Selling

What is an Agency Agreement?

Fitzpatricks - 03/01/2020

An agent agreement is the signed agreement that is the contract between the selling parties (vendor/s) and selling agent/agency about the property for sale and the terms of the sale. You will need to sign one of these prior to your home being listed for sale with your chosen real estate agent.

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What is the Sale Process?

Fitzpatricks - 03/01/2020

When you have decided on your agent you need to sign an Agency Agreement and get a Contract drawn up by your solicitor. Once the contract has been received by the agent, they can then begin marketing your property. Your agent will then conduct buyer work and inspections. Offers from purchasers will be negotiated with you via your agent. Once you have accepted an offer …

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What is Exchanging Contracts?

Fitzpatricks - 03/01/2020

This is the legal part of the sales process when a property is sold by private treaty or auction. There are two copies of the contract, one for vendor and the other for the purchaser. The purchaser and vendor can negotiate changes to the terms in the contract prior to signing which can be done through their solicitor.  Each party signs a copy and then …

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What happens at Settlement?

Fitzpatricks - 03/01/2020

This is the conclusion of the sale process and usually takes place approximately 28 days after contracts have exchanged. This time frame can be negotiated between the purchaser and vendor via your solicitor upon the signing of the contract prior to exchanging contracts. Once the property reaches the settlement date, the balance of the purchase price must be paid and the purchaser becomes the legal …

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What happens on settlement day?

Fitzpatricks - 03/01/2020

You should arrange a final inspection of the property to make sure it is in the same state as it was when contracts were exchanged. A Solicitor (or representative) from both the purchaser and vendor and representatives from your bank and the vendor’s bank will meet to exchange cheques and documents.

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What is a 66w certificate?

Fitzpatricks - 03/01/2020

A 66w certificate is a legal document that waves the cooling off period after exchange of contracts, making the contract legally binding. This is a certificate that meets the requirements of section 66W of the Conveyancing Act 1919 and will need to be signed by your solicitor or conveyancer. A cooling off period allows a purchaser to withdraw their offer before 5pm on the fifth …

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