Residential Sale and Purchase
App Updates
We pride ourselves in our communication and keeping you updated during your transaction. To assist with this, we will provide you with updates via push notifications from our Joseph Grassi + Associates App.
The Process
The first step in the sale process is for us to prepare a Contract for Sale and provide it to the real estate agent nominated by you. The agent is unable to market the property until they have received the contract. The contract generally takes 2 to 5 business days to prepare. Once a purchaser has been found we will liaise with their representative in relation to exchange of contracts (if not already undertaken by the agent) and undertake the necessary steps to arrange settlement of the transfer of the property to the purchaser including liaising with your outgoing mortgagee (if any).
Our experienced team will guide you through the conveyancing process and ensure that you obtain good title to the property. We can also assist you to obtain pest and building and/or strata inspection reports which we highly recommend you obtain prior to exchange or expiry of any cooling-off period. Our service includes examining and advising you on the contract, advising you in relation to any stamp duty exemptions/concessions, negotiating minor amendments with the vendor’s representative, arranging exchange of contracts (if not already undertaken by the agent), liaising with your lender (if any), investigating the title including obtaining necessary searches and enquiries, submitting requisitions (if applicable) and arranging settlement of the transfer of the property to you.
Contracts for the Sale and Purchase of residential property can be exchanged in two ways:
- With a cooling-off period – This generally occurs when exchange is undertaken by the real estate agent. The standard cooling-off period is 5 business days however sometimes the vendor will agree to 10 business days. This period allows the purchaser to secure the property for themselves, have their legal representative review the terms of the contract, obtain final loan approval and receive the results of pest, building, strata and any other prudent reports. The purchaser can rescind (cancel) the contract at any time before the expiry of the cooling-off period and will forfeit the deposit paid (0.25% of the purchase price) on rescission to the vendor.
- Unconditionally – This requires the purchaser’s representative to provide a Section 66W Certificate to waive the purchaser’s right to a cooling-off period at the time of exchange. Once the contract is exchanged with this certificate it is binding on both the vendor and purchaser. This type of exchange generally occurs between representatives of the vendor and purchaser or if the property is sold prior to auction.
