Private Treaty
meet your gavan property sales agent
list for sale with your gavan property sales agent
Decide on the approach. List your property for Sale with this Agent by completing Agency Agreement paperwork. An agreement with the seller and real estate agent grants permission for the agent to offer the property for sale, it is normally for a fixed period of time and will include method of sale and estimated selling range.
sale preparation
Prepare the home for sale.
It is important to show the home in the best way possible. Any work, organising or decluttering should be completed in readiness for showing buyers. Should you consider involving property stylist to either provide advice or even furnish the home, your gavan property agent can assist.
Your gavan property agent will organise all the marketing, photographer and advertising ready for you to review.
You will also need to instruct your Solicitor or Conveyancer to prepare the Contract of Sale for your property. This is a legal requirement prior to introducing any potential buyers.
finding the right buyer
This is one of the most important elements of the sale and is the culmination of a pro-active marketing program to attract buyers, a database of potential buyers, open for inspections or privates viewings, regular follow-up and communication by your gavan property agent.
agreeing on price
All offers will be submitted to you immediately and will follow shortly with a written confirmation of the offer. As your agent, you engage your gavan property agent to negotiate the highest sale outcome possible so rest assured you are in capable hands.
exchange of contracts
The exchanging of contracts is the legal part of buying/selling a home and will need to take place irrespective of whether the property is sold by Private Treaty or Auction.
Any negotiations and verbal agreement on price prior to an exchange of contracts is not legally binding and the buyer or seller has the right to change their minds. An exchange of contracts is where there are two separate Contracts of Sale, one is signed by the buyer, one is signed by the seller, each party only signs one Contract of Sale (not both documents). The exchange is deemed to have taken place when the signed Contracts are physically “swapped” or “exchanged” between both parties (normally via the agent, solicitor or conveyancer), with the respective deposit being paid and the Contracts of Sale being dated immediately.
With a private treaty (for sale) sale, the exchange of contracts may happen in two ways:
Exchange of Contracts subject to a Cooling Off Period – this is where the buyer and seller exchange contracts subject to the standard five (5) business day cooling off period. During the cooling off period only the buyer can withdraw from the sale and the seller is legally bound by the contract. Should the buyer withdraw from the contract, the buyer will forfeit to the seller the deposit amount of 0.25% of the purchase price ($250 for every $100,000 purchase price). Within the cooling off period, the buyer will need to complete any Pre-Purchase Reports, review of the Contract of Sale by your solicitor or conveyancer, obtain formal loan approval and any other enquiries that their solicitor or conveyancer advises. On or before the expiration of the cooling off period, the buyer will need to pay to the agent the remaining deposit as set out in the contract which is typically 10% of the purchase price.
Exchange of Contracts with a Section 66W Certificate – commonly referred to as an “unconditional” exchange of Contracts. A Section 66W Certificate is signed/supplied by your solicitor or conveyancer, this Section 66W Certificate forms part of the Contract of Sale and waives the cooling off period. Upon exchange of Contracts with a Section 66W Certificate, the full deposit (typically 10% of the purchase price) must be paid. Normally any Pre-Purchase Reports and/or finance arrangements should be completed prior to an unconditional exchange. There is no legal right for a buyer to withdraw from the sale as they have entered into a legally binding contract.
settlement
Prior to settlement day
Prior to the settlement date, the buyer will normally request a pre-settlement inspection of your property which they are legally entitled to.
In preparation for the settlement date, the buyers solicitor or conveyancer may request the seller and/or buyer sign certain transfer documents. Your solicitor or conveyancer will normally notify you of anything they may need but it is worth checking with your solicitor 1-2 weeks prior to settlement day.
What happens on the settlement day
The settlement date, time and location is generally co-ordinated between both the buyer and sellers solicitors and/or conveyancers together with their respective lending authorities or banks.
The seller needs to ensure that on or before the scheduled settlement date and time, they have the home fully vacated and in a condition that the home can be handed over to the buyer free from rubbish or unwanted items that are not nominated in the Contract of Sale. The seller also should provide all keys, alarm codes, remote controls or other relevant information to the agent on or before settlement.
At the settlement, the solicitors or conveyancers and lenders or banks will:
- Adjust on a daily basis up until the settlement date, all Council, Water, Land Tax (if applicable) and Strata rates/levies.
- Make payment of the funds to the seller including funds from the buyers home loan.
- Discharge any Mortgages associated with the property by the Seller.
- Provide the buyers solicitor or conveyancer with the signed title deeds to be registered
- with the Registrar General at the Land Titles Office.
- Once settlement has occurred, the solicitors or conveyancers will notify the agent in writing which will then authorise the Agent to:
- Release all keys, remote controls etc to the buyer
- Release any funds held in trust on behalf of the seller
AUCTION
meet your gavan property sales agent
list for sale with your gavan property sales agent
Decide on the approach. List your property for Sale with this Agent by completing Agency Agreement paperwork. An agreement with the seller and real estate agent grants permission for the agent to offer the property for sale, it is normally for a fixed period of time and will include method of sale and estimated selling range.
sale preparation
Prepare the home for sale.
It is important to show the home in the best way possible. Any work, organising or decluttering should be completed in readiness for showing buyers. Should you consider involving property stylist to either provide advice or even furnish the home, your gavan property agent can assist.
Your gavan property agent will organise all the marketing, photographer and advertising ready for you to review.
You will also need to instruct your Solicitor or Conveyancer to prepare the Contract of Sale for your property. This is a legal requirement prior to introducing any potential buyers.
finding the right buyer
This is one of the most important elements of the sale and is the culmination of a pro-active marketing program to attract buyers, a database of potential buyers, open for inspections or privates viewings, regular follow-up and communication by your gavan property agent.
agreeing on price
All offers will be submitted to you immediately and will follow shortly with a written confirmation of the offer. As your agent, you engage your gavan property agent to negotiate the highest sale outcome possible so rest assured you are in capable hands.
exchange of contracts
The exchanging of contracts is the legal part of buying/selling a home and will need to take place irrespective of whether the property is sold by Private Treaty or Auction.
Any negotiations and verbal agreement on price prior to an exchange of contracts is not legally binding and the buyer or seller has the right to change their minds. An exchange of contracts is where there are two separate Contracts of Sale, one is signed by the buyer, one is signed by the seller, each party only signs one Contract of Sale (not both documents). The exchange is deemed to have taken place when the signed Contracts are physically “swapped” or “exchanged” between both parties (normally via the agent, solicitor or conveyancer), with the respective deposit being paid and the Contracts of Sale being dated immediately.
With a private treaty (for sale) sale, the exchange of contracts may happen in two ways:
If sold prior to auction:
Exchange of Contracts with a Section 66W Certificate – commonly referred to as an “unconditional” exchange of Contracts. A Section 66W Certificate is signed/supplied by your solicitor or conveyancer, this Section 66W Certificate forms part of the Contract of Sale and waives the cooling off period. Upon exchange of Contracts with a Section 66W Certificate, the full deposit (typically 10% of the purchase price) must be paid. Normally any Pre-Purchase Reports and/or finance arrangements should be completed prior to an unconditional exchange. There is no legal right for a buyer to withdraw from the sale as they have entered into a legally binding contract.
sold at auction:
Exchange of Contracts under Auction Terms – when a property is sold at Auction, there is no Cooling Off Period if the Contract is exchanged either at Auction, or up until midnight the same day as the Auction. There is no Section 66W Certificate required although the full deposit as set out in the Contract of Sale must be paid on exchange.
settlement
Prior to settlement day
Prior to the settlement date, the buyer will normally request a pre-settlement inspection of your property which they are legally entitled to.
In preparation for the settlement date, the buyers solicitor or conveyancer may request the seller and/or buyer sign certain transfer documents. Your solicitor or conveyancer will normally notify you of anything they may need but it is worth checking with your solicitor 1-2 weeks prior to settlement day.
What happens on the settlement day
The settlement date, time and location is generally co-ordinated between both the buyer and sellers solicitors and/or conveyancers together with their respective lending authorities or banks.
The seller needs to ensure that on or before the scheduled settlement date and time, they have the home fully vacated and in a condition that the home can be handed over to the buyer free from rubbish or unwanted items that are not nominated in the Contract of Sale. The seller also should provide all keys, alarm codes, remote controls or other relevant information to the agent on or before settlement.
At the settlement, the solicitors or conveyancers and lenders or banks will:
- Adjust on a daily basis up until the settlement date, all Council, Water, Land Tax (if applicable) and Strata rates/levies.
- Make payment of the funds to the seller including funds from the buyers home loan.
- Discharge any Mortgages associated with the property by the Seller.
- Provide the buyers solicitor or conveyancer with the signed title deeds to be registered
- with the Registrar General at the Land Titles Office.
- Once settlement has occurred, the solicitors or conveyancers will notify the agent in writing which will then authorise the Agent to:
- Release all keys, remote controls etc to the buyer
- Release any funds held in trust on behalf of the seller