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As you can imagine, we get asked many questions about Conveyancing and how it works.

It's second nature for us, but for many of our clients buying or selling their property for the first time, it can seem daunting.

We've asked our team what are the 5 most common questions asked by purchasers and sellers, and here they are.

We hope you find them helpful!

The Top 5 Questions we get asked by Clients Selling (Vendors)

When do I need a contract?
A contract needs to be prepared before you actively market your property.

Who prepares the contract for me?
Once you have engaged an Agent to sell your property, we will prepare a pro forma contract for you which will be held by the agent until an offer has been made.

How long does it take to have a contract prepared?
Generally 7 Days is required to allow for Council Searches to be available for inclusion in the contract. It is possible to obtain an urgent search result however Councils would charge an addition “Urgency Fee” for this.

Someone has made an offer, what is next?
we have received the Sales Advice from your Agent. A contract will be prepared in accordance with the offer accepted. One copy will be sent to you, the other will be sent to the buyers solicitor for signing.

What does it mean when the contracts are exchanged?
Once you have signed your copy and the buyers have signed theirs, the contracts are exchanged between solicitors. Both parties check for any changes and then the contracts are dated. Congratulations, you are now in a binding contract.

The Top 5 Questions we get asked by Clients Buying (Purchasers)

When do I need to organise my finance?
Due to the demand for property in today’s market, the sooner the better! Pre-approval is highly recommended so that you know how much you can spend and can make an offer within your budget. At the very least, contact your Financier as soon as you have made your offer. It is unlikely you will get an offer subject to finance.

I have made an offer, what is next?
Your Agent will send us a “Sales Advice” letter advising us of your offer and the terms negotiated. A contract will then be prepared in accordance with the offer accepted. One copy will be sent to you, the other will be sent to the Sellers solicitor for signing.

I would like to have a building and pest inspection?
when does this happen? This would be done before the contracts are exchanged so that you have the results before you are committed to the property.

What does it mean when the contracts are exchanged?
Once you have signed your copy and the sellers have signed theirs, the contracts are exchanged between solicitors. Both parties check for any changes and then the contracts are dated. Congratulations, you are now in a binding contract.

When is the deposit due?
The deposit is due on the date of Exchange. The deposit will be held in trust by the agent as Stakeholder. Should the agent not have a trust account, then the funds would be held by the vendors solicitor as stakeholder.

We hope you found this useful. Don't forget if you have any questions, please feel free to call us on 1800 66 22 22 or email enquiries@conveyancingdirect.com.au