You have just sold your house – what happens next?
Congratulations! You have just accepted an offer on your
property – but now you are wondering what happens next.
A standard sale would follow the process below:
The Purchaser will pay a 0.25% deposit. The Agent will arrange
signing of the Contract by the Purchaser and the Vendor.
The Agent or your conveyancer will exchange Contracts.
Cooling off period
The cooling off period is typically for 5-10 business days.
During this time a Purchaser will obtain legal advice on the
Contract, finalise their finance and conduct pest and building
inspections of the Property.
You will need to provide your conveyancer with details of your
mortgage and complete a form required by your bank in order for
your loan to be paid out on settlement.
At the end of the cooling off period the Purchaser will arrange
payment of the balance of the deposit.
The sale is now unconditional and both parties are locked into the
Requisitions on title and transfer
After the cooling off period the Purchaser's conveyancer
will ask a number of standard questions. Your conveyancer will
draft replies that need to be confirmed by you to be correct.
The Purchaser's conveyancer will also provide a Transfer which
is the legal document transferring ownership to the Purchaser. This
needs to be signed by the Vendor.
In preparation for settlement the Purchaser's conveyaner
will provide us with adjustments for Council Rates, Water Rates and
Strata Levies (if applicable). This is carried out to ensure that
the Vendor and the Purchaser only pay these expenses for the period
of time where they are in ownership.
For example, if settlement is on 1 June 2016, you will be liable
for charges up until this date, with the Purchaser becoming liable
for all expenses from this date until the of the rating period
(i.e. 30 June 2016).
On the day of settlement you need to have vacated the Property
by the time settlement is due to occur.
Settlements are typically booked after 2pm (in NSW) with some
The Purchaser has the right to undertake one pre-settlement
inspection prior to settlement which will be organised through the
At settlement the Purchaser's conveyancer will provide your
conveyancer with cheques as we have requested. The cheques
requested typically include:
Cheque to payout your mortgage
Cheques for outstanding Council Rates, Water Rates and Strata
Levies (if applicable)
Cheque for your conveyancers fees
Cheque to you for any remaining funds
Your conveyancer will contact you after settlement to advise that
that matter has been completed.
Your home is sold! Time for a new chapter.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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