questions

Questions & Answers ---------For Sellers

Q.	Is it better to sell my property by Auction or by a private treaty?
A.	There are many factors to consider whether to sell by auction or by private treaty. Talk to your Agent about this and go to my Link on this website regarding helpful tips.
Q.	Does my Real Estate agent need a contract for sale before they can advertise or show my property?
A.	Yes, all Real Estate agents will need a copy of the contract for sale before they start to advertise or show your property to potential buyers. Fines are imposed if they do not have a contract for sale.
Q.	Do I have to accept a lower deposit than 10% from a buyer?
A.	No, it is your decision whether to accept either a 5% or 10% deposit, but you may have to consider both your circumstances and the buyer's circumstances for offering a lower deposit in the first place.
Q.	If I am selling a house do I need to provide a Survey Report or Building certificates and or Building Insurance?
A.	Yes, only if you have carried out any building works/renovations over the amount of $ 12,000.00 and you have Council approval for the work that has been carried out to your property.
Q.	Can I decide on the length of the settlement date?
A.	Yes, normally a settlement period under a contract for sale is for 42 days (6 weeks). However, the settlement date is usually negotiated before contracts are exchanged.
Q.	I have sold my property, am I responsible for any damage that may happen before the settlement to the property?
A.	Yes, the risk of damage remains with you the owner up until settlement.
Q.	Can I accept more than one offer on my property?
A.	Yes, you can accept as many offer's as you like.
Q.	If I agree on a price with a buyer and I sign the contract for sale at what time I can change my mind?
A.	You can change your mind at any time up until the point of exchange.
Q.	Can I change my mind if contracts are exchanged under a cooling off period with the buyer?
A.	Unfortunately no, contracts have legally exchanged you are legally committed under the terms and conditions in the contract for sale.

Questions & Answers ---------For the Purchasers


Q.	Do I need my loan to be unconditionally approved before I can sign the contract for sale?
A.	Yes, your loan will first have to be unconditionally approval before you sign any contract for sale. Read my Home Loans Link on this website regarding helpful tips.
Q.	Is a contract required before a property is offered for sale?
A.	Yes, It is an offence for the vendor and Real Estate agent to advertise a property for sale without a contract.
Q.	Can I ask the Real Estate agent for a copy of the contract for sale?
A.	You are entitled to a copy of the contract for sale from the real estate agent if you are interested in a particular property.
Q.	If I make a verbal offer made and if accepted by the owner/s legally binds me to honour my offer.
A.	No, before exchange of contracts take place, both the seller and your can change their your minds, despite any verbal promises.
Q.	Am I legally bound to the contract if I pay an initial or holding deposit as a sign of good faith?.
A.	No, if you have not signed and/or exchanged contracts this payment does not ‘hold the property for you' the deposit is refundable.
Q.	If I pay a holding deposit can the property be sold to someone else?
A.	Yes
Q.	Can I be gazump at anytime before signing and exchanging contract.
A.	In most cases yes Gazumping can take two forms read my website Link regarding Helpfully Tips.
Q.	Do all contracts have a cooling off period?
A.	Yes, After all exchange of contracts there is provision for a five business day cooling off period. This means you can change your mind and cancel the contract. However if you decide not to proceed during the five day cooling off period, you will forfeit 0.25% of the purchase price to the seller. E.g. on $250.000 property you would forfeit $625.00
Q.	When does a cooling off period not apply?
A.	If you instruct One Title Conveyancing to sign a section 66 w certificate which waivers your cooling off rights or you are a successful bidder at auction.
Q.	What do I do in those 5 days cooling-off period?
A.	If not already done submit a formal application to your lending body or broker for a loan on the property. If your loan has been formally approved in writing then you can proceed to exchange contracts. If your loan has not yet been formally approved then by exchanging with a 5 day cooling off period this will give the lending body time to access your loan application, value the property to determine whether the property is adequate security for the loan amount. The lending body lends a percentage of the valuation of property net a percentage of the purchase price. And get any pest, building and strata reports.Although the 5 day cooling off period can be used to secure a quick exchange it is wiser to make sure your loan has been formally approved in writing before signing and exchanging contracts.
Q.	Can the 5 day cooling off period be extended?
A.	Yes
Q.	When does the cooling off period start?
A .	When contracts are exchanged and ends at 5pm (Sydney time) on the fifth business day after the day on which the contact is made.
Q.	Does a seller have a cooling off period?
A.	No
Q.	Can the seller or Agent sell the property to someone else under a cooling off period.
A.	No
Q.	Can I pay a 5% deposit rather than a 10% deposit?
A.	Yes, in some cases but the seller will have to agree.
Q.	When can I make changes to the contract for sale if changes are necessary?
A.	All amendment and changes to the any contract for sale must be done before contracts are exchanged.
Q.	What are the advantages and disadvantages when exchanging contracts with an estate agent or by One Title Conveyancing.
A.	Advantages with Agent it will usually be faster if you sign the contract in the agent's office if you exchange contracts through an estate agent without giving a section 66w certificate you will obtain the benefit of the 5 day cooling off period while securing the property for you for these five days you are not locked into the contract and can withdraw at any time within the cooling off period. Disadvantages with Agent there may be onerous special conditions in the contract that you are not aware of. If offer exchanged of contracts you get legal advise that the contract contains conditions unfavourable to you it may be too late to change them. You will forfeit 0.25% of the purchase price if you withdraw during the cooling off period even if there is something wrong within the property. You have only 5 business days in which to get advise arrange finance and complete all necessary investigations. Exchanging with One Title Conveyancing Advantages for the buyer by waiting to see One Title Conveyancing before exchanging contracts we will check the contract to see if there are any onerous or unfavourable conditions. If there are we can then negotiate with the seller who may agree to make changes before the exchange. you may have time to make inquires and obtain reports before exchanging contracts. This means you can identify any problems with the property before exchange. Disadvantages for the buyer by waiting you may be gazumped
Q.	When does exchange of contracts take place?
A.	When the buyer signs and pays for the deposit and contracts are exchanged with the seller. Once exchanged you and the seller are bound to proceed with the purchase. You can then only get out of the contract by forfeiting the full 10% deposit or if the seller has breached the contract.
Q.	What happens if the property is damaged during the conveyance?
A.	the 'passing of risk legislation transfers the responsibility of damage to the seller up until settlement or completion of the sale.
Q.	Do I need to take out insurance when buying a home unit?
A.	No, the owner corporation are responsible in making sure the property is adequately insured.
Q.	What happens if I cannot settle on the due date that is the completion date?
A.	In every contract for sale there is a clause which states that the buyer will have to pay a penalty usually 10% on the balance of the purchase price calculated on a daily basis. All buyers are entitled to one final check on the day of settlement. Been damaged or there is rubbish left in and outside of the property.
Q.	What happens if you discover on the final inspection that the property has been damaged or there is rubbish left in and outside of the property.
A.	Generally settlement will be postponed until the seller compensates the buyer in some way and repairs any damage.