The contract will include not only the legal terms and conditions of sale, but will also specify what items are included or excluded from the sale, and any other special requirements you might have, like a longer or shorter settlement than usual, or perhaps that the contract be conditional upon another contract for you to buy your next property. There are a lot of ways that a contract can be varied, so it’s important to discuss your situation in detail with your Conveyancer.
Once a purchaser has been found and the contract has been signed, then a deposit is usually paid by the purchaser which will be held in the trust account of the selling agent.
Settlement (the day that the money is exchanged for the property and keys handed over) is scheduled in accordance with the contract.
In the lead up to settlement your Conveyancer will liaise with your bank in relation to releasing any mortgage(s) held on the property, and you should arrange for a final reading of your gas and electricity meters, and make any arrangements in relation to your telephone service. We will advise the Council and Water Authorities of the change of ownership.
Before settlement the purchase price will be adjusted to reflect the council rates, water rates and any Owners Corporation fees that need to be shared between the parties. There may be other adjustments, based on the Contract for Sale.
Once settlement takes place, we will authorise the real estate agent to release the keys to the Purchaser.