The Sales Process – From the Purchaser’s Perspective
Helpful hints for purchasing a property
The chief responsibility of the sales agent is to look after the vendor however it is in their best interest to also assist the purchaser in any way possible to ensure a smooth transition of the property from the vendor to the purchaser. Even if a buyer does not make an offer for a property this time, the agent may offer to place the purchaser on their database and alert them when a more suitable property may come up for sale. A buyer could also be interested in more than one property that the agent has for sale so a good working relationship benefits all parties.
Here are some ways a sales agent will help a purchaser during the sales process:
Providing advice about relevant properties for sale and answering any questions a buyer has about any listed properties.
If a purchaser is interested in seeing a property, then the agent will organise a suitable time to inspect it.
If the purchaser needs more information about the property to help them make a decision, the agent will supply them with a Vendor’s Statement (Section 32).
Once the purchaser has had the Section 32 looked over by a solicitor or conveyancer and wishes to make a genuine offer, the sales agent will communicate this to the vendor.
Some negotiations on price, special conditions (finance, building and pest inspections), settlement options and fixtures and fittings may need to take place until all parties are satisfied with the terms.
A Contract of Sale is then prepared by the sales agent or solicitor, which the purchaser should again have it looked over by a solicitor or conveyancer before signing.
The contract is then given to the vendor to sign and each party will receive a copy of the contract. A copy of the contract will also be given to each party’s legal advisors.
The purchaser may be asked to pay an initial deposit on signing and then a further 10% deposit when the contract becomes unconditional. The deposit is held in a trust account by the agent until instructed by the legal advisor to disperse it.
Then it’s just a matter of time and waiting for the Contract of Sale to become unconditional and reaching the Settlement date.
Once the Settlement date is reached, the keys will be handed over (and hopefully a bottle of bubbly to celebrate) to the proud, new owners of the property.
Our Sales Consultants at One Agency Robert Mure are happy to answer any questions you may have regarding the sales process.