Sale to Settlement Tips
1. Property preparation (Home enhancements)
2. What happens after I list with you
3. Documentation
4. Marketing your Property
5. Selling your Property
6. Prior to Settlement
7. After Settlement
1. Property Preparation
Turn your house into a home - It's the little touches that bring your space to life for that very important "first impression". Space and touches of luxury allows someone to visualize that this could be their new home. In fact, most buyers decide if they’ll place an offer on a house within just seconds, so make sure it counts.
Your property consultant is here to help before proceeding with any of the following.
Outside
First impressions - - keep the garden neat and tidy and plant some colorful annuals.- tidy and de-clutter your garage/carport/workshop.- Put bins out of sight.- Remove oil stains from the driveway and garage. - repair fencing where necessary.- if your letterbox is not up to scratch, replace it.
Light
Light makes rooms look more spacious.- Keep blinds and curtains well open - more light is better- Light switched on in all but the brightness room.
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Ambiance
- Soft classical music playing in the background sets a peaceful mood.
- Nothing smells better on warm days than open windows and blinds.
- Think of the difference a bunch of fresh flowers or a scented candle can make.
- Style your coffee table with a luxurious hardcover coffee table book.
- Coffee brewing, a cake in the oven, a well-stocked fruit bowl give a homely impression.
- Have a little snack at open houses – It encourages people to mingle and get a feel for the place and the longer they stay the more likely they are to make an offer.
Windows
Clean and repair where necessary.
Storage
- Give the impression of space by storing items that do not add to the ambiance of the room.- Kitchen benches, in particular, should be uncluttered.
Fixtures
- Bathrooms and kitchens are always a focus so ensure that they are sparkling.- Repair grout or sealant where required and polish fittings.
Paintwork
Paint is your best investment as it makes the whole house smell clean and looks neat.
- Paint if necessary - all one color in a subtle neutral shade adds space.
- A general clean-up (sticky tape, tacks, washing walls etc) and minor repairs may suffice.
Floors
Wax/polish timber floors and steam clean carpets where necessary.
Pets
We love our pets but for the open inspection, take them with you or leave them at a friends' house.
Beware of nasty pet odors – be extra vigilant about vacuuming and washing surfaces.
Important: This general advice may not be relevant to you. You cannot rely on the legal aspects of this general advice; it is provided for information purposes only and you should please seek specific legal advice for contracts, sale documentation and settlement, and other legal issues.
2. WhAT HAPPENS WHEN I LIST MY PROPERTY WITH YOU?
What happens behind the scenes?
This is a very busy time. Signboards, Internet, floor plan artists, photographers, copywriters and videos (where appropriate) letters and flyers notifying your neighbors are prepared. We write to your legal representative requesting the necessary documentation on your behalf.In most cases you will be supplied with a calendar of events so you know what will happen throughout the entire campaign.
Property keys
Your keys are held by our office.
Open For Inspections/Open Homes
In most cases we recommend holding advertised 'open for inspections to ensure that we get as many people as possible through the property and so buyers feel more comfortable looking at the home without pressure. However, in these covid times, we are able to qualify buyers who have the most interest in your property making interruption to you minimal. A video can be made going through the property in detail which is a great tool to qualify buyers as well.
Buyers are only permitted to inspect the property when they have provided us with their contact details.We provide the most relevant information to you regarding the feedback from potential buyers so you can make informed decisions and act to achieve the best results for your property.
Valuables should always be secured, we recommend that you remove small valuables from sight. 'Out of sight, out of mind is always a good philosophy to consider. A large number of buyers live locally or have been told about a property by a local resident so boards are very important.
The success of a board is reliant upon quality photographs, a concise and simple description including important attributes not obvious from outside, with clear contact details.A well-lit For Sale board gives your property 24/7 exposure – in rain, hail, or shine!
Important: This general advice may not be relevant to you. You cannot rely on the legal aspects of this general advice; it is provided for information purposes only and you should please seek specific legal advice for contracts, sale documentation and settlement, and other legal issues.
3. documentation and other requirements
Contracts and Section 32 'Vendor's Statement'
Contracts are usually prepared by your solicitor although we can fill in a standard prescribed contract in line with the Law Institute of Victoria if required.The Standard prescribed contract includes a number of general conditions designed to protect both buyer and seller, and covers most normal land transfer situations. Additionally, a solicitor prepared contract may include additional special conditions which are typically included to protect the vendors interests, or cover any special circumstances surrounding the property – i.e. where probate is still in process of being granted or assigning liability for a notice affecting the property. They may also include a directors guarantee so that if the property is sold to a company, the directors assume personal liability for the completion of the contract, should the company default.The Vendors Statement is required under section 32 of the Sale of Land Act 1962, and provides various details about the property. For a contract to be legally binding on a purchaser, a Vendors Statement, signed by the vendor, must be given to a purchaser before he/she signs a contract.The solicitor or conveyancer preparing a vendors statement on your behalf will likely have a number of questions about your property, and it will be useful to have on hand a rates notice, details of services connected to the property, as well as details of owners corporation (where applicable) and in particular, details of any building works which have been conducted in the past 10 years. There are a number of insurance requirements around major building works, as well as any owner-builder works and renovations, which is often a cause of significant delays with documentation if not identified early. RatesA copy of the council and water rate notice for the current period;ServicesDetails of the services including gas, electricity, water, sewerage and telephone that are connected at the property.
Similarly, if any services are available to the property but not yet connected to any dwelling please advise them;Selling a UnitAny time that a property being sold is affected by an Owners Corporation (formerly known as a body corporate) the vendors must provide the purchaser with an Owners Corporation Certificate. This is irrespective of whether the Owners Corporation is active or not, and whilst two lot subdivisions are exempt from certain requirements, an Owners Corporation Certificate must still be supplied and be affixed with the common seal of the Owners Corporation. The only sure way to tell if the property is affected by an Owners Corporation is to check the title documents. Failure to include the required certificate in the documentation will give the purchaser the right to avoid the contract at any time up until settlement, so this is an important topic to discuss with your legal advisor.Selling a property which is tenantedIf the property is on a month to month residential tenancy, and is to be sold with vacant possession at settlement, a minimum of sixty days' notice to vacate must be given to a the tenant by you or the managing agent. If however a fixed term Tenancy Agreement exists, the tenants cannot be required to vacate until the end of the term specified in that written agreement.Building approvalsBuilding approvals for a new house or renovations that have been done to the property in the last ten years must have a copy of Building Approval or, if you do not have a copy, your solicitor will require the Building Approval Number of any building approvals that have been granted in the last ten years. They will also require a copy of any guarantee from the Housing Guarantee Fund or builders insurance (if applicable).Where works are completed by a registered builder, your solicitor will require a copy of the builder's warranty insurance, and in the case of owner-builder works, a prescribed defect report and provision of homeowners warranty insurance in accordance with S.137 of the Building Act 1993.NoticesDetails of any notices received, such as fencing notices, Notice of Compulsory Acquisition by Vic Roads or liability for works affecting the owner's corporation for example. Unless otherwise dealt with in the contract of sale you will be responsible for complying with all notices issued prior to the date the contract is signed.
Important: This general advice may not be relevant to you. You cannot rely on the legal aspects of this general advice; it is provided for information purposes only and you should please seek specific legal advice for contracts, sale documentation and settlement, and other legal issues.
4. Marketing your Property
The sole aim of our marketing strategy is to generate quality enquiries so we must be clear on the type of buyer that will be interested in your property.
Domain is our preferred partner to promote your property. Our success is our detail to qualifying buyers and quick response to their interest in your property.
The Campaign CommencesA marketing calendar will be supplied so that you are aware of every detail of the campaign in a simplified, structured approach.
Successful OutcomeOur aim for you is that your property is sold within the desired time frame and at a net return that meets or exceeds your expectations and that you receive a thoroughly positive service experience from Palliser.
Feedback & buyer follow–upAll buyers visiting your property will be contacted by Palliser Real Estate in the days following the inspection to gain further feedback and, more importantly, their levels of interest. Those showing interest are encouraged to make offers. This starts the process of the sale without delay time can be your enemy/You will receive regular communication outlining enquiry levels, buyer feedback, etc. Details of all visitors inspecting the property are kept on file.
Important: This general advice may not be relevant to you. You cannot rely on the legal aspects of this general advice; it is provided for information purposes only and you should please seek specific legal advice for contracts, sale documentation and settlement, and other legal issues.
5. SELLING YOUR PROPERTY
Palliser Real Estate will be with you every step of the way, keeping you fully informed throughout the selling process and briefing you on all offers received.
OffersIt is important to note that an offer is not deemed a sale until:- The offer is formally documented and signed by all parties- The cooling off period has lapsed- All special conditions are met
Exchange of contractsSignatures of both the Vendor and the Purchaser are required on a contract. The Purchaser may, in some cases, have a cooling-off period during which the Purchaser can withdraw from the contract. Once the contracts have been checked for accuracy, we will forward copies to your solicitor or conveyancer.
Your solicitor will commence the legal process of conveying ownership of the property from your name to that of the purchaser.
6. Prior to Settlement
Exchanging contracts (Unconditional)Once the property is sold, we will provide your solicitor with a copy of the signed contract and your solicitor will confirm the terms of the sale with you at that time.
InsuranceWe recommend that the vendor maintains adequate insurance so that in the event of any incident, they can restore the property to its former state "fair wear and tear excepted" for settlement. Some contracts do transfer the onus onto the purchaser for maintaining insurance. So this needs to be addressed on a case-by-case basis.
Exchanging Contracts (Conditional)If the contract is conditional upon the purchaser obtaining finance, a satisfactory building inspection or any other matter and the condition is not satisfied by the due date the purchaser must notify your solicitor, the estate agent or you by the date set out in the contract. The purchaser may request an extension of the time to satisfy the condition or may terminate the contract. If the contract is terminated by the purchaser within the allowed time any deposit paid is refundable. If no notification is given within the allowed time the contract is deemed to become unconditional.
Changes to contracts, including settlements, etc.Although we will help in any way we can, once the paperwork has been passed on to your solicitor, any changes to be made to the contracts must be negotiated between your solicitor and the purchaser's solicitor.
Cooling-off period – a simple explanation By law in Victoria, a purchaser is entitled to a 3 day cooling-off period after exchanging contracts (the day the buyer signs is not counted nor are weekends and public holidays). In most cases, if a buyer cools off (other than due to a condition of the contract), you will be entitled to keep $100 or 0.2% of the contract price as compensation that is normally deducted from the deposit and the remainder is returned to the buyer.Cooling off does not apply for properties sold at auction, or within 3 business days before or after a publicly advertised auction date. There are also many other fine points associated with the cooling-off period that should be discussed with your legal representative. Buyer quality inspections – how can they affect the sale?Pest and Building Inspections are a regular aspect of the selling process, with many buyers opting to have this done prior to competing at an auction, or prior to submitting an offer on a property. In some instances, an offer will be submitted which is conditional upon the results of a building or pest inspection within a specified timeframe. DepositThe law requires that the deposit be paid into an estate agent's or solicitor's trust account until settlement, or until an early release of deposit is obtained in accordance with the requirements of section 27 of the Sale of Land Act 1962.To fulfill these requirements, your solicitor must prepare a Section 27 Statement which you are required to complete to detail any money owing on the property to enable the purchaser to determine if the balance payable on the settlement day is sufficient to discharge all mortgages, and the purchaser must be deemed to have accepted title. This is usually 28 days from when the section 27 statement is served on the purchaser, provided their solicitor does not lodge any objection to the release of deposit within this timeframe.Where new subdivisions are approved but titles not yet registered, or deceased estates are still going through probate, or if there are one or more caveats lodged on title, then it is unlikely that an early release of the deposit will be possible.
Transfer of DocumentsThe Transfer of Land document to transfer the property into the name of the purchaser will be sent to you together with a Statement or Statutory Declaration required by law. Each of the documents will need to be signed by you. Your solicitor will hand the signed documents over at settlement so that the property can be registered in the name of the purchaser.Strict procedures must be followed when making a statutory declaration and an information sheet will be attached to the declaration when it is forwarded to you. Please be sure to follow the instructions, as failure to do so may mean the declaration is unacceptable at settlement. Final InspectionUnder the standard law institute contract, the purchaser has a legal right to have a final inspection or inspections at "any reasonable time" 7 days prior to the settlement of the sale. If the purchaser should choose to have a final inspection, we will be in touch with you to organise a suitable time to show them through your property. Discharge of MortgageIf your property is mortgaged you will need to give your solicitor the name, address, loan account numbers and contact at the bank so they can advise them of the sale. The bank will require you to sign an authority, authorising them to hand over the title to your solicitor at settlement in return for the amount of money required to pay out the loan.This payout figure will be calculated approx. 1-2 days prior to settlement and will include a pro-rata interest calculation to the settlement date and also any penalty payable for early repayment under the mortgage. The bank will also charge a legal fee for the preparation of the discharge. This will be included in the final payout. Your solicitor is provided with the payout figure only. If you require a detailed breakdown of this figure, you will need to contact the bank directly. SettlementSettlement will take place at a time arranged between your solicitor, the purchaser's solicitors, your bank and the Purchaser's bank (if applicable). It is not necessary for you to attend settlement. Unless otherwise arranged with the purchaser you must vacate the property by the appointed settlement time. Important: This general advice may not be relevant to you. You cannot rely on the legal aspects of this general advice; it is provided for information purposes only and you should please seek specific legal advice for contracts, sale documentation and settlement, and other legal issues.
Cooling-off period – a simple explanation By law in Victoria, a purchaser is entitled to a 3 day cooling-off period after exchanging contracts (the day the buyer signs is not counted nor are weekends and public holidays). In most cases, if a buyer cools off (other than due to a condition of the contract), you will be entitled to keep $100 or 0.2% of the contract price as compensation that is normally deducted from the deposit and the remainder is returned to the buyer.Cooling off does not apply for properties sold at auction, or within 3 business days before or after a publicly advertised auction date. There are also many other fine points associated with the cooling-off period that should be discussed with your legal representative. Buyer quality inspections – how can they affect the sale?Pest and Building Inspections are a regular aspect of the selling process, with many buyers opting to have this done prior to competing at an auction, or prior to submitting an offer on a property. In some instances, an offer will be submitted which is conditional upon the results of a building or pest inspection within a specified timeframe. DepositThe law requires that the deposit be paid into an estate agent's or solicitor's trust account until settlement, or until an early release of deposit is obtained in accordance with the requirements of section 27 of the Sale of Land Act 1962.To fulfill these requirements, your solicitor must prepare a Section 27 Statement which you are required to complete to detail any money owing on the property to enable the purchaser to determine if the balance payable on the settlement day is sufficient to discharge all mortgages, and the purchaser must be deemed to have accepted title. This is usually 28 days from when the section 27 statement is served on the purchaser, provided their solicitor does not lodge any objection to the release of deposit within this timeframe.Where new subdivisions are approved but titles not yet registered, or deceased estates are still going through probate, or if there are one or more caveats lodged on title, then it is unlikely that an early release of the deposit will be possible.
Transfer of DocumentsThe Transfer of Land document to transfer the property into the name of the purchaser will be sent to you together with a Statement or Statutory Declaration required by law. Each of the documents will need to be signed by you. Your solicitor will hand the signed documents over at settlement so that the property can be registered in the name of the purchaser.Strict procedures must be followed when making a statutory declaration and an information sheet will be attached to the declaration when it is forwarded to you. Please be sure to follow the instructions, as failure to do so may mean the declaration is unacceptable at settlement. Final InspectionUnder the standard law institute contract, the purchaser has a legal right to have a final inspection or inspections at "any reasonable time" 7 days prior to the settlement of the sale. If the purchaser should choose to have a final inspection, we will be in touch with you to organise a suitable time to show them through your property. Discharge of MortgageIf your property is mortgaged you will need to give your solicitor the name, address, loan account numbers and contact at the bank so they can advise them of the sale. The bank will require you to sign an authority, authorising them to hand over the title to your solicitor at settlement in return for the amount of money required to pay out the loan.This payout figure will be calculated approx. 1-2 days prior to settlement and will include a pro-rata interest calculation to the settlement date and also any penalty payable for early repayment under the mortgage. The bank will also charge a legal fee for the preparation of the discharge. This will be included in the final payout. Your solicitor is provided with the payout figure only. If you require a detailed breakdown of this figure, you will need to contact the bank directly. SettlementSettlement will take place at a time arranged between your solicitor, the purchaser's solicitors, your bank and the Purchaser's bank (if applicable). It is not necessary for you to attend settlement. Unless otherwise arranged with the purchaser you must vacate the property by the appointed settlement time. Important: This general advice may not be relevant to you. You cannot rely on the legal aspects of this general advice; it is provided for information purposes only and you should please seek specific legal advice for contracts, sale documentation and settlement, and other legal issues.
7. AFTER SETTLEMENT
The keys should be left with the estate agent unless otherwise arranged. If you make alternative arrangements directly with the purchaser or your solicitor please advise us of these so that we can respond to any queries from the purchaser's solicitors.
Change of ownership advice will be sent by your solicitor to the local council, water authority, and State Revenue Office who will then update their records and issue future notices to the new owners. Please advise your solicitor and us of your new address.
A statement of all sale proceeds and distributions will be provided to you shortly after settlement. You should also receive a final statement from your bank showing the payout figure for your mortgage.
Remember to notify the relevant authorities of your change of address. See below for a comprehensive checklist
Change of address checklist:Australia Post Electoral roll (available at Post Office)Schools/kindergartensHealth Care ProvidersBanks, building societiesFinancial advisers re-shares, investmentsTaxation Department Driver's licence (VicRoads 13 11 71)RACV (Enquiries 13 19 55)Magazine subscriptionsCredit providers (auto deductions, etc)
Service Providers checklist:Newsagent Gas SupplierElectricity Provider Telephone (Home &Mobile)Local Government Water Supplier
Ask for referrals, transfer of records, Prescriptions:
Doctor Dentist Chemist Other health practitioners
Transfer memberships: Church Clubs Civic organisationsAdvise of change of address but more importantly, obtain cover on your purchase which we can assist you with. Insurance(health, car, personal home)Arrange all of your home utility connections with only one phone call on 1300 554 323, through Connect Now at no charge (remember to mention Palliser).Keep in contact with us! We are only ever a phone call away, and are more than happy to assist you with any real estate needs.
Important: This general advice may not be relevant to you. You cannot rely on the legal aspects of this general advice; it is provided for information purposes only and you should please seek specific legal advice for contracts, sale documentation and settlement, and other.