“Protecting Your Property Transfer Investment Part 2″

Following on from our previous blog here are further steps involved in the process to ensure your Conveyancing Property Transfer is protected and secure:

STEP 2

Once we are in receipt of your Sales and Purchase Agreement from the Real Estate Agent or you directly we will communicate with you regarding the conditions and the obligation to satisfy them by either party by the due date.

 Communication is the key . We will take the stress out of the process for you!!!!!!!! 

Step 3

Congratulations. Once all conditions have been satisfied to your requirement we will seek your instructions to confirm the Agreement unconditional and communicate this to all interested parties.

It is at this point that the deposit will need to be paid. Generally it will be either 5 or 10% of the purchase price, or what you have available.

Payment is made directly to the Real Estate Agent who will hold this in their trust account for the Statutory 10 working days.

It is not uncommon for the Real Estate Agent to request early release of the deposit as they are paid upon the Agreement becoming unconditional. Instructions will need to be obtained from you directly prior to this being confirmed.

If the deposit amount is incorporated in the Finance you will need to make arrangements with your Lender to see if a temporary overdraft is available.

 Step 4

The process now begins with preparation for the settlement process. We will communicate with all other parties involved in the transaction.

 This will include the Real Estate Agent, Broker, together with the other parties Conveyancing Practitioners or Solicitor.

 Vendor

• Request the Discharge Instructions from your Lender.
• Request the Rates Information from the Council.
• Provide a Settlement Statement to the Purchasers Representative.
• Forward you the Authority and Instruction form (Electronically) to sign and return with your Photo Identification.
• Certify and sign the edealing on your behalf.
• Provide the necessary undertakings to the Purchasers Representative.
• Receive the Settlement Funds from the Purchasers Representative.
• Repay the Lender, Balance of Commission to Real Estate Agent if applicable together with any outstanding rates and final rates. reading.
• Deposit the balance directly into your Bank Account.
• Forward the Sales Notice to the Council providing details of the new owner.
• Authorise release of the keys to the Real Estate Agent.
• Provide you with final correspondence including receipt of funds deposited, settlement statement and tax invoice.

To Your Property Success and Security Kim