Conveyancing

Your agent will inform you of offers and what conditions are applicable to the offer. Once you have agreed to the purchaser’s offer the agent will coordinate the signing of the Contract.

Once you and the Purchaser have signed the Contract, their offer is accepted and is binding.

A purchaser has the right to ‘çool off’ from contract under certain circumstances. We will let you know if the purchaser has a right to cool off, and when that right expires, after you have signed your contract.

We will keep a track of significant dates and keep you informed as conditions are satisfied by the purchaser.

The Purchaser must now satisfy conditions, which may mean that you must allow further inspections for Building and Pest Inspections and Bank Valuers.

In the event that a Purchaser is unable to satisfy a special condition we will provide information and seek instructions from you.

Negotiating after a Building and/or Pest Inspection

The purchaser does not have an automatic right to negotiate following an inspection that may include defects.

A purchaser may end the contract if a ‘major’ defect is reported.

If you want to negotiate, a change to the price or conditions of the contract can be made through a variation of contract.

Negotiating and preparing a variation of contract will incur additional legal costs.

If you decide you do not want to proceed with the purchase, you may have a right to ‘cool off’ but not always. This must be completed within 3 business days of the date you sign the Contract of Sale. If you cool off, you will be entitled to a refund of any deposit paid, less than $100 or 0.2% of the purchase price – the agent will retain the larger amount.

If the Vendor has not signed the contract, you can instruct the agent that you are withdrawing your offer.

You have no right to cool off if you purchased at an auction or under auction conditions (eg: within 3 clear business days before or after a publicly advertised auction).

Provide us with the signed Contract. We will ask you to complete a questionnaire to assist us in readying your purchase for settlement and provide next steps.

The deposit is payable to the trust account of the real estate agent on or before the due date.

We recommend caution before transferring money – always independently confirm bank account details and transfer instructions in person or via a telephone call to a trusted and verified phone number.

Finance:

Commence the process to satisfy any ‘subject to finance’ conditions by providing your lender any documentation required. You must do everything to genuinely apply for finance as you may have to supply evidence of your application if you seek to end the contract under the finance condition.

Building Report:

You must use a registered building practitioner to satisfy the ‘subject to building inspection’ condition. Remember ‘subject to building inspection’ general condition only entitles you to end the Contract if the report reveals a ‘major’ structural defect, it does not give you an automatic right to negotiate the Price, only a right to terminate.

Pest Report: Many inspectors will offer a combined building and pest inspection, or you must use a qualified pest inspector to satisfy the ‘subject to pest report inspection’ condition. Remember ‘subject to pest report inspection’ general condition only entitles you to end the Contract if the report reveals a ‘major’ infestation that threaten health or the building’s structure, it does not give you an automatic right to negotiate the Price, only a right to terminate.

There is no automatic right to negotiate following an unsatisfactory inspection, however, if all parties are agreeable then a change to the price or conditions can be completed through a variation of contract. Negotiating and preparing a variation of contract will incur additional legal costs. Therefore, we recommend you complete a building inspection is possible prior to signing the Contract so you can make an offer considering any possible ‘major’ or ‘minor’ defects.