Selling Process

    • Listing home for sale with Gavan Property
    • Pre-sale prep
    • Marketing launch & Buyer notification
    • Buyers viewings
    • Agree on price
    • Exchanging contracts
    • Settlement day

    List home for sale with Gavan Property

    Your Gavan Property agent will meet with you to discuss your plans, time frames and explain a range of options that you have available to suit your needs and maximize the home’s value.

    All agents with Gavan Property are very experienced and highly qualified. Typically, prior to viewing the property, we will conduct a full analysis of recent sales, market trends and relevant information to provide a realistic assessment of your property’s value.
    Once you are comfortable to proceed, you will need to advise your Gavan Property agent and authorise them to proceed to looking after the sale for you.

    How long does this take?

    Variable


    Important things to know

    Discuss any particular time frames and/or requirements you may have with your Gavan Property agent to ensure they meet your expectations.


    FAQs

    Is it a legal requirement to sign an Selling Agreement with an agent?
    Yes. Under the Property, Stock and Business Agents Act it is both illegal and unethical for an agent to show buyers without a Selling Agreement and Contract of Sale.


    Related Resources & Links


    • Listing home for sale with Gavan Property
    • Pre-sale prep
    • Marketing launch & Buyer notification
    • Buyers viewings
    • Agree on price
    • Exchanging contracts
    • Settlement day

    Pre-sale preparation

    After listing the property for sale with Gavan Property, there is typically a short lead in time where the pre-sale preparation is completed by both your solicitor or conveyancer and your agent.

    Typically during the short preparation time, your solicitor or conveyancer will prepare a Contract of Sale prior to advertising or introducing buyers to the property. It is a legal requirement to have a complete Contract of Sale prior to promoting or introducing (either verbally or in person) in any way.
    During this time, your Gavan Property agent will also be organising all the associated marketing including professional photography, floor plans, submission for editorials to newspapers, advertising content/text etc.
    Once both the solicitor and conveyancers have supplied a Contract of Sale and the marketing material is ready, the property will be launched to the buyer market-place.

    How long does this take?

    Between a couple of days up to 3 weeks.


    Important things to know

    Clean your home, remove clutter and fix any obvious issues in preparation for photographs to be taken.


    FAQs

    As the seller, can I provide input into what features and benefits are focused on in the marketing?
    Yes. In marketing our clients property’s, we take more of a collaborative approach and normally look at any input our clients would like to contribute including selling features that only a seller might know by living in the property.
    Can the pre-sale preparation be sped up?
    Yes. There are a couple of options which allow you to start showing buyers within a few days. Please discuss this with your Gavan Property agent.
    Can the seller review and see what advertising will be used before this is made live to potential buyers?
    Yes. This is normal practice with Gavan Property.


    Related Resources & Links


    • Listing home for sale with Gavan Property
    • Pre-sale prep
    • Marketing launch & Buyer notification
    • Buyers viewings
    • Agree on price
    • Exchanging contracts
    • Settlement day

    Marketing Launch & Buyer notification

    As the seller, your Gavan Property agent will explain the options that you have available and then take the time to understand how you would like to approach the sale/marketing.

    You will have two main options when launching the buyer market-place:

    Full Marketing Launch

    This is generally the recommend approach and combines all the marketing, advertising and buyer notification through all mediums at the one time. This ensures every possible buyer is reached and that maximum exposure, competition and ultimately the best price is achieved.

    Soft Marketing Launch

    This is more of a discreet approach which focuses more so on registered, qualified buyers only but does not generally incorporate the need to advertise within newspapers, internet, open houses etc.
    It’s completely up to you.

    How long does this take?

    Normally everything will happen on the same week over 1 – 3 days.


    Important things to know

    Ensure you check over any copy written on your property to ensure everything is correct.


    FAQs

    Can we only show your registered buyers first before advertising?
    Yes. If that is how you would like to approach the sale. The risk in taking this approach is that even if an offer is made from a buyer, it is always a difficult decision whether to accept this first offer, knowing that the home has not yet been promoted to every potential buyer and that a higher price might still be achieved.


    Related Resources & Links


    • Listing home for sale with Gavan Property
    • Pre-sale prep
    • Marketing launch & Buyer notification
    • Buyers viewings
    • Agree on price
    • Exchanging contracts
    • Settlement day

    Buyers Viewing

    All buyer viewings are always conducted with an experienced, qualified and registered Gavan Property agent.

    Our agents are contactable day or night to discuss the progress of the sale or to talk with potential buyers.
    Most buyer viewings are scheduled by:

    • Private viewings with qualified buyers – a mutually convenient time is scheduled with the buyer and seller.
    • Open House – a pre-set Open House time is promoted to all potential buyers and makes it convenient and relaxed for them to inspect.

    Throughout the sale process, all our sellers are regularly kept up to date with the progress via feedback from your Gavan Property agent. This communication might include any offers or expressions of interest from potential buyers, buyer comments (positive and negative) and general market feedback.
    Our sellers that engage Gavan Property to sell their homes, understand that we share a common goal, to achieve the best possible sale outcome, not just the quickest.

    How long does this take?

    Variable.


    Important things to know

    Clean your home, remove clutter and fix any obvious issues in preparation for buyers viewing your property.


    FAQs

    Which is better? Open Houses or Private viewings?
    Both are best. Each have their own merits. It is important to make the property as available as possible to potential buyers and it is ideal to combine both scheduled Open House times with Private Viewings with qualified buyers.
    Does the seller have to have Open Houses?
    No. It is completely up to the seller. Your Gavan Property agent will provide advice on what is the best approach, although the decision is yours.


    Related Resources & Links


    • Listing home for sale with Gavan Property
    • Pre-sale prep
    • Marketing launch & Buyer notification
    • Buyers viewings
    • Agree on price
    • Exchanging contracts
    • Settlement day

    Agreeing on Price

    After inspecting the property, should a buyer be seriously interested in purchasing the property they will need to make an offer.

    The offer may be submitted in several ways:

    • Verbally to the agent
    • In writing (fax or letter) to the agent
    • Email to the agent

    When making an offer, the buyer should highlight any specific terms or other considerations that may impact whether the seller might accept the offer or not. i.e. Extended settlement, reduced deposit etc.
    The seller may either accept, decline or look for further increases until a price is agreed that the seller is happy with.
    Even if an offer has been accepted, the seller has no legal obligation to sell the property until an exchange of contracts has occurred.
    Typically the purchaser will also conduct pre-purchase reports on your property. A Pre-Purchase Report is essentially a report conducted by an independent consultant or inspector to check various matters relating to the property. The buyers solicitor or conveyancer faciltate these via the agent. The most commonly conducted reports are:
    For a house or similar homes:

    1. Building Inspection – this is a thorough visual inspection of the property which should identify potential building issues or possible defects. The entire property (where accessible, is inspected including roof cavity and subfloor areas. This is a very detailed written report which outlines all areas inspected or unable to be inspected.
    2. Pest Inspection – this is a thorough visual inspection which will highlight any current or past pest problems such as termites, borers or similar.

    For home units, villas, townhouses and similar strata title homes:

    1. Strata Report – this report provides a detailed account of dealings with the Home Owners Corporation. The report will normally outline the financials, minutes of previous meetings, building issues or other matters that have been previously raised.

    How long does this take?

    Variable.


    Important things to know

    Educate yourself about values and pricing in the area.


    FAQs

    At what stage should I consider accepting offers?
    Often your best offer may come in the first 1-2 weeks OR it may take longer. The decision should be based on the offer being the right price, not whether it is too soon or not.
    Who is responsible for organising the pre-purchase reports?
    In New South Wales, the buyer is always responsible for organising their own pre-purchase reports. Typically, the buyers solicitor or conveyancer will organise these reports on behalf of the buyer.
    When are pre-purchase reports generally conducted?
    It will depend on the type of exchange that takes place. If the buyer is exchanging subject to a cooling off period, then the pre-purchase reports are conducted within the cooling off period. In all other circumstances, the pre-purchase reports are to be completed prior to exchange of contracts.


    Related Resources & Links


    • Listing home for sale with Gavan Property
    • Pre-sale prep
    • Marketing launch & Buyer notification
    • Buyers viewings
    • Agree on price
    • Exchanging contracts
    • Settlement day

    Exchanging Contract

    The exchanging of contracts is the legal part of buying/selling a home and will need to take place irrespective of whether the property is sold by Private Treaty or Auction.

    Any negotiations and agreement on price prior to an exchange of contracts is not legally binding and the buyer or seller has the right to change their minds.
    An exchange of contracts is where there are two separate Contracts of Sale, one is signed by the buyer, one is signed by the seller, each party only signs one Contract of Sale (not both documents). The exchange is deemed to have taken place when the signed Contracts are physically “swapped” or “exchanged” between both parties (normally via the agent, solicitor or conveyancer), with the respective deposit being paid and the Contracts of Sale being dated immediately.

    The exchange of contracts may happen in several ways:

    • Exchange of Contracts subject to a Cooling Off Period – this is where the buyer and seller exchange contracts subject to the standard five (5) business day cooling off period. During the cooling off period only the buyer can withdraw from the sale and the seller is legally bound by the contract. Should the buyer withdraw from the contract, the buyer will forfeit to the seller the deposit amount of 0.25% of the purchase price ($250 for every $100,000 purchase price). Within the cooling off period, the buyer will need to complete any Pre-Purchase Reports, review of the Contract of Sale by your solicitor or conveyancer, obtain formal loan approval and any other enquiries that their solicitor or conveyancer advises. On or before the expiration of the cooling off period, the buyer will need to pay to the agent the remaining deposit as set out in the contract which is typically 10% of the purchase price.
    • Exchange of Contracts with a Section 66W Certificate – commonly referred to as an “unconditional” exchange of Contracts. A Section 66W Certificate is signed/supplied by your solicitor or conveyancer, this Section 66W Certificate forms part of the Contract of Sale and waives the cooling off period. Upon exchange of Contracts with a Section 66W Certificate, the full deposit (typically 10% of the purchase price) must be paid. Normally any Pre-Purchase Reports and/or finance arrangements should be completed prior to an unconditional exchange. There is no legal right for a buyer to withdraw from the sale as they have entered into a legally binding contract.
    • Exchange of Contracts under Auction Terms – when a property is sold at Auction, there is no Cooling Off Period if the Contract is exchanged either at Auction, or up until midnight the same day as the Auction. There is no Section 66W Certificate required although the full deposit as set out in the Contract of Sale must be paid on exchange.

    FAQs

    What happens if the Pre-Purchaser reports, finance or other enquiries take longer than the 5 business day cooling off period?
    Typically, 5 business days should be sufficient time to conduct all of these enquiries which is why the NSW Government legislated 5 day cooling off periods. In the rare occasions that the buyer does require more time, by mutual agreement the buyer and seller may grant an extension to the Cooling Off Period.

    If I exchange with a Cooling Off Period, when does the settlement time start from?
    The countdown to settlement starts from the date of the Exchange of Contracts, not the expiration of the Cooling Off Period.

    Who decides what type of exchange of contracts will take place?
    As there are two parties to the agreement, the buyer and the seller, both parties must consent, although more often than not as the vendor owns the home, they will instruct the agent as to their preference.


    Related Resources & Links


    • Listing home for sale with Gavan Property
    • Pre-sale prep
    • Marketing launch & Buyer notification
    • Buyers viewings
    • Agree on price
    • Exchanging contracts
    • Settlement day

    Settlement Days

    Between exchange of contracts and settlement, there is a period of time (normally 42 days or 6 weeks) prior to the settlement day.

    Settlement day is a pre-scheduled date and time where the buyer will become the legal owner of the property and is provided the keys.

    Prior to settlement day

    In preparation for the settlement date, the buyers solicitor or conveyancer may request the seller and/or buyer sign transfer documents or to supply certain cheques for the settlement. Whilst your solicitor or conveyancer will normally notify you of anything they may need, it is worth checking with your solicitor 1-2 weeks prior to settlement day.
    The standard Contract of Sale in New South Wales provides that the buyer is entitled to conduct a pre-settlement inspection to ensure everything is in the same condition as when they exchanged contracts. To organise this please contact your Gavan Property Agent to schedule a mutually convenient time which is normally conducted within the last 48 hours prior to settlement. Bear in mind, the seller still owns the property until the scheduled settlement time and date, so they will more than likely still have their furniture and belongings still in the property.

    What happens on the settlement day

    The settlement date, time and location is generally co-ordinated between both the buyer and sellers solicitors and/or conveyancers together with their respective lending authorities or banks.
    The seller needs to ensure that on or before the scheduled settlement date and time, they have the home fully vacated and in a condition that the home can be handed over to the buyer free from rubbish or unwanted items that are not nominated in the Contract of Sale. The seller also needs to provide all keys, alarm codes, remote controls or other relevant information to the agent on or before settlement.

    At the settlement, the solicitors or conveyancers and lenders or banks will:

    • Adjust on a daily basis up until the settlement date, all Council, Water, Land Tax and Strata rates/levies.
    • Make payment of the funds to the seller including funds from the buyers home loan.
    • Discharge any Mortgages associated with the property by the Seller.
    • Provide the buyers solicitor or conveyancer with the signed title deeds to be registered with the Registrar General at the Land Titles Office.

    Once settlement has occurred, the solicitors or conveyancers will notify the agent in writing which will then authorise the Agent to:

    • Release all keys, remote controls etc to the buyer
    • Release any funds held in trust on behalf of the seller

    How long does this take?

    The standard settlement period in New South Wales is 42 days (6 weeks) from the date of exchange. However, this may be varied by mutual agreement between the buyer and seller.


    Important things to know

    Seller must have vacated the premises on or before the date and time of settlement.


    FAQs

    What happens if there is a problem at the pre-settlement inspection?
    You must address your concerns with your solicitor or conveyancer immediately. 99% of issues can be resolved easily without cancelling settlement.
    Can the settlement be extended or shortened?
    Yes, and it is not uncommon. By mutual agreement between the seller and buyer, settlement can be extended and shortened.

    What happens with council rates, water rates, strata levies etc on settlement?
    The solicitors or conveyancers should automatically adjust any relevant rates, levies etc associated with the property. i.e. If you are paid in advance of the settlement date, you will receive a refund. Please ensure you do not pay any of these immediately before settlement as the payment may be overlooked.


    Related Resources & Links


    • Listing home for sale with Gavan Property
    • Pre-sale prep
    • Marketing launch & Buyer notification
    • Buyers viewings
    • Auction day
    • Exchanging contracts
    • Settlement day

    List Home With Gavan Property

    Your Gavan Property agent will meet with you to discuss your plans, time frames and explain a range of options that you have available to suit your needs and maximize the home’s value.

    All agents with Gavan Property are very experienced and highly qualified. Typically, prior to viewing the property, we will conduct a full analysis of recent sales, market trends and relevant information to provide a realistic assessment of your property’s value.
    Once you are comfortable to proceed, you will need to advise your Gavan Property agent and authorise them to proceed to looking after the sale for you.

    How long does this take?

    Variable


    Important things to know

    Discuss any particular time frames and/or requirements you may have with your Gavan Property agent to ensure they meet your expectations.


    FAQs

    Is it a legal requirement to sign an Selling Agreement with an agent?
    Yes. Under the Property, Stock and Business Agents Act it is both illegal and unethical for an agent to show buyers without a Selling Agreement and Contract of Sale.


    Related Resources & Links


    • Listing home for sale with Gavan Property
    • Pre-sale prep
    • Marketing launch & Buyer notification
    • Buyers viewings
    • Auction day
    • Exchanging contracts
    • Settlement day

    Pre-sale Preparation

    After listing the property for sale with Gavan Property, there is typically a short lead in time where the pre-sale preparation is completed by both your solicitor or conveyancer and your agent.

    Typically during the short preparation time, your solicitor or conveyancer will prepare a Contract of Sale prior to advertising or introducing buyers to the property. It is a legal requirement to have a complete Contract of Sale prior to promoting or introducing (either verbally or in person) in any way.
    During this time, your Gavan Property agent will also be organising all the associated marketing including professional photography, floor plans, submission for editorials to newspapers, advertising content/text etc.
    Once both the solicitor and conveyancers have supplied a Contract of Sale and the marketing material is ready, the property will be launched to the buyer market-place.

    How long does this take?

    Between a couple of days up to 3 weeks.


    Important things to know


    FAQs

    As the seller, can I provide input into what features and benefits are focused on in the marketing?

    Yes. In marketing our clients property’s, we take more of a collaborative approach and normally look at any input our clients would like to contribute including selling features that only a seller might know by living in the property.
    Can the pre-sale preparation be sped up?
    Yes. There are a couple of options which allow you to start showing buyers within a few days. Please discuss this with your Gavan Property agent.
    Can the seller review and see what advertising will be used before this is made live to potential buyers?

    Yes. This is normal practice with Gavan Property.


    Related Resources & Links


    • Listing home for sale with Gavan Property
    • Pre-sale prep
    • Marketing launch & Buyer notification
    • Buyers viewings
    • Auction day
    • Exchanging contracts
    • Settlement day

    Marketing Launch & Buyer notification

    As the seller, your Gavan Property agent will explain the options that you have available and then take the time to understand how you would like to approach the sale/marketing.

    You will have two main options when launching the buyer market-place:

    Full Marketing Launch

    This is generally the recommend approach and combines all the marketing, advertising and buyer notification through all mediums at the one time. This ensures every possible buyer is reached and that maximum exposure, competition and ultimately the best price is achieved.

    Soft Marketing Launch

    This is more of a discreet approach which focuses more so on registered, qualified buyers only but does not generally incorporate the need to advertise within newspapers, internet, open houses etc.
    It’s completely up to you.

    How long does this take?

    Normally everything will happen on the same week over 1 – 3 days.


    Important things to know


    FAQs

    Can we only show your registered buyers first before advertising?
    Yes. If that is how you would like to approach the sale. The risk in taking this approach is that even if an offer is made from a buyer, it is always a difficult decision whether to accept this first offer, knowing that the home has not yet been promoted to every potential buyer and that a higher price might still be achieved.


    Related Resources & Links


    • Listing home for sale with Gavan Property
    • Pre-sale prep
    • Marketing launch & Buyer notification
    • Buyers viewings
    • Auction day
    • Exchanging contracts
    • Settlement day

    Buyers Viewing

    All buyer viewings are always conducted with an experienced, qualified and registered Gavan Property agent.

    Our agents are contactable day or night to discuss the progress of the sale or to talk with potential buyers.
    Most buyer viewings are scheduled by:

    • Private viewings with qualified buyers – a mutually convenient time is scheduled with the buyer and seller.
    • Open House – a pre-set Open House time is promoted to all potential buyers and makes it convenient and relaxed for them to inspect.

    Throughout the sale process, all our sellers are regularly kept up to date with the progress via feedback from your Gavan Property agent. This communication might include any offers or expressions of interest from potential buyers, buyer comments (positive and negative) and general market feedback.
    Our sellers that engage Gavan Property to sell their homes, understand that we share a common goal, to achieve the best possible sale outcome, not just the quickest.

    How long does this take?

    Variable


    Important things to know


    FAQs

    Which is better? Open Houses or Private viewings?
    Both are best. Each have their own merits. It is important to make the property as available as possible to potential buyers and it is ideal to combine both scheduled Open House times with Private Viewings with qualified buyers.
    Does the seller have to have Open Houses?
    No. It is completely up to the seller. Your Gavan Property agent will provide advice on what is the best approach, although the decision is yours


    Related Resources & Links


    • Listing home for sale with Gavan Property
    • Pre-sale prep
    • Marketing launch & Buyer notification
    • Buyers viewings
    • Auction day
    • Exchanging contracts
    • Settlement day

    Auction Day

    Prior to Auction Day

    Prior to Auction day, it is a great idea to attend a couple of other Auctions to ensure that you are comfortable with the Auction process and what is likely to happen. Gavan Property also provides live videos of recent Auctions.

    Setting the reserve

    It is a legal requirement for a reserve to be provide to the Auction prior to the commencement of the Auction. The reserve is a written instruction from the seller and is the minimum price at which they are prepared to sell the property. This is not disclosed to any potential buyers. The seller decides on what price the reserve will be although recent offers, buyer feedback etc will often give the seller a guide as to a fair price.

    During the Auction

    By this stage, it is all over to the Auctioneer and your Gavan Property agent to achieve the best price. Most vendors will either remain inside the property and may elect to be present in the crowd, it’s up to you.

    How long does this take?

    The Auction itself may only last for around 15 – 40 minutes. When the property is sold at Auction, signing and exchanging contracts should take around 20 – 30 minutes.


    Important things to know

    Do not set the reserve below where you would like to sell the property for, equally, do not inflate the price as the property may not sell.


    FAQs

    What happens if the property is sold at Auction?
    Most importantly, when the property is sold at Auction there is No Cooling Off Period and should the property be “knocked down” or sold to a buyer at Auction, they must sign the Contract of Sale and pay the deposit (normally 10% paid by cheque or deposit bond if approved by the seller).
    If the property does not reach the sellers reserve price at Auction?
    If the highest bid is still below this reserve price, the seller may elect to either revise the reserve price or to have the property passed in and can then be negotiated and sold at any stage to any buyer after the Auction. If sold up until midnight on the same day as the Auction, then the same Auction conditions apply. Contrary to common belief, the highest bidder does not have the first right to negotiate with the seller or any additional legal standing over other buyers.


    Related Resources & Links


    • Listing home for sale with Gavan Property
    • Pre-sale prep
    • Marketing launch & Buyer notification
    • Buyers viewings
    • Auction day
    • Exchanging contracts
    • Settlement day

    Exchanging Contract

    The exchanging of contracts is the legal part of buying/selling a home and will need to take place irrespective of whether the property is sold by Private Treaty or Auction.

    Any negotiations and agreement on price prior to an exchange of contracts is not legally binding and the buyer or seller has the right to change their minds.
    An exchange of contracts is where there are two separate Contracts of Sale, one is signed by the buyer, one is signed by the seller, each party only signs one Contract of Sale (not both documents). The exchange is deemed to have taken place when the signed Contracts are physically “swapped” or “exchanged” between both parties (normally via the agent, solicitor or conveyancer), with the respective deposit being paid and the Contracts of Sale being dated immediately.

    The exchange of contracts may happen in several ways:

    • Exchange of Contracts subject to a Cooling Off Period – this is where the buyer and seller exchange contracts subject to the standard five (5) business day cooling off period. During the cooling off period only the buyer can withdraw from the sale and the seller is legally bound by the contract. Should the buyer withdraw from the contract, the buyer will forfeit to the seller the deposit amount of 0.25% of the purchase price ($250 for every $100,000 purchase price). Within the cooling off period, the buyer will need to complete any Pre-Purchase Reports, review of the Contract of Sale by your solicitor or conveyancer, obtain formal loan approval and any other enquiries that their solicitor or conveyancer advises. On or before the expiration of the cooling off period, the buyer will need to pay to the agent the remaining deposit as set out in the contract which is typically 10% of the purchase price.
    • Exchange of Contracts with a Section 66W Certificate – commonly referred to as an “unconditional” exchange of Contracts. A Section 66W Certificate is signed/supplied by your solicitor or conveyancer, this Section 66W Certificate forms part of the Contract of Sale and waives the cooling off period. Upon exchange of Contracts with a Section 66W Certificate, the full deposit (typically 10% of the purchase price) must be paid. Normally any Pre-Purchase Reports and/or finance arrangements should be completed prior to an unconditional exchange. There is no legal right for a buyer to withdraw from the sale as they have entered into a legally binding contract.
    • Exchange of Contracts under Auction Terms – when a property is sold at Auction, there is no Cooling Off Period if the Contract is exchanged either at Auction, or up until midnight the same day as the Auction. There is no Section 66W Certificate required although the full deposit as set out in the Contract of Sale must be paid on exchange.

    FAQs

    >What happens if the Pre-Purchaser reports, finance or other enquiries take longer than the 5 business day cooling off period?
    Typically, 5 business days should be sufficient time to conduct all of these enquiries which is why the NSW Government legislated 5 day cooling off periods. In the rare occasions that the buyer does require more time, by mutual agreement the buyer and seller may grant an extension to the Cooling Off Period.
    If I exchange with a Cooling Off Period, when does the settlement time start from?
    The countdown to settlement starts from the date of the Exchange of Contracts, not the expiration of the Cooling Off Period.
    Who decides what type of exchange of contracts will take place?
    As there are two parties to the agreement, the buyer and the seller, both parties must consent, although more often than not as the vendor owns the home, they will instruct the agent as to their preference.


    Related Resources & Links


    • Listing home for sale with Gavan Property
    • Pre-sale prep
    • Marketing launch & Buyer notification
    • Buyers viewings
    • Auction day
    • Exchanging contracts
    • Settlement day

    Settlement day

    Between exchange of contracts and settlement, there is a period of time (normally 42 days or 6 weeks) prior to the settlement day.

    Settlement day is a pre-scheduled date and time where the buyer will become the legal owner of the property and is provided the keys.

    Prior to settlement day

    In preparation for the settlement date, the buyers solicitor or conveyancer may request the seller and/or buyer sign transfer documents or to supply certain cheques for the settlement. Whilst your solicitor or conveyancer will normally notify you of anything they may need, it is worth checking with your solicitor 1-2 weeks prior to settlement day.
    The standard Contract of Sale in New South Wales provides that the buyer is entitled to conduct a pre-settlement inspection to ensure everything is in the same condition as when they exchanged contracts. To organise this please contact your Gavan Property Agent to schedule a mutually convenient time which is normally conducted within the last 48 hours prior to settlement. Bear in mind, the seller still owns the property until the scheduled settlement time and date, so they will more than likely still have their furniture and belongings still in the property.

    What happens on the settlement day

    The settlement date, time and location is generally co-ordinated between both the buyer and sellers solicitors and/or conveyancers together with their respective lending authorities or banks.
    The seller needs to ensure that on or before the scheduled settlement date and time, they have the home fully vacated and in a condition that the home can be handed over to the buyer free from rubbish or unwanted items that are not nominated in the Contract of Sale. The seller also needs to provide all keys, alarm codes, remote controls or other relevant information to the agent on or before settlement.

    At the settlement, the solicitors or conveyancers and lenders or banks will:

    • Adjust on a daily basis up until the settlement date, all Council, Water, Land Tax and Strata rates/levies.
    • Make payment of the funds to the seller including funds from the buyers home loan.
    • Discharge any Mortgages associated with the property by the Seller.
    • Provide the buyers solicitor or conveyancer with the signed title deeds to be registered with the Registrar General at the Land Titles Office.

    Once settlement has occurred, the solicitors or conveyancers will notify the agent in writing which will then authorise the Agent to:

    • Release all keys, remote controls etc to the buyer
    • Release any funds held in trust on behalf of the seller

    How long does this take?

    The standard settlement period in New South Wales is 42 days (6 weeks) from the date of exchange. However, this may be varied by mutual agreement between the buyer and seller.


    Important things to know

    Seller must have vacated the premises on or before the date and time of settlement.


    FAQs

    What happens if there is a problem at the pre-settlement inspection?
    You must address your concerns with your solicitor or conveyancer immediately. 99% of issues can be resolved easily without cancelling settlement.
    Can the settlement be extended or shortened? Yes, and it is not uncommon. By mutual agreement between the seller and buyer, settlement can be extended and shortened.
    What happens with council rates, water rates, strata levies etc on settlement?
    The solicitors or conveyancers should automatically adjust any relevant rates, levies etc associated with the property. i.e. If you are paid in advance of the settlement date, you will receive a refund. Please ensure you do not pay any of these immediately before settlement as the payment may be overlooked.


    Related Resources & Links