Completing the Sale of Your Property

The Contract of Sale

The Contract of Sale details all of the terms of a property sale including price, deposit, date of settlement, the inclusions and exclusions, and other special conditions. This contract will also stand in addition to standard legal terms and conditions in a real estate transaction.

Different states have slightly different documentation processes:

• Queensland, Victoria, South Australia and Western Australia: the contract of sale is prepared by the agent. Once the contract has been signed by both the seller and the purchaser, a deposit is accepted by the agent on behalf of the seller.
• New South Wales: the contract of sale is prepared by a solicitor who is instructed by the agent on behalf of the seller. The solicitor will prepare the documentation following the agreement of terms between the seller and purchaser, and also the collection of a deposit from the purchaser.

For expert help with your property sale, contact your local Century 21 office.

Preparing for settlement

The settlement date is the date on which the balance of the purchase price is made and the title to the property is transferred to the purchaser. Here are some things to consider about the settlement of your property sale:

• The settlement occurs once the contract of sales is signed by both parties, the cooling off period has expired and all special conditions have been satisfied.
• The conveyancer or solicitor for the seller will prepare the transfer of title documents and settlement statements.
• This will include the adjustment of outgoings, such as council rates.
• They will also establish communication with the buyer's conveyancer or solicitor and the lending body if applicable.
• All parties, solicitors, conveyancers and lenders if applicable will meet on the date of settlement to exchange funds for signed mortgage documents and the title to the property on which the mortgage will be registered.