Review the contract After accepting an offer, review the contract and check the finer details to make any necessary amendments for your conveyancer to raise with the other party before signing. Exchange of contracts Exchanging contracts is the legal part of selling and buying. Each party must sign a copy of the contract before it is exchanged and kept for record. Once the contract has been exchanged, the seller and buyer are legally bound. Note the cooling-off period (if applicable) Cooling-off periods vary from state to state and begin once the exchange has occurred; after that, the buyer may forgo their deposit if they use their cooling-off rights and withdraw from the agreement. Cooling-off periods can be extended or reduced if mutually agreed upon by both parties. Agree to a settlement date The sale contract will outline a settlement day or period. The usual timeframes vary per state and can be negotiated between both parties. The buyer must pay all outstanding costs to ‘settle’ the property purchase at settlement. Prepare for settlement The buyer will conduct a final inspection of the property before settlement occurs. Your conveyancer or solicitor and bank representative will conduct settlement, exchanging the necessary cheques and documents. The settlement figures consider the purchase amount (minus the deposit), utility bill, and tax calculations. Complete settlement and transfer ownership Once settlement occurs, legal possession of the property will be transferred to the buyer, and keys will be released to them after both parties have received written consent. Selling property can be complex, but you can achieve a successful outcome with the proper knowledge and support. We’re here to guide you through every step of the process and help you secure the best possible result. From exchange to settlement Once an offer has been accepted and contracts have been exchanged, the property is legally sold, and the settlement period begins. Your agent and conveyancer or solicitor mainly navigate this sale stage. Still, it is worth noting the following in the selling process. 14
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