WHEN ARE THE BUYERS CONDITIONS DUE
Phase 1 – CONDITIONAL STATUS
Conditions set out & agreed to by you on the Contract of Sale have been dated & are noted to you in writing on receipt of the official copy of the Contract of Sale. Once the binding contract has been duly and fully executed by all relevant parties, the original document is processed and is forwarded by the Office Administrator to you, the Buyer and your nominated solicitor.
If you have agreed to certain conditions – Eg: a Building & Pest Inspection or Finance Approval, the Buyer must have satisfied these conditions by the due dates nominated on the Contract of Sale. If you foresee potential hurdles, please advise your SPACE Agent and your solicitor as soon as possible in order to prepare for or perhaps even avoid any problems or delays that may arise
WHAT DO I DO IF I NEED AN EXTENSION?
Refer any extension of time requests to your SPACE Agent and solicitor acting on your behalf. It is imperative that both parties are made aware of your intentions. Your SPACE Agent can often intervene & resolve situations directly with either yourself or the Buyer should an extension be required.
WHAT INSPECTIONS IS THE BUYER ENTITLED TO?
On acceptance of the Contract of Sale, the buyer is legally entitled to 4 (four) inspections of the said property. Refer to Clause 8 of the Terms of Contract, Section 8.2 Access for clarification of inspections.
DO I HAVE TO NOMINATE A SOLICITOR?
Nominating a legal body to act on your behalf for real estate transactions is recommended by SPACE Property but not compulsory. A copy of the Contract of Sale will be forwarded to your solicitor promptly once the binding contract is received by our office.
WHAT HAPPENS NEXT WHEN ALL OF THE CONDITIONS ON THE CONTRACT ARE SATISFIED? IS IT NOW UNCONDITIONAL?
Phase 2 – UNCONDITIONAL
Once the Buyer has satisfied all of the conditions nominated on the contract of sale, the contract has reached UNCONDITIONAL status and we now await settlement.
Please ensure that you remain in contact with your SPACE Agent even though your conditions have been satisfied. It is important that constant communication occurs as you may still have questions prior to settlement being effected
You will also receive confirmation of Unconditional Status from SPACE Property who will send to you via email:
- A cover letter confirming unconditional status
- A tax invoice for commission and any outstanding advertising
- A funds disbursement authority seeking your instruction on how the balance of sales deposit (if any) is to be accounted to you at settlement
WHEN DOES THE BUYER DO A PRE-SETTLEMENT INSPECTION?
The Buyer is legally authorised to have an inspection of the said property prior to the date due for settlement. Any inspections will be accompanied by your SPACE Agent up to 2 days prior to the date due for settlement.
WHEN DO I HAND OVER KEYS TO THE BUYER
On confirmation of settlement in writing, key/s will be made available to the Buyer from your SPACE Agent as pre-arranged the week prior to settlement. Note: that SPACE Property require all keys to the property to be in our possession prior to settlement. Refer to Clause 5 of the Terms of Contract, Section 5.3 Documents & Keys at settlement.
WHAT HAPPENS AT SETTLEMENT?
Settlement is arranged & undertaken by your solicitors (or yourself if you are self-acting). A pre-determined time is confirmed by both the Buyers & your solicitors at a location mutually acceptable to both parties.
The settlement process is quite brief & normally takes up to 15-20 minutes to effect successfully. Note that notification of settlement being effected must be in writing from both the Buyers & your solicitors. Legally SPACE Property cannot hand out keys until this time. Refer to Clause 5 of the Terms of Contract Section 5.1 Time & Date.
It is not uncommon for notification to arrive from relevant parties at least 60 mins from the time settlement was effected. Ensure that you make contact with your SPACE Agent once your solicitor advises successful settlement as you will more often find out before our agency.
DISBURSEMENT OF FUNDS?
If a sales deposit was payable under the contract terms and conditions, you are entitled to the balance of sales deposit, less Commission and any outstanding Marketing expenses payable to SPACE Property.
We undertake the settlement process as soon as is practical after settlement notifications are received in writing from both solicitors. Funds are usually available 24-48 hours after they have been transferred from the SPACE Property Sales Trust Account.
Please ensure that you have returned the funds disbursement authority at least 1 week prior to settlement in order for these funds (if any) to be accounted to you in the most appropriate way.