Found a buyer, what now?

Private

Once you have reached an agreed selling price with the buyer, you need to sign the contract. The buyer pays a deposit, usually 10%, with the balance to be paid on settlement date.

Auction

With auctions, there is no cooling off period. The deposit is paid and the contract signed on the fall on the hammer.

After the contract is unconditional, it is legally binding and the process of transfer can begin.

A solicitor or conveyancer usually handles the transfer with stamp duty (if applicable) being paid by the buyer. On settlement day, the keys are handed over to the buyer and the property becomes their responsibility, thus it is important to note that until settlement day, you are responsible for insurance etc. (The legal process varies in each State, so consult with your solicitor and PRDnationwide agent).

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Phone 02 4344 5580
Fax 02 4344 5582
11-13 Broken Bay Road
Ettalong Beach NSW 2257