Receiving a Contract
A Conditional Contract
Congratulations on securing a conditional contract for your property. The following is a checklist to keep you informed of what happens next:
- Soon after signing, you will receive a photocopy of your fully signed contract. The original is delivered to your solicitor and the other is delivered to the purchaser’s solicitor.
- You will need to meet with your bank and/or solicitor to discuss the signing of any necessary legal documentation.
- Make a note of any conditional dates in your diary and check with your Sales Consultant (or your solicitor) the next day if you have not heard whether the condition has been satisfied.
- The purchasers are legally entitled to a final inspection of the property just prior to settlement; your consultant will be in touch regarding these arrangements.
- Your consultant will also liaise with you to confirm settlement and hand over of any keys. The keys for your property will not be given until your solicitor has received the funds from the purchaser’s solicitor and the necessary documentation has taken place.
- If the property is tenanted and sold with 'vacant possession' ensure that the tenants have received the required notice and will be vacating the property within the required time-frame.
- Your property will continue to be marketed. You may receive another offer which would become a 'back up' offer in the event that the current contract does not proceed.
- Unless the conditional period is short, we suggest you have a 'cash out clause' included in your contract. This allows you to effectively 'cash out' the prior contract if a second, more favourable, offer is received. If this happens, the purchasers from the prior agreement are given a set number of days in which to make their offer unconditional (usually 5-7 working days) or their contract becomes null and void.
- The conditional process is monitored closely by your solicitor with assistance from your Sales Consultant and you will be kept informed as matters progress. However, if you are unsure of anything, please contact your Sales Consultant or our Ray White Allens Customer Service Manager for advice.
- When all the conditions in your contract are satisfied, the deal becomes 'unconditional' and the sale is confirmed.
- In the meantime, start planning your next move! It is a good idea to use this time to your maximum advantage because, once the offer is confirmed unconditional, the time for planning may be more restrictive.
- Notify friends, family, and business contacts of your change of address, and leave your forwarding address and contact details at your old address.
- If appropriate, contact your local postal centre and arrange for your mail to be re-directed.
- Remove any items not included in your sale well in advance of settlement day.
- If you require the services of a furniture removal company, do this immediately to ensure a booking can be confirmed for your moving day.
- If you are moving to a new property, remember to arrange suitable insurance for your new home, and to cancel any existing insurance policies relating to your previous property.
- Arrange for the transfer of any services (eg telephone, power, gas, SkyTV, email provider, newspaper/other subscriptions), and have a final reading for water and power meters.
- Ensure all necessary repairs and maintenance are attended to prior to settlement (or earlier if required).
On behalf of the Ray White Allens Team we wish you the very best.