ENTERED A CONTRACT OF SALE, WHAT’S NEXT?

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Whether you are buying or selling property, the transaction does not end with the finalisation of a price. You, as the Buyer or the Seller, must ensure that the requirements under the Contract are met to avoid any adverse effects. It is important to remember that each state and territory in Australia has its own set of rules for conveyancing.

To ensure that your transaction goes as smoothly as possible, we have prepared some top tips for your next conveyance.

If you are buying a property…

Diarise key contract dates

  • Most property transactions accommodate a Cooling-off Period in case circumstances change shortly after the contract has been signed. It is best to ensure that you are ready to go ahead with the property transaction within this Cooling-off Period.
  • There are a few more tasks to be completed before settlement and each of the tasks must be done before a particular date. These tasks may include arranging a building and pest inspection, and obtaining finance approval from your financier. It is a good idea to start on them early so that you have time to request extensions if needed.

Provide us with sufficient details related to your purchase

  • Once you have provided us with the contract for sale, we will ask you to complete a few forms which contain some important information related to your purchase. You should complete these forms promptly to avoid any delay.
  • While you are filling in these forms, you should note any questions with us.
  • You should also provide us with the details of your broker or financier.

Arrange shortfall funds authority with your financier

  • That way your financier will arrange the source of funds at settlement. This removes the need to transfer the shortfall funds to us.

If you are selling your property…

Prepare documents required for the release of mortgage promptly

  • Immediately after signing the contract of sale, we will ask you to submit the relevant documents for the release of mortgage with your financier.
  • It is important to submit these documents as soon as possible. This will help provide the bank with sufficient time to process the request.

Arrange surplus funds authority with your financier

  • As part of the sale, your financier will deduct their payout figure from the supplied cheque. The rest of the cheque funds will be deposited into your nominated account.
  • This surplus funds authority will reduce the risk of incorrect number/s on settlement cheques.

During the course of completing the property transaction, details may be required on the go. It is important to stay connected with your conveyancer via phone or email! If you have scheduled holidays, please advise your conveyancer at the start of the matter so they can work around those times.


Amanda Gildea is a Solicitor at Stephens & Tozer who undertakes the legal aspects of buying and selling properties for her clients. Co-author, Nancy Wang, is a Law Graduate who works alongside Amanda, providing assistance throughout the conveyancing process. If you are buying or selling property, contact the conveyancing team at Stephens & Tozer today.

9 October 2019

Category: All / Property