FAQ

FREQUENTLY ASKED QUESTIONS

Frequently Asked Questions

Most frequent questions and answers

What do I need to do before settlement?

We know moving house can be exhausting so it may be a good idea to hire a professional cleaner to take the stress away. Although this is not a requirement, it is important to leave the home clean for it’s new owners, this includes remove all personal items, mow lawns and gardens as they were upon inspection, ensure all appliances/services are in working order and organise for your gas bottles to be removed (if applicable). It is a good idea to collect all keys and user manuals for any appliances you have as well as any other documentation including permits and plans and leave them on the kitchen counter for the new owner.

What is a cooling off period?

When purchasing a property in Victoria, the Sale of Land Act states buyers are entitled to a cooling off period of 3 business days from the date of contract. This means a buyer can change their mind and withdraw from the contract. If the purchaser decides to cool off, they must pay 0.2% of the purchase price or $100, whichever if more

Do I pay stamp duty when selling?

No, stamp duty is only owed when buying a property.

What happens between signing the Contract of Sale and Settlement?

Settlement takes place on the agreed date chosen, usually between 30 – 120 days from the date of signing the contract. All conditions must be satisfied in this time. A final inspection will be arranged at a time that best suits yourself and the purchaser within 7 days from the date of settlement, the purpose is for the purchaser to confirm the property is in the same condition as when they bought it. Your nominated conveyancer/solicitor will then liaise with the purchaser’s conveyancer to arrange the title transfer and settlement time.

What do I need to do before settlement?

  • Current market conditions
  • Features of the property including land size, bedrooms, bathrooms, shedding
  • Condition of infrastructure and presentation
  • Location
  • Services connected / available on a property
  • Proximity to shops, schools and transport
  • Property Zoning & Overlays
  • Comparable sales
  • The vendor and purchasers’ motivation to sell and buy

What does it mean when the contract is subject to finance?

A ‘subject to finance’ offer is a common condition when purchasing a home. This clause allows the purchaser time to organise a loan for the property. Once the contract is signed, the lender will organise a bank valuation to be completed on the property to confirm the value of the home for security. If the loan is approved, the condition is satisfied and you have officially sold. If the loan is declined, the purchaser has the right to end the contract with all monies refunded to them and not go through with the sale. The average time to get an answer regarding finance approval is 3-4 weeks.

What does it mean when the contract is subject to a Building & Pest inspection?

This is another common condition buyers request. This allows them 14 days to get a professional inspection to identify any building defects & pest infestations. Similar to a finance clause, a building and pest clause allows the purchaser to end the contract with all monies refunded to them if the qualified building inspector reveals a major or structural defect or major active pest infestation.

What is an Exclusive Sale Authority?

An Exclusive Sale Authority (ESA) is an agreement between the real estate agent and the Vendor to give exclusive rights to market and sell your property. We cannot prepare marketing material or sell your property without a valid, signed authority in place.

What happens on the day of Settlement?

It usually takes 30 minutes to 1 hour from the scheduled settlement time for a property transfer to be complete, the length of time a property takes to settle can depend on your bank and legal representative. We will arrange to collect the keys for the property from you [the vendor] and hand these over to the purchaser once settlement has been completed.

Can I be home during inspections?

Buyers often feel more relaxed when the owner is not present, therefore, we often ask the vendors to not be present during inspections so the potential buyer can consider the property carefully and honestly.

Do I have to accept an offer if I don’t want to?

You are under no obligation to agree to an offer even if it meets your asking price. This may be due to additional conditions attached to the offer in some cases. If you decide to take your property off the market you can do so at any time, all that is required is for the marketing to be paid.

If you have any other questions or concerns, please don’t hesitate to contact us!

About us

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