Your offer is accepted . What next ?

Your offer is accepted - what next

Please discuss with your Lawyer any of these matters or other matters which concern you.

Choosing a lawyer

When your offer is accepted and both parties have signed the Sale and Purchase Agreement and initialled all the changes, the contract will be dated and  you are both bound by its conditions. Any unpaid deposit will be called for. Failure to pay a deposit after three days notice may allow for the Vendor to cancel the contract. A deposit paid to a Real Estate Agent must be held for a minimum of ten days in the Real Estate Agents Trust Account.

Although it can be released earlier with the Solicitors advice under a process agents will call " early release " . It is held for 10 days so that the agents and solicitors are satisfied that the deposit money clears at the bank and the people buying and selling are legally entitled to do so.

From this point, countdown for settlement day begins and any time limits in the Sale and Purchase Agreement begin to run. Make sure your lawyer receives the Sale and Purchase Agreement as soon as possible.

The Real Esate agents will send a copy to the lawyers , but you can always check to see that this is done.

Real Estate Terms (in alphabetical order)

fulfilment of conditions

The Sale and Purchase Agreement provides that a condition is not fulfilled until each party has received confirmation advice in writing. Your lawyer will provide the necessary confirmations for you, but keep in mind the time limits apply strictly. If a condition has been fulfilled advice your lawyer , and they will send the confirmation for you in writting . Some educated buyers will send this confirmation themselves , we advice that you talk to your lawyer though first.

Getting ready to move

settlement process

Your lawyer will prepare the transfer of the property into your name and complete the forms to ensure the local authority will get details of the transaction.

The lender will forward their instructions shortly after the loan is approved and the documents will be prepare for signing by your lawyer.

After checking the Vendor' statement of the amount to settle the purchase, including apportionment of rates and other outgoings to the date of settlement, a complete statement of the amount required to settle will be sent to you by your lawyer. This statement takes into account the mortgages provided, your cash input and the deposit already paid

Your lawyer will comply with all your lender's requirements and arrange for the funds to be available to you on settlement day. So that you can pay. Often the signing of all the mortgage documents is enough , in that the bank will deposit the money with your lawyer on your behalf who will forward this money to the sellers lawyer, You need not handle any money. The only thing you need to do is sign the mortgage documents in advance of the settlement day.

You will not have to sign a cheque on the day , it will all be arranged . But do confirm with the lawyer prior.

settlement day

Moving day

Packing tips

Moving overseas

Children and moving

After receiving all the funds, your lawyer will arrange for the Vendor's lawyer to be paid, clear title to be given to you and the keys made available. You will then be entitled to possession, but only after the transfer of funds . If you need to move early , tell your lawyer ( who probably has in the office a few settlements on the same day ) and they maybe able to speed up the process.

after completion

After the settlement is completed, your lawyer will organise registration of the transfer of the title into your name, and complete the registration of any mortgages required by the lender. The original of the title will be held by the mortgagee (lender) as part of their security and your lawyer will forward you a photocopy showing the property registered in your name.

delayed settlement

If settlement of your prospective property is delayed, your lawyer may suggest a caveat be registered over the property to protect your interest. This will ensure the deposit that has been paid, will be safe.

Fee Simple is not to be confused with 'Freehold' land which generally refers to a property that does not have mortgage debt secured against it. 

Unit Title: Special consideration should be given if the property is held under a Unit Title, particularly the rule: that govern the relationship between the owners and the contributions made to the body corporate.

There may also be 'local' rules that apply in an ad hoc manner, such as booking arrangements for a shared tennis court.

Cross-lease: The terms of a cross-lease need to be considered, such as whether or not there are areas defined around the building for your sole use; whether the outline of the building on the plan co-relates to the actual outline of the dwelling; and details about the driveway.

Leasehold: A property may be leased under varying terms. There are various methods of perpetually renewable leases. Exact provisions in relation to rent reviews need to be carefully considered. Leasehold properties also require the landlord to be involved in the purchase process and consent obtained.

If the prospective property is held by a method other than in 'fee simple',

your lawyer will pay particular attent to the tenure of the documents.

ownership considerations

Both you and your lawyer should consider the best method of owning your new property. Simply acquiring it in your own name, or in your own and your partner's name may not be the most appropriate or useful method for your particular circumstances.

signing the sale and purchase agreement

Once you are happy with your conditions on the Sale and Purchase Agreement, it is ready for signing.

The Sale and Purchase Agreement should be signed by all the parties who will be bound by it and whose

names will be listed on the Certificate of Title. If you sign as a nominee, you will still be personally bound by the agreement.

settlement date

Finance can be approved within 3 days. Generally most finance clauses allows for 3 to 10 days for completion. Settlement date can be made from 4 to 6 weeks from the conditions being fulfilled or unconditional date. But any date that is acceptable to the owner is okay too.

Reviewing the negotiations

taking the offer to the vendor .

Making an offer

Once you have signed the Sale and Purchase Agreement, it will then be presented to the Vendor.

The Vendor may accept your offer straight away or may come back to you with some additional conditions

noted on the Sale and Purchase Agreement. These may include:

.Cash Out Clause: This applies where your offer is conditional and means that if the Vendor receives a better offer before you make your offer unconditional, the Vendor may give you several workings days to make the Sale and Purchase Agreement unconditional before canceling it. The cash out clause is usually 3 to 5 workin days. Sometimes 10-15 but very rarely

.Back-Up Agreement: The Vendor may have agreed to take another offer, but is giving you the option if the first offer does not become unconditional by a given date.

The Vendor may alter the price you have offered for the property, change the proposed settlement day or alter conditions.

The salespersons job would have been to find some common ground between you.

Multiple offers

Instances arise can arise where several parties are interested in the property

Competing offers