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Once the contract is signed it becomes legally binding and a 'Form 1' document is required to be drawn up and served. This document discloses to the purchaser all relevant charges, encumbrances and registered easements affecting the property. Upon serving of the Form 1 documentation the 'cooling off' period of two working days will commence. During this time the purchaser may 'cool off' from the contract in writing without any legal consequences. (NB The 'cooling off' period does not apply to properties sold at Auction).
When 'cooling off' is completed the deposit for your home is payable. This deposit is paid by the Purchaser to the Agent who will hold it in 'Trust' until the day of settlement as per the contract.
If the offer has conditions the Agent will follow up the purchasers to obtain formal approval from the bank or other relevant bodies prior to the date set out in your contract. You will also need to enlist the services of a 'Conveyancer' (your agent can recommend some options to you). Conveyancers are commonly known as land brokers and are specialists in the field of transfers of land and property and are licensed to deal with South Australian Property transactions.
A conveyancer has a number of functions some of which are listed below:
The conveyancer will advise the agent once settlement is completed - at which time you will receive funds for the transaction.
It is a requirement that you are out of the property by 9am on the day of settlement and that you have left the property in neat, tidy and clean condition. Keys are then to be provided to the agent who will forward them to the purchaser unless other arrangements have been agreed.