After successfully selling your property, the relief sets in that you’ll no longer be subject to further inspections, and during the settlement period, you can finally return to a sense of normalcy. However, there are certain essential considerations, actions, and tasks that must not be overlooked. Below, you’ll find a comprehensive guide to help you navigate this post-sale phase smoothly.
1. Exchanged Contracts and Electronic Transactions:
At this stage, the contracts have been exchanged with the new purchasers, and in the modern era, this often happens electronically. Instead of receiving paper copies, the contracts are sent via email. The agent in charge would have sent copies to you, the purchaser, both parties’ conveyancers, and us as well. Depending on your circumstances, you might also need to share a copy with your mortgage broker or bank.
The purchaser may have specific conditions to fulfill, such as a building and pest inspection within a set timeframe or completing the remaining deposit payment as outlined in the contract. The agent will coordinate with us to ensure these conditions are met, eventually leading to the contract becoming “unconditional,” officially marking your property as sold.
2. Section 27 Statement and Deposit Access:
It’s advisable to inquire with your conveyancer about producing a Section 27 statement for the purchasers. In most cases, this statement enables you to access your deposit within 28 days of the purchasers receiving it. Keep in mind that in some instances, the purchasers’ conveyancer might decline this if the mortgage amount to release exceeds the purchase price or if there are concerns about your ability to settle on time. While many use this released deposit for their new property purchase, it’s wise to consider having it in your account rather than in the agent’s trust account.
3. Property Insurance until Settlement:
It remains your responsibility to ensure that your sold property is adequately insured until, and preferably a bit beyond, the settlement day. Sometimes, settlements get delayed by a day or two, and you wouldn’t want to be left without insurance coverage in case of unforeseen events that require repairs or replacements.
4. Post-Sale Actions:
Within the next week, the agents’ “For Sale” sign will be removed. If it’s still up, please inform us, and we will prioritize its removal. If your property was staged for sale, we’ll notify the staging company about the sale, and they’ll coordinate with you for the property’s de-staging. This will allow you to reclaim a sense of normality after the sale process.
5. Confidential Sale Price:
Should you wish to keep the sale price undisclosed for various reasons, please notify us as early as possible. We’ll arrange for the agent to mark it as “undisclosed.” Keep in mind that after settlement, the sale price will become public, and the agents cannot prevent this disclosure.
6. Smooth Move:
Managing the move can be overwhelming, especially if you’re dealing with two properties on the same day. Consider arranging for the removalists to empty your current property a few days before settlement. Additionally, if you’ve sold one property and bought another, consider getting a professional cleaning service to conduct a final clean. We’re here to help with any required trades; don’t hesitate to reach out for trusted supplier recommendations.
7. Final Inspection:
The purchasers are granted a final walk-through of your property about 14 days before settlement. We’ll coordinate this inspection with the selling agent. Understand that you might be in the midst of your move, and the property may not appear exactly as it did before. This inspection ensures that the property and its included items are in the same condition as when purchased. The agent will accompany the purchasers to check appliances, remove any debris or building materials, and confirm that all contract terms have been met.
8. Utility and Mail Management:
Keep your utilities connected until after the final inspection, even if you’re no longer living in the property or if it’s vacant after a tenant’s departure. Utilities need to be operational for appliance checks. Should any appliance malfunction during the settlement period, it’s your responsibility to repair it before settlement. Also, remember to redirect your mail to your new address to prevent any oversights.
9. Settlement Day Protocol:
On settlement day, make sure you vacate the property well before the settlement time. Post-settlement, you’d be considered a trespasser. Leave all keys, remotes, and necessary codes on the kitchen bench for the purchasers’ convenience. Lock the door behind you as you exit. The agent will have the key from the marketing campaign to hand over to the purchasers after settlement.
Throughout this process, from now until settlement day, we’re here to help and address any questions you might have. Don’t hesitate to reach out.
