The Contract for Sale of Land
You want to sell your house, and you have found the perfect Real Estate Agent to market your property. However, the Real Estate Agent cannot advertise your property until a Contract for Sale of Land has been prepared.
The expert at KLM Conveyancing will provide you with fast, effective, and affordable services. An experienced team member will be able to obtain all the necessary documents, including council certificates, a copy of the land title, plans and encumbrances, to prepare your Contract for Sale and Vendor’s Statement.
(Not applicable if purchased at Auction or 3 days prior or post to a scheduled Auction.)
Every standard Contract for Sale of Land for residential property includes a 3-business-day cooling off period. This allows a Purchaser 3 days to change their mind about their purchase. As the contracts have been exchanged no other prospective buyers can make an offer on the property.
Usually, the Purchaser will pay a deposit of 10% of the purchase price upon exchange of the Contracts. Cash or EFT deposits will be held in a trust account by the Real Estate Agent until the completion of settlement or earlier by way of Section 27 early release.
If there is no Real Estate Agent involved, in a private sale for instance, then the deposit can be held by KLM Conveyancing in a secure trust account.
Once a Purchaser has decided to buy the property two identical Contracts will be produced, one to be signed and dated by the seller, the other to be signed and dated by the buyer. These Contracts are then exchanged between the parties and a deposit is paid. Upon exchange the contracts become binding.
At an auction the exchange will occur immediately after the winning bid has been made and accepted.
Settlement is the date that your property is legally transferred to the Purchaser. This is also the day the purchaser takes possession of the property, and the balance of the purchase price is paid to you.