deposit, which the agent will hold in a trust account. This can be done via cheque or EFTPOS – if paying by EFTPOS, make sure you have an appropriate limit to cover the deposit amount. Prepare for settlement The Contract of Sale will typically outline a settlement day. Settlement is the conclusion of the sale transaction and usually takes place six weeks after contracts are exchanged. All documentation will be forwarded to your nominated legal representative, and all parties will continue to liaise until settlement. You are welcome to make an offer to purchase a property at any time leading up to the auction. In most cases, offers must be in writing and include a 10% deposit. Unconditional offers are typically most attractive. You should allow the vendor time to decide by stipulating that the offer will remain open for at least 48 hours. If the vendor is considering your offer, they may instruct their agent to seek offers from other interested buyers. All offers will be treated independently and confidentially and the agent will provide advice and assistance to all parties involved. If the vendor accepts your offer, you will exchange signed contracts and complete the purchase. Please note: you should always seek legal advice before entering into any contractual agreement. After the auction Making an offer outside of auction
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