In our market a lot of our clients have not bought and sold for years, its so common
these days and confuses a lot of people with the changes in time and what
actually goes on in the background. Here is what happens after you sign on
the dotted line.

Firstly this is how we handle the below, so it may vary between
agencies but should be fairly close across the profession.

What happens after both the buyer and seller signs the contract?

We date the contract the date that the last signature was obtained which in
most cases is the seller(s). The date on the contract determines the settlement
date and begins the count down from the 30,45, or 60 (example) days you
requested settlement to take place, the contract is then copied and sent either
via post or email to;

• Buyer's conveyancer
• Sellers conveyancer
• Buyer(s)
• Seller(s)

We also ask if you would like us to send a copy to any broker or bank managers. Once
each parties conveyancer receives their copy they commence the searches and
prepare their necessary paper work to settle.

Building & Pest + Other special conditions
Usually in a standard contract you have 14 days to complete building and pest and any
other special conditions you have requested. Most popular building and pest
companies are usually booked out 7-10 days in advance so i strongly recommend
to my buyers that they book in their building and pest the same day they sign
the contract, otherwise they may run out of time and require an extension of
time. Some other special conditions may require a longer time frame.

If you have a pre-approved loan with a low deposit or a first home owner the bank may
require a valuation on the property you intend to purchase, this is simply the
bank making sure you are purchasing a property that is priced to the
contract value or close too... If you were ever to default on your loan the
bank wants to make sure they can re-sell and recoup. They will either do this
by the below methods;

• Desktop valuation - this is common in a moving market with loads of comparisons and can be done with their software or RPData.
• Physical inspection - a valuer will come out and measure the building, take notes of conditions and send a valuation report to the bank
• Curb Side - Rarely but has been seen, a representative will do a drive by and send a valuation report to the bank

8 times out of 10 if a valuer is sent out ( any of the above examples ) the loan is
usually already approved for that amount pending valuation.

Unconditional - Time for the SOLD sticker to go on!
We are now known as " Unconditional " which means all conditions have been met ( the above ). This is a great opportunity to get a happy snap putting up a sold sticker that you can share with friends and family! Also, ask our friendly team to organise the connection of utilities for you at no charge so you have everything you need connected on move in (settlement) day. The bank and conveyancer take over majority of the work now and organise all their paper work ready for settlement day. You as the buyer have the opportunity for one last inspection prior to settlement day, this is called a Pre-Settlement inspection.

Pre-Settlement Inspection
Your last inspection before its yours is simply to make sure the property is in
the same condition as it was when you purchased. Last thing you need is to get
you keys and find the old owners decided to celebrate their sale and get drunk
and fall through a wall haha or the sellers could have had " until
pre-settlement time " to finalise one or more of your special conditions,
like these for example;

• Cleaning clause - This is very similar to a bond or exit clean tenants are required to do before vacating a rental.
• Repairs on the building - During your building and pest inspection the inspector may have suggested some fixes, sometimes the conveyancer will request this be done prior to and inspected on your pre-settlement inspection.
• Pool Safety Certificate - If a pool safety inspection has not been done and whatever reason could not be done prior to the standard 14 days this extension has been seen before and not un-common.

The pre-settlement inspection is usually held 3-7 days prior to settlement, I also
allow my buyers an opportunity to measure any areas as they may be buying new or
moving their existing furniture too. This inspection usually runs for 30
minutes, its not the best time to bring car loads of family and builders... but
ask your agent as they know their schedule and the still existing owners of the
properties.

Settlement Day
If a mortgage is involved with either party the settlement time will usually be
between 2pm & 4pm, if it's cash both sides it can be booked for the morning
between 10am-12pm.

Please book your removals' accordingly.