Settling the Sale – What You Need to Remember

There are many things you’ll need to organise between the time you sign the contract of sale and the settlement date.

During the settlement period, you will need to fulfil the conditions outlined in the contract of sale as well as any other obligations you have.

Finance

Before the settlement date rolls around, you will need to contact your mortgage lender and organise your finance for the home. Whether you’re closing a bridging loan, using a loan portability feature or taking out another mortgage, your finance needs to be organised as soon as possible.

The balance of the home is due on settlement day and will usually be paid to the seller once the lender has authorised the payment.

Conditions

If you outlined any special conditions in your contract of sale, now is the time to fulfil these. For instance, the sale of your home may be subject to an inspection, valuation or some type of work by the owner. We buy houses in Enid

For a smooth transaction, this needs to be organised well in advance to ensure everything is completed by settlement day.

Handover

Once both parties and solicitors have written to the agent to confirm the sale has settled, the agent can organise the handover of the keys to the new owner.

This can take a couple of hours to be finalised, so it’s a good idea to organise your removalists to come to your home the day after settlement.

So you have found a property you love well now its time to review the contract of sale. This is a legally binding agreement between you and the owner of the property. It’s important to ensure all information provided in this contract is accurate and correct so the transaction can be completed successfully. It is also important to note that if you do end up buying the property you are obliged to fulfil any relevant requirements in the contract before the property sale is complete.

As this is a legal document, it’s crucial to go through it with the real estate agent and your own lawyer or solicitor to ensure the contract is sound. A lawyer can also help you understand your requirements during the sale.

Cooling Off

In some states, there is a cooling off period that commences as soon as both parties have signed the contract for non-auction sales. During this defined period, you have the right to walk away from the sale, usually after paying a small termination fee.

However, some owners may provide the buyer with an agreement to waive the right to a cooling off period when signing the contract of sale.

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What Type of Bidder are You?

When the bidding gets underway, you’ll find some strong auction stereotypes emerge. These are common at many auctions, and can be easily handled if you know what to expect – and you may even recognise yourself in some of these.

The high roller

These bidders tend to raise the bar early, as an intimidating factor. However, they can sell themselves short and end up paying more than they need to, or exhaust themselves early by flying too close to the sun and hitting the upper levels of their budget too soon.

The waiter

This is a ‘slow and steady’ bidder, who is unlikely to even be heard from until the closing stages. The drawback here is they enter the bidding when the level is already quite high, so may be stretching their budget with the first bid they make.

The newbie

These bidders are common, but frustrating. By laying random bids all through the auction, the newbie can be a confusing bidder that does not often succeed.

When at auction, you need to have a handle on your finances, keep a cool head and adopt traits of both the waiter and the high roller to have a good chance of victory. Luck needs to be on your side a little as well!

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