Contact:    sales@foxs.com.au      07 5532 3333
Frequently Asked Questions

Frequently Asked Questions

 
This section provides buyers and sellers some answers to the questions that arise immediately after signing a contract to buy or sell their home.
 

For Buyers

 
Q. What happens to the Contract after I have signed it?
A. Once a sale has been agreed to by both the buyer and the seller, and the contract has been signed by both parties, then each party is sent a copy of the contract.

The seller’s solicitor is sent a copy of the contract, and the buyer’s solicitor is sent the original contract.

Q. What do I do next?
A. There will most likely be a number of conditions that need to be satisfied for your purchase to go through, such as conducting pest and building inspections, obtaining finance, and paying the final deposit.

There are due dates stipulated on the contract for when these items must be completed. It is very important that you contact us if you are having any difficulty meeting any of the deadlines. We will do our best to help you with any problems that may arise.

Q. When do I need to contact my solicitor?
A. It is a good idea to choose a solicitor or conveyancer before you even sign a contract. You can shop around for a good price, and they will be able to read over the contract before you sign it if you are unsure of anything.

You should then contact your solicitor as soon as possible after you have signed the contract so that they can confirm your instructions for them to act on your behalf. They will also discuss with you the deadlines that are associated with your purchase.

Q. Am I entitled to any further inspections of the property once I’ve signed the contract?
A. You are entitled to 3 inspections between signing the contract and settlement. Firstly, for a Building and Pest inspection to be carried out. Secondly, for the valuation to be carried out which will assist you in obtaining finance for the purchase. Finally, you may also wish to conduct a pre-settlement inspection which is to confirm that the property is in the same condition as when it was purchased.

Q. When is the purchase confirmed?
A. Once you have satisfied all the conditions of the contract, the sale is deemed to be ‘unconditional’ and confirmed, awaiting settlement. Your solicitor will then finalise any relevant paperwork for the settlement to take place.

Q. What happens to the deposit monies once I’ve paid them?
A. Fox’s Real Estate will alway issue a trust account receipt for all deposit monies paid to us. These monies must by law be banked into an official trust account. Trust Accounts do not earn any interest.

The deposit money paid goes towards the purchase price of the property you have bought. On settlement, we forward the deposit to the Seller, less any commission due to us.

Q. What happens to the keys after settlement?
A. Legally you are entitled to keys to the property straight after settlement. In most instances, our office will hold a key or set of keys to the property during the marketing period and will retain these during the contract period so that we may organise inspections as required. As soon as the solicitors notify us that the settlement has gone through, we can release the keys directly to you.

Q. When can I move into the property?
A. If you are moving into your new property, we suggest moving in no earlier than the day after settlement if possible. This is to save yourself any unnecessary stress or expense in case settlement is delayed by a couple of hours. It can become a costly inconvenience if you are paying for a removalist by the hour.

For Sellers

 
Q. What happens to the Contract after I have signed it?
A. Once a sale has been agreed to by both the buyer and the seller, and the contract has been signed by both parties, then each party is sent a copy of the contract.

The seller’s solicitor is sent a copy of the contract, and the buyer’s solicitor is sent the original contract.

Q. When do I need to contact my solicitor?
A. It is a good idea to choose a solicitor or conveyancer before you even sign a contract. You can shop around for a good price, and they will be able to read over the contract before you sign it if you are unsure of anything.

You should then contact your solicitor as soon as possible after you have signed the contract so that they can confirm your instructions for them to act on your behalf.

Q. Is the purchaser entitled to any further inspections of the property once?
A. The buyer is entitled to 3 inspections between signing the contract and settlement. Firstly, for a Building and Pest inspection to be carried out. Secondly, for the valuation to be carried out which will assist them in obtaining finance for the purchase. Finally, they may also wish to conduct a pre-settlement inspection which is to confirm that the property is in the same condition as when it was purchased.

Q. When is the purchase confirmed?
A. Once the buyers have satisfied all the conditions of the contract, the sale is deemed to be ‘unconditional’ and confirmed, awaiting settlement. Your solicitor will then finalise any relevant paperwork for the settlement to take place.

Q. What happens to the deposit monies once they have been paid?
A. Fox’s Real Estate will alway issue a trust account receipt for all deposit monies paid to us. These monies must by law be banked into an official trust account. Trust Accounts do not earn any interest.

After settlement has taken place, Fox’s commission will be paid out of the deposit money held, and any left over will be forwarded to you immediately.

If the deposit money held is not enough to cover our commission, we will bank the total deposit amount, and a cheque for the balance of commission will be paid out of the sale of your property and will be forwarded to us from your solicitor.

Q. What happens to the keys after settlement?
A. Legally the purchaser is entitled to keys to the property straight after settlement. In most instances, our office will hold a key or set of keys to the property during the marketing period and will retain these during the contract period so that we may organise inspections as required, and so that we may pass them onto the new owners at settlement.

If you have any extra keys to the property, please drop them in to us either before settlement day, or even on the morning of settlement, so that we may give them to the buyer on your behalf.

Q. When should I move out of my home?
A. If you are currently living in the property you have sold, we suggest moving out no later than the day before settlement if possible. This is to save yourself any unnecessary stress of trying to move out and clean your home on the day of settlement.

Some settlements take place early in the morning, so you want to allow yourself plenty of breathing room!