Property Contracts - what you need to know
First and foremost, once you have found your dream home, and before making an offer or paying a holding deposit, get your contract reviewed for free with Assured Conveyancing.
We will review your contract, and within four (4) hours call you to discuss any issues and the best way for you to make an offer to secure the property.
What you need to know to secure a property when purchasing
Once you've made an offer and this has been accepted, the agent will raise the question as to whether they require a cooling off period or not to exchange the contract.
With a cooling off period
When your offer has been accepted, you will sign a contract on the spot (or that day), pay a deposit of 0.25% of the purchase price, and have 5 business days to get your formal finance approval, request any pest/building and/or strata reports and have the terms and conditions of the contract explained.
If you then no longer wish to proceed during the cooling off period, you will forfeit the 0.25% deposit.
During the cooling off period, the vendor CANNOT sell it to any one else.
Without a cooling off period
When your offer has been accepted, you will seek finance approval, obtain any pest/building and/or strata reports, and have the terms and conditions of the contract explained.
You can then sign the contract, pay the 10% deposit and waive your rights to a cooling off period.
Should the exchange not proceed, you won't lose your deposit, however the Vendor can accept and sell it to another Purchaser if exchange has not occurred.
Some properties are sold via AUCTION - this means that PRIOR to the auction you must be satisfied with the terms and conditions of the contract, be satisfied with the state of repair and condition of the property and any pest infestation, and have the funds to complete the purchase (that is, your loan has been approved or you're satisfied that you will have the funds to complete the purchase).
Note that there is NO cooling off period at auction. If you are the highest successful bidder you need to sign the contract and pay the full 10% deposit at the auction.
When Selling, how quickly can I get a contract?
A residential property cannot be put on the market until a contract has been drawn up with all vendor disclosure documents.
This is the point at which you will engage Assured Conveyancing on a property sale.
Once we receive your instructions, a contract can be prepared within 1-2 business days (subject to receipt of a zoning certificate from council which can take up to 5 business days depending on the relevant council area).
If you have a swimming pool and/or spa, a Compliance or Non-Compliance Certificate will be required, and this may take longer for you to obtain.
Contact us for more information.