8 Understanding the Settlement Process Once you accept an offer, several legal processes begin. This “settlement period” typically takes 30-90 days, with your agent and conveyancer handling most details. 1 Contract of Sale The binding agreement between you and the buyer specifying: • Purchase price and deposit amount • Settlement date and conditions • Items included in the sale • Any special conditions or contingencies 2 Vendor Statement (varies by state) Documentation disclosing important property information: • Zoning restrictions • Flood or easement issues • Outstanding mortgage details • Any other material facts 3 Deposit Management • Buyer pays deposit when contract is signed • Funds held securely in real estate agent’s trust account • Released at settlement or if contract conditions aren’t met 4 Pre-Settlement Activities Your conveyancer coordinates: • Title searches and transfer documentation • Stamp duty applications • Verification all contract conditions are met • Liaison with banks for mortgage discharge • Outstanding rates and taxes clearance 5 Final Settlement • Funds are transferred between parties • Property keys are handed over • Transaction is legally completed • You receive proceeds (minus expenses and mortgage payout) Professional Legal Support Each state has different regulations, so professional legal advice is essential. Your conveyancer works with the buyer’s legal team to ensure all requirements are met and the settlement proceeds smoothly. You typically don’t need to attend settlement - it’s handled by the legal professionals. THE ESSENTIAL GUIDE TO SUCCESSFULLY SELLING YOUR HOME
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