An Ideal Sale
The buyer has cash or pre-approved finance and is super keen to buy your specific property because they love the area and the design. They can’t wait to sign a very reasonable offer and cross their fingers and hope that you accept it. The buyers keep calling the agent to see if you’ve accepted their offer. They ask you to sell them some of your furniture because it matches the kitchen well.
They say that they are happy with their building and pest inspection two days early and a week later confirm that their finance is ready to proceed.
Your bank is ready to release the mortgage in good time and the buyer’s bank and their lawyer are well organised and ready to settle.
The money arrives in your bank account in record time and you can’t believe how simple the whole process was. Thank you Clearman Lawyers.
A Conveyance in the Real World
After replacing the hot water system, painting the kids’ bedrooms and having the carpets professionally cleaned, you somehow make the time to repair the pool pump and clean the pool in the weeks after engaging the excellent real estate agent recommended by Clearman Lawyers.
There are plenty of tire kickers and after a few weeks a couple of potential buyers finally appear. Your agent is doing a great job of building a sense of urgency and the two different buyers seem serious.
The best buyer’s lawyer is pretty fussy and includes a number of conditions in the contract which would mean that the property will be off the market for about five weeks which means that you could lose the interest of the other real buyer. It’s a difficult decision but you go with the second buyer because they really like the property and their offer is less demanding.
Their building and pest inspector is a good operator and picks up a couple of important items at the property including the guttering and that the deck may not have been final certified by council. It takes a few days to produce the final certification and finally, after you agree to a $750.00 less adjustment for the guttering and termite barrier, the buyer is satisfied with the building and pest condition.
Your property is cross-collateralised with your investment apartment and your lender wants 21 business days to arrange the release of the mortgage. You sent in the Discharge Authority but they say they didn’t receive it and after a couple of telephone calls you forward the original email proving you sent it correctly. Then they want to value the investment property to make sure your loan to value ratio stacks up after this sale.
The buyer needs two finance extensions but finally confirms finance five days late, on the proviso that the settlement date is extended by a week to give their bank time to process the loan documents. They also want to settle on a Friday, not a Monday, so they can move in on their timetable, not yours.
The day before settlement your bank snatches victory from the jaws of defeat and confirms that they are going to be ready to settle. Clearman Lawyers works with you throughout the process answering your questions, confirming timelines, confirming how the contract works and recommending next steps to help you take all of this in your stride.
Your sale settles on the Friday afternoon and the funds after payment of the mortgage arrive in your bank account later that evening while you are still moving boxes into your incredible new purchase.
Disclaimer
This page is not intended to provide legal advice and does not create a client-lawyer relationship. This post is provided for general information purposes and should not be relied upon as a substitute for legal advice. If you need help with legal advice for your particular situation, please contact our office (details below or on ‘Contact’ page) and we’ll be happy to assist you.