The contract of sale is prepared by the agent or by the vendor's solicitor, and outlines the offer, the date of settlement, and any conditions which
must be made before the sale goes ahead. You should discuss the Contract of Sale with your solicitor before you sign it or before bidding at auction.
There are two kinds of offers: 'unconditional', which is an outright offer to buy the property, and 'conditional' which means there are conditions that must be met, such as the professional property valuation being acceptable to you and your bank, building and pest inspection or your finance being approved.
In negotiating the sale between you and the vendor, the real estate agent will act as the 'go-between' until both parties are satisfied. If there are any changes to the Contract of Sale, you should let your solicitor know before signing. Once the agreement is signed by both parties, it is a legally binding document.
You will normally be expected to pay all or part (10%) of your deposit directly to the real estate agent on signing the agreement. It is placed in a trust account until all conditions have been met. When those conditions have been met, the offer becomes 'unconditional' and the sale goes ahead. Some vendors will accept a deposit bond in situations where 100% is being borrowed, we can arrange this for you.
The Settlement
Settlement day is when the balance of the purchase price is paid and all the legal documents are exchanged, giving you ownership of the property. This process is arranged by your solicitor/conveyancer.
Your solicitor/conveyancer will prepare and arrange for you to sign a Transfer of Land document, which is then handed over at settlement to Wilson National. Wilson National registers this at the State/Territory Titles Office on your behalf, so the property is changed over to your name.
Your solicitor/conveyancer should advise you prior to settlement of the exact date, time of settlement, and amount you are required to provide prior to settlement (if applicable). This amount is usually required to be paid by bank cheque one day before settlement. Your solicitor/conveyancer will arrange this with us.
After settlement has taken place the vendor's solicitor contacts the real estate agent and advises them to hand over all keys to the property to you. Your solicitor will also send you a Statement of Adjustment to show you how the funds have been disbursed to the parties involved.
Once your loan has settled, we will confirm your payment arrangement and check that your direct debit is correct to your requirements. We will also provide you with access to our Loan Service Net and Loan Service Line for your convenience to allow you to access your home loan details at a time convenient to you.
Wilson National - Australia's first carbon neutral full service lender.
Wilson National - Australia's first carbon neutral full service lender.