Frequently Asked Questions about Residential Property Sales - Page 2

When do I pay the commission to the Real Estate Agent?

When the contract becomes unconditional the purchaser will be required to pay a deposit of around 10% of the purchase price to the Real Estate Agent. The Real Estate Agent's commission will then be deducted from this.

If I am not sure about negotiating any of the provisions of the agreement to sell my property what should I do?

Real estate agents sometimes need to be reminded that they are the vendor's agent. Because they introduce the purchaser to you some real estate sales-people often overlook that their first duty is to you as the vendor's agent. If you do not feel confident about negotiating any of the provisions of your sale agreement we strongly suggest that you use a lawyer to negotiate on your behalf.

Once I have signed the agreement to sell my property what happens next?

The real estate agent should send you a copy of the agreement and should arrange to send your original counterpart agreement to your solicitor.

What should your solicitor do for you?

When the offer to sell is accepted and the agreement takes effect and then subsequently, if it is a conditional agreement, when it becomes unconditional, a solicitor should carry out the following matters as part of your sale transaction:

• Obtain a current search of the Certificate of Title for your property;
• Check as to the fulfilment of any conditions in the agreement for sale and purchase which the purchaser is required to fulfil by date nominated by the agreement;
• Negotiate any extensions or variations that may need subsequently to be agreed between the vendor and the purchaser;
• Arrange with any mortgagee for the mortgagee to sign a discharge of its mortgage and obtain a statement of the amount that is required to be paid when the property is sold if it is unconditional;
• If there is a water meter, a final reading needs to be arranged;
• Prepare a settlement statement and send it to the purchaser's solicitor apportioning all the outgoings over the property, and any other levies arising from the Unit Titles Act or cross leasing arrangements;
• Attend on settlement and hand the title and other documents to the purchaser`s solicitors after obtaining any discharged mortgage from the mortgagee and paying the amount owed to the mortgagee;
• Report and account to you.