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RA Lawrence

Blue Mountains Lifestyle Properties

T: 02 4784 1991

"The Terrace" 208 The Mall

"The Terrace"
208 The Mall

Leura NSW 2780
F: 02 4784 2120

admin@ralawrence.com.au

admin@ralawrence.com.au

The Sales Process

What You Should Know

It is a common misconception that when a vendor accepts an offer, their property is sold. On the other hand, it is also a common misconception that when a purchaser's offer has been accepted, they have bought the property. In both cases, there is no legal commitment unless contracts for sale are actually exchanged. As agent's, it is our job to ensure that both parties are fully aware of the sales process, so following is a general breakdown of the steps that will be taken from listing to the official sale/settlement of your property.

 
Before listing
  • An agency agreement will be signed, giving the agent approval to begin preparing the property for listing.
  • If you have not already requested the contract for sale from your solicitor, we will request the contract to be delivered to our office.
  • Photos of your property will be taken and copy for marketing will be prepared.
 
Upon receipt of contract
  • Marketing campaign will begin.
  • Inspections will commence with prospective purchasers.
  • The agent will keep you informed of any interest and if the advertising is targeting the appropriate market.
 
Receiving an offer
  • Upon receipt of an offer, the agent will notify you, verbally and in writing. Negotiations will begin. This process has no defined time limit, although generally if a purchaser is keen, negotiations will last a day or so.
 
Accepting an offer
  • As mentioned above, just because you have accepted an offer, it does not mean your house is officially sold. It is important to understand that you have no obligation to sell to the prospective purchaser just as the prospective purchaser has no obligation to buy.
  • A Sales Advice is drawn up and this is sent to notify both partie's solicitors of the pending sale.
  • Once the Sales Advice has been issued, there are 2 more parties involved, your solicitor and the purchaser's solicitor. Their role is to advise their clients (you and the purchaser) on the pending sale. It is important to understand that they also play a vital role in the sales process, influencing their client's decisions.
 
Before exchange of contracts
  • Under our office policy, purchasers are usually given 10 days to exchange before the property will be offered to or shown to other prospective purchasers.
  • The purchasers may choose to have pest and building inspections carried out on your property at their solicitor's request. The professionals carrying out these inspections will need access to your property and either the agent and/or yourself can be present. It is not uncommon that the purchaser will also request to be present.
  • If the purchaser is obtaining finance from a financial institution, a valuer may also need access to your property. Other inspections that may occur on your property include a survey of the land and council building inspection.
  • It is stressed that the above are often necessary for contracts to exchange. Once again this process has no defined time limit, as each sale is different. It is important that you cooperate at this vital stage and remain patient if the process is getting lengthy. We are constantly keeping in contact with the purchasers and the solicitors to ensure that exchange of contracts happens as fast as possible.
  • The purchaser's solicitor will carry out a variety of searches on your property and go through the contract of sale with the purchasers. They will discuss inclusions and exclusions and it is possible that negotiations between both parties will occur via solicitors. The purchaser's solicitor will also read the reports of any inspections that have been carried out and then advise their clients accordingly.
  • The purchasers will sign a contract of sale if they want to proceed with the purchase of your property.
  • You will also sign a contract of sale, ready for exchange.
 
On exchange
  • Usually a 10% deposit will be paid into our trust account on exchange of contracts, unless negotiated differently between all parties.
  • Once contracts have been exchanged, both parties have entered into a legal agreement. You are now right to assume that your property is officially sold, although there have been exceptions where a sale does not proceed after exchange.
  • A settlement date will be organised between solicitors, this is the day that you will hand-over ownership of your property.
  • We will put a 'Sold' sticker on the sign erected at your property.
  • We will also ask for a testimonial, a brief comment about the services which we have provided.
 
Between exchange and settlement
  • Once exchange of contracts has occurred the agent's role is still an active one. The main communication during this period will occur between the two solicitors and the agent. We will also keep you up to date about the progress of the settlement.
  • Upon their solicitors request and closer to the actual settlement date, the purchasers will conduct a pre-settlement inspection. The purpose of this inspection is to check that what they are getting is what has been specified in the Contract of Sale.
 
Settlement Day
  • This is when the buyer pays the balance of the purchase price and takes ownership of the property. Settlement occurs between the financial institutions (if the purchaser needed finance) and solicitors.
  • Once settlement has occurred, we will be at liberty to account to you for the deposit and hand-over the keys to the new owners. This will only happen once we receive have received notification that settlement did occur from your solicitors and the purchasers solicitors.
 
 

Sales Process