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LEN WORTHINGTON’S REAL ESTATE TIPS

from contract to settlement SELLER’S EDITION


LEN WORTHINGTON

REAL ESTATE Selling the area’s finest homes! 0402 297 355

|

www.lenworthingtonrealestate.com.au |

lenworthington@remax.com.au

Contents Introduction 3-4 The Contract 5-8 Building & Pest Inspections 9-10 Pool Inspections 11 Valuations & Finance Approval 12 Other Contract Conditions (i.e Council Searches) 13 Pool Safety Certificate 14 Contract now “Unconditional” 15-16 Preparing for Settlement 17-19 On Moving Day 20 Pre-Settlement Inspection 21 Settlement Day 22 At Your New Home 23

Disclaimer

The information in this newsletter is for general information purposes only. Every care has been taken to minimise any errors. It is not intended as financial or investment advice and should not be construed or relied on as such. Before making any commitment of a financial nature you should seek advice from a qualified and registered financial or investment adviser and / or independent expert opinions such as your conveyancing solicitor or legal representative. No material contained within this newsletter should be construed or relied upon as providing recommendations in relation to any financial product. The information provided is current as at the publication date only. This publication is supplied on the basis that while Len Worthington Property attempts to ensure the information in it is reliable at the publication date, it does not warrant its accuracy or completeness and to the full extent allowed by law excludes liability in contract, tort or otherwise, for any loss or damage sustained by yourself, or by any other person or body corporate arising from or in connection with the supply or use of the whole or any part of the information in this publication through any cause whatsoever. Len disclaims all responsibility and all liability (including without limitation, liability in negligence) for all expenses, losses and damages (including indirect or consequential damage) and costs which might be incurred as a result of the information or data being inaccurate or incomplete in any way and for any reason.

Copyright 2016 Len Worthington If you see any inaccuracies in this publication please email Len at: lenworthington@remax.com.au

Page 2 - From Contract to Settlement


LEN WORTHINGTON

REAL ESTATE Selling the area’s finest homes! 0402 297 355

|

www.lenworthingtonrealestate.com.au |

lenworthington@remax.com.au

Introduction Dear Valued Client, Your property is now “on the market” and all of our marketing and promotional materials have been released and distributed in order for us to find the ideal buyer/s that will pay the best price for your property. Len has generally found that in most instances (with rare exception), your best and highest offers will come from buyers who inspect your property in the initial weeks. In Len’s experience, he has found that when your property first enters the market, momentum is generated as qualified buyers (those in the price range) who have been looking around for some while discover your property for the first time. Often, competition is most likely to peak in the first few weeks, and buyers are most likely to make offers then because they fear losing out to someone else.

“Will I or won’t I accept an early offer?” You may ask this question of yourself, and it can be a difficult decision for you, and a real pressure point. Should you hold out for a higher price? Should you wait for a better buyer? Some vendors say NO to an early offer as they believe it has happened all too quickly, and with more time, higher offers will come flooding in. In the past Len has found that this approach can be financially painful! Len can offer you numerous case studies of property owners selling for far less months down the track than they were offered in the initial stages. Before you dismiss any early offers, it may be worth considering that this prospective buyer is obviously keen to buy a home and they may have become frustrated with the market and sick of continually looking for their next home. Len has generally found that they may pay a premium for the right home in order to buy it now, and often they may be your best buyer by a long shot.

! r e b m Reme

TIME

Generally, every offer is a sure sign of buyer interest and normally only a starting point in the negotiations. Len finds that offers are usually made by prospective buyer’s based on their own impressions of the market. To say no to an offer is better than to receive no offer at all. You have the right to say no, in which case you still own your property.

= PRICE

The longer your property is on the market, the less a buyer expects to pay for it. Page 3 - From Contract to Settlement


LEN WORTHINGTON

REAL ESTATE Selling the area’s finest homes! 0402 297 355

|

www.lenworthingtonrealestate.com.au |

lenworthington@remax.com.au

Introduction “Will I or won’t I accept the offer?” It is now time to be very clear about your reasons for selling, your future property goals, and we now need to work and negotiate together to maximise your result. Great care is taken before any recommendations are made by Len, to ensure that you achieve a great price and result in the current market. Len’s aim is to negotiate positively in order to reach a result that you are happy with. Once negotiations are complete, and if the offer is accepted, Len will arrange to meet with you to sign the REIQ Contract.

We hope that this guide provides you with information that will make the entire “Contract to Settlement” process clearer and less stressful to you. We will work together to maximise your profit

Page 4 - From Contract to Settlement


LEN WORTHINGTON

REAL ESTATE Selling the area’s finest homes! 0402 297 355

|

www.lenworthingtonrealestate.com.au |

lenworthington@remax.com.au

The Contract Contract Signed & Dated: As soon as the contract has been signed and initialled by both parties, Len will date the Contract (“Contract Date”), email immediately to both solicitors, and forward the original copy of the contract to the buyer’s solicitor once the deposit has been paid. Len will also ensure that the vendor and buyer are provided with a signed and dated copy via email for their records as soon as possible.

Cooling Off Period: This is a 5 business day period which starts when the property is Under Contract, where the buyer can terminate the property for any reason, but they will need to pay a termination penalty equal to 0.25% of the purchase price.

UPON RECEIPT OF YOUR CONTRACT, YOUR SOLICITOR WILL INITIALLY.. • Open your file and contact you to advise Contract received • Peruse Contract and diarise due dates • Order Title Search • Send initial letter to buyer’s Solicitor to advise they act for you • Send initial letter to Agent to confirm receipt of Contract • Send comprehensive initial letter to you enclosing documentation for your execution as well as detailed information for your perusal

The MTM firm is based in Albany Creek on the Northside of Brisbane. Tel: (07) 3264 7692 Email: mail@mtmlawyers.com.au

www.mtmlawyers.com.au

Notes

Page 5 - From Contract to Settlement


LEN WORTHINGTON

REAL ESTATE Selling the area’s finest homes! 0402 297 355

|

www.lenworthingtonrealestate.com.au |

lenworthington@remax.com.au

The Contract

1

2 4

3 5

1

Len will write the “Contract Date” once all parties have signed and initialled the final contract. It is from this “Contract Date” that all other contract due dates are calculated.

2

Seller names are the full names as per your property “Current Title Search” documents and may include a previously used maiden name from when you purchased the property. Your signatures and initials will be for this name.

3

You should be familiar with the solicitor that you will nominate to complete your conveyancing. If you dont have any in mind, Len can easily provide you with some details of recommended solicitors.

4

Property details as per “Current Title Search”.

5

You should be familiar with what “Excluded Fixtures” & “Included Chattels” will be listed on your contract. For some recommendations, refer to the items on page 15.

Page 6 - From Contract to Settlement


LEN WORTHINGTON

REAL ESTATE Selling the area’s finest homes! 0402 297 355

|

www.lenworthingtonrealestate.com.au |

lenworthington@remax.com.au

The Contract

6

9 7 8

6

The all important agreed Contract “Purchase Price”.

7

The date by which the buyer’s finance approval is due.

8

The date by which the buyer’s building and pest inspection results are due.

9

If you have a registered swimming pool you can search your property to check if you have a current pool safety certificate (valid for 2 years) at: https://www.smarteda.qld.gov.au/pools/properties/propertySearch

For more details see page 14

Page 7 - From Contract to Settlement


LEN WORTHINGTON

REAL ESTATE Selling the area’s finest homes! 0402 297 355

|

www.lenworthingtonrealestate.com.au |

lenworthington@remax.com.au

The Contract 10

10

Some example special conditions mentioned are: 11. Subject to your buyer’s prior contract of sale becoming unconditional. 2. Subject to buyer’s searches and 2 “due diligence”.

3 3. Subject to buyer’s pool inspection report.

11

4 4. If you don’t have a current Pool Safety Certificate for your property, you have a time period to get one prior to settlement. See page 14 for more details.

11

This is the Settlement Date upon which your buyer pays the Contract Price for your property and the date on which you must be vacated from the property for ownership (and all keys) to be passed to your buyer.

For pages 6-14 of the REIQ contract, go to

www.bit.ly/CONTRACT-SAMPLEONLY Notes

Page 8 - From Contract to Settlement


LEN WORTHINGTON

REAL ESTATE Selling the area’s finest homes! 0402 297 355

|

www.lenworthingtonrealestate.com.au |

lenworthington@remax.com.au

Building & Pest Inspections DUE DATE: Depending on the property, and the nature of the improvements upon it, the buyer will arrange for the relevant inspections to be completed by licenced inspectors within the contract time frames allocated. This is usually 10-14 days from the contract date. The inspections generally include building and pest inspections and their reports, pool inspections, and then subsequently may include engineer reports, electrical or plumbing reports if the buyer feels they may be warranted. Within the 10-14 day allocated period, Len will receive the phone call/s to request the inspections from the inspection company. Len will then confirm the suitability of that day and time with you before confirming that appointment with the inspectors. It will be both Len and the inspectors in attendance, and Len always recommends that the buyers attend these inspections as well. This way they can hear and see first-hand any of the potential issues. If the inspector explains any issues with the property, Len will ask that the buyer be advised on how to rectify the issue, ways to prevent future problems and finally give an estimated cost of any major repairs needing to be undertaken. Be aware that in many instances the buyer may request that you either rectify the issues, or reduce the contract price accordingly to allow the buyer to rectify the issues after settlement.

InspectDetect specialise in a range of inspections for your convenience. These include building inspections, pest inspections and other additional services. The latest technology is also used to guarantee a thorough inspection. Thermal imaging is considered to be very valuable in this regard because it can detect what the naked eye can’t.

0419 575 975

info@inspectdetect.com.au

www.inspectdetect.com.au

QBCC Lic No: 57421 - QLD Health Pest Lic No: PMT-0-14558 - Accredited Terma Trac User

Notes

Page 9 - From Contract to Settlement


LEN WORTHINGTON

REAL ESTATE Selling the area’s finest homes! 0402 297 355

|

www.lenworthingtonrealestate.com.au |

lenworthington@remax.com.au

Building & Pest Inspections It is recommended that the house be vacated by you (and any dogs) during these inspections, as the buyer’s are likely to be in attendance and spending approximately an hour/ hour and a half at your property. It is also recommended that you leave the property in a very tidy condition. It is requested that you leave out on your kitchen bench any house plans, council approvals and finals that you may have (ie. for dwelling, pool, patio, shed etc). If you have fully renovated any bathrooms please leave out the water proofing certificates. In most cases Len should be able to receive verbal feedback from the buyer immediately after the inspection has been completed and he will notify you of this information straight away. The buyer’s will receive a written report generally within 48 hours from the inspector/s. Once your buyer’s inspections have been satisfied (or otherwise) their solicitor will advise your solicitor accordingly, within the 10-14 day allocated period.

The inspectors should report on the following: • • • • • • • • •

The structural integrity of all buildings Water damage, including outside penetration & potential internal leaks Ventilation, skylights, air conditioning, insulation The general condition of paintwork & plaster The condition of the tiles on the floors & in bathrooms The condition of the roof, guttering and downpipes Condition of surrounding concrete driveways & paths, fencing, retaining walls, paving Electrical – including safety issues All evidence of past & current pest activity that may pose a threat to the property, such as termites & borers. Some inspectors have access to the latest technology & have the ability to check behind walls, using thermal imaging cameras.

Notes

Page 10 - From Contract to Settlement


LEN WORTHINGTON

REAL ESTATE Selling the area’s finest homes! 0402 297 355

|

www.lenworthingtonrealestate.com.au |

lenworthington@remax.com.au

Pool Inspections DUE DATE: If your property has a swimming pool, it is very likely that your buyer will insert a condition such as Special Condition 3 on Page 8 of this document, that allows them to conduct a pool inspection. This inspection, generally conducted by a licenced pool inspector from a local pool shop (ie. Pool Werx, Waterama etc) will be coordinated between the buyer, Len and yourself in a similar manner to the coordination of the buyer’s building and pest inspection (and often completed on the same day). Like for the buyer’s building and pest inspections, in most cases Len should be able to receive verbal feedback from the buyer immediately after the inspection has been completed and he will notify you of this information straight away. The buyer will receive a written report generally within 48 hours from the inspector/s. Once your buyer’s inspections have been satisfied (or otherwise) their solicitor will advise your solicitor accordingly, within the allocated time period as per the contract.

The inspectors should report on the following: • • • • • •

The structural integrity of the pool, it’s surface (ie. pebblecrete) and the coping surrounds The operation of the pump, filter, chlorinator and cells. It would be wise for you to check prior for any leaks or faulty seals, backwash the pool filter and acid clean the salt cells, clean out the filter and skimmer box of any leaves and debris The pool light (if you have one) – please inform Len of the switch location before this inspection The electrical wiring and safety of the equipment The operation and condition of the pool cleaning equipment (ie. Kreepy Krawly) The chemical balance of the pool water

Notes

Page 11 - From Contract to Settlement


LEN WORTHINGTON

REAL ESTATE Selling the area’s finest homes! 0402 297 355

|

www.lenworthingtonrealestate.com.au |

lenworthington@remax.com.au

Valuation & Finance Approval DUE DATE: Please advise your own Bank of the sale at your earliest convenience, and perhaps email to them the “Signed & Dated Contract” PDF that Len emails to you, as it may take them a couple of weeks to arrange to release security over the property. Your buyer will generally have a period of 14 days from Contract Date to have their finance approved. During this 14 day period don’t be alarmed if the buyer’s bank or lending institution requires a valuation of your property by a registered property valuer. They will look at and consider factors such as market conditions, future market predictions and risk, recent surrounding comparable sales, the buyer’s equity and percentage of borrowing. Len will receive the phone call to request the valuation appointment and he will always confirm with you initially before confirming the appointment with the bank. It will only be Len and the valuer who attends this appointment, however it is absolutely okay if you or your family are at home at this time. Please ensure your property is generally clean and tidy for this appointment. Once your buyer’s finance has been approved, their bank or financial institution will advise their solicitor accordingly. The solicitor in turn will generally (at the 14 day from contract point) notify your solicitor that your buyer’s finance has been approved! Don’t be alarmed if the buyer’s finance is extended for a short period as this may occur for a range of reasons, many outside of the buyer’s direct control.

Page 12 - From Contract to Settlement


LEN WORTHINGTON

REAL ESTATE Selling the area’s finest homes! 0402 297 355

|

www.lenworthingtonrealestate.com.au |

lenworthington@remax.com.au

Other Contract Conditions DUE DATE: The buyer’s solicitor will often require that their client (your buyer) insert a due diligence special condition (as per special condition 2 on Page 8 of this document highlighted in yellow) into the contract to allow for them to complete council searches and other searches prior to the contract becoming “unconditional” amongst other things. The purpose of these searches is for the buyer to ensure that all improvements or structures built on your property (ie. the dwelling and it’s plumbing; a swimming pool; an added patio, shed or carport over 10sq.m. in size; a retaining wall over 1m in height; etc) have the necessary council: 1 building approval to initially construct the structure; and final approval confirming that the council have completed their final inspection and approved 2 the structure.

Since the Moreton Bay Regional Council was formed in 2008 by the amalgamation of Caboolture Shire, Pine Rivers Shire and Redcliffe City, the property records in regards to building approvals and final approvals for many properties are in a fairly incomplete state. Len has found that it is now quite common for perhaps one in every 3 or 4 properties not to have all of the necessary building approvals or final approvals when the buyer completes their due diligence council searches. Please be prepared for this to be the case, as it is almost impossible for you to know the status of every approval for every structure on your property (even if you built the property – just ask Len!), unless you also complete these same full council searches. Often it comes down to the inspection paperwork completed by a contracted certifier many years ago having been sent to the council, but the administrative actions were never completed by council, or the inspection document has since been lost. If the buyer’s searches show that this is the case, that you do in fact need to obtain one or more approvals, your solicitor and the Moreton Bay Regional Council will be well practiced in the actions that you need to initiate, as it is such a common occurrence. Be aware that fees do apply.

A great initial point of contact within the Moreton Bay Regional Council, who has been able to inform others of the process necessary to obtain the required approvals is:

Colin Ashton

Development Compliance Officer within “Building & Development Compliance” Mobile: 0438 132 065 Email: Colin.ashton@moretonbay.qld.gov.au

Page 13 - From Contract to Settlement


LEN WORTHINGTON

REAL ESTATE Selling the area’s finest homes! 0402 297 355

|

www.lenworthingtonrealestate.com.au |

lenworthington@remax.com.au

Pool Safety Certificate DUE DATE: “Pool Safety Certificates” are required to be provided by the seller to the buyer (or buyer’s solicitor) when selling a property with a pool. If you don’t have this certificate prior to signing your contract, don’t worry. Len will insert a contract special condition that allows for you to obtain one prior to settlement date (see Note 9 on Page 7, and Special Condition 4 on Page 8). If you have a registered swimming pool Len will have already searched your property to check if you have a current pool safety certificate (valid for 2 years at: https://www.smarteda.qld.gov.au/pools/properties/propertySearch If you don’t have a current “Pool Safety Certificate” for your property, your contract will detail the time period you have to get one, and to provide a copy to the buyer’s solicitor prior to settlement. These certificates can generally be quite easily obtained, provided you give your inspector 1-2 weeks notice to complete his inspection/s, and allow perhaps another 1-2 weeks to complete any rectifications to your fencing in order to make it compliant. Some common faults with existing pool fencing that may need rectification include pool gates that don’t automatically close, gaps larger than 100mm under fence panels, climbable plants or tree limbs too close to the top of fence panels etc. If you need to obtain a current “Pool Safety Certificate” for your property, I would strongly recommend that you contact Col Thomsen 0417 733 992 from Pool Safety Services SEQLD

Pool Safety Services provide pool certificates, inspections and advice in Strathpine, Bracken Ridge, Sandgate, Carseldine, Albany Creek, Kallangur, North Lakes, Narangba, Deception Bay and Redcliffe.

Lic No 101407

|

Col Thomsen 0417 733 992 | Erica Thomsen 0417 212 209

Page 14 - From Contract to Settlement

enquire@poolsafetyservicesseq.com.au


LEN WORTHINGTON

REAL ESTATE Selling the area’s finest homes! 0402 297 355

|

www.lenworthingtonrealestate.com.au |

lenworthington@remax.com.au

Contract Now “Unconditional DUE DATE: Congratulations, your contract of sale is no longer subject to conditions, and your buyers have paid their full deposit. You can now prepare in confidence with your planning and move out of this existing property and towards your new home. Continued below is what usually happens next in the lead up to settlement.

Included Chattels & Excluded Fixtures: Your contract states the items that are included in the sale and any “fixed” items that are excluded. As a basic rule of thumb – imagine picking up the house and giving it a ‘shake’. Anything that remains attached to the house would normally be expected to stay. Please ensure that included items listed in the contract remain in the property at settlement, usually such as all blinds and curtains, all light fittings, and the dishwasher. If you have a swimming pool, you generally will leave the automatic pool cleaning equipment (ie. Kreepy Krawly, Barracuda etc) and the manual cleaning equipment (ie. scoop, brush, pole, any sections of hose, PH test kit, spare chemicals and any unwanted bags of salt). Unless they are mentioned as exclusions, it is generally expected that you will leave items affixed/ attached in some way to the property. These items can include garden sheds, cubby houses, watertanks with their pumps, irrigation systems, clothes lines, water-features, garden lighting, the ducted vacuum system (including the hose & all attachments) wall mounted TV and speaker brackets and wiring, attached wall shelving, storage cupboards or storage hooks, and all existing picture hooks. Unless they are mentioned on the contract as inclusions, it is generally expected that you will take with you your potted plants, garden ornaments, non-attached shelving, cupboards or other furniture and chattels.

Notes

Page 15 - From Contract to Settlement


LEN WORTHINGTON

REAL ESTATE Selling the area’s finest homes! 0402 297 355

|

www.lenworthingtonrealestate.com.au |

lenworthington@remax.com.au

Contract Now “Unconditional DUE DATE: Please make sure you have signed and returned any paperwork required by your Solicitor to ensure that there are no settlement delays. Your solicitor will complete all necessary property transfer and release forms, and all necessary forms with the Council to transfer the property ownership for rates payments to your buyers. The buyer’s solicitor will also organise for Unity Water to conduct a water meter reading at your property immediately prior to settlement day so that they can finalise your account. Council rates and water are the Seller’s responsibility until settlement. Your Solicitor will calculate the amounts payable until the end of the current billing cycle and will include this in your settlement calculations.

Please ensure you don’t cancel your house insurance until after settlement occurs.

AMONGST OTHER THINGS YOUR SOLICITOR WILL... • • • • • • • •

Receive Transfer Documents from buyer’s Solicitor Send Transfer Documents to you for signing Negotiate and confirm reasonable extensions of time requested by the buyer’s necessary to fulfil conditions (you don’t have to agree to any such requested reasonable extensions of time but the Contract will usually then terminate) Receive advices from buyer’s Solicitor once each condition is satisfied (and chase them up as necessary) Advise you that each condition is satisfied Ensure Agent has received notification of satisfied conditions Advise you once Contract becomes “unconditional” Contact your Bank to confirm they’ve received your signed Discharge Authority and are on track for payout and release of your mortgage and settlement date

Notes

Page 16 - From Contract to Settlement


LEN WORTHINGTON

REAL ESTATE Selling the area’s finest homes! 0402 297 355

|

www.lenworthingtonrealestate.com.au |

lenworthington@remax.com.au

Preparing for Settlement DUE DATE: Preparing to move your household can be a very busy and emotional time. To help prevent you from forgetting important preparatory matters and actions (like disconnecting or reconnecting your electricity), I have included in this guide various tips, tricks and checklists that may be useful.

Recommended local businesses should you need their help

HOME CLEANING

CARPET CLEANING

J & N HOME SERVICES

PROTECTOR CARPET CLEANING Protector Carpet Cleaning provide thorough carpet cleaning services and a wide variety of additional cleaning options including upholstery, leather, mattresses, water extraction & flood damage. We also provide our own hotwater

J & N Home Services and Domestic Cleaning are a locally owned and operated domestic cleaning service. They have been running for over ten years, and are well known in the Albany Creek area.

0422 332 421 - housecleaning@live.com.au

0411 424 818 - danny.protector@hotmail.com

LAWNS, YARDS & HANDYMAN REPAIRS HARD YARDS LANDSCAPING & PROPERTY MAINTENANCE • • • • • •

Structural & Soft Landscaping General Property Maintenance Mowing & Edging Hedging & Pruning High and Low pressure cleaning Concreting & Paving

• • • •

Fencing Painting Acid Wash and reseal of Driveways Domestic, Industrial, Commercial & Body Corporate

0412 584 565 - hardyards.aust@bigpond.com

Notes

Page 17 - From Contract to Settlement


LEN WORTHINGTON

REAL ESTATE Selling the area’s finest homes! 0402 297 355

|

www.lenworthingtonrealestate.com.au |

lenworthington@remax.com.au

Preparing for Settlement 3-4 WEEKS

Before Your Move Set a firm date for your move. You may want to hire a relocation consultant (particularly if you are moving to/from interstate or overseas). Organise a removalist - ask friends or relatives for recommendations. If you need storage, arrange it now. Organise transit and/or storage insurance for your belongings. Organise your travel plans for moving day - if you’re moving some distance, you may need to book a hotel or other accommodation. If necessary, book some time off work. Obtain moving materials such as boxes, packing tape, rope, newspapers (for wrapping) and marking pens. Keep a list of incoming mail and start notifying businesses and suppliers of your change of address.

Notes

Page 18 - From Contract to Settlement

2 WEEKS

Before Your Move Start packing non essential items and clothing list the items packed on the outside of the box. Contact your utility companies (eg. Origin, Ergon, AGL) and communication providers (eg. Telstra, Optus, Vodafone). Arrange for disconnection and reconnection of telephone, internet and pay tv services at your new address. Ask someone to look after the kids on moving day. Update insurance policies, and ensure furniture and belongings are insured during the moving process. Make a list of the items you want the removalist to move and any items you’ll be moving yourself. If you have pets, organise care for them during moving day and make necessary pet transport arrangements. Start cleaning your home. Arrange redirection of mail with Australia Post. Dispose of any hazardous waste in the correct manner. Empty your freezer and pantry by eating all the food! Defrost the freezer before moving it.


LEN WORTHINGTON

REAL ESTATE Selling the area’s finest homes! 0402 297 355

|

www.lenworthingtonrealestate.com.au |

lenworthington@remax.com.au

Preparing for Settlement ChecklIST

1 Week

Before Your Move Arrange for bills to be paid. Cancel services such as mowing service, newspapers and other home delivery services. Confirm arrangements with utility companies. (For disconnection on settlement date and reconnection at your new address) Put important documents such as passports, drivers licences in a safe place. Finish packing - make sure all boxes are correctly labeled with contents and rooms. Start eating the food in your fridge & pantry.

Disconnection & Reconnection of Utilities

Personal Family and Friends

Gas

Employer

Electricity

Schools

Water

Day Care

Telephone

Doctor

Internet

Dentist

Pay Television

Memberships Social &

Financial & Legal Banks & Credit Cards

Sporting Clubs

Superannuation Fund/s Shares and Investments Accountant/Solicitor Tax Office Insurance (property, life, car) Road Authority (licence and registration)

Return library books and DVDs and pick up any dry cleaning.

Social and Sporting Clubs

If packing all your stuff has left you with piles of rubbish, take it to the tip.

Local Council

Pack up your computer. Keep all cords and accessories together.

Electoral Office

Deliveries Cancel Newspaper Redirect Mail

Notes

Page 19 - From Contract to Settlement


LEN WORTHINGTON

REAL ESTATE Selling the area’s finest homes! 0402 297 355

|

www.lenworthingtonrealestate.com.au |

lenworthington@remax.com.au

On Moving Day Make sure the house is clean. At this busy time it might be worth hiring a cleaner to finish the scrubbing and vacuuming for you. Strip the beds and keep the linen in a separate box that travels with you so you can use them on the first night. Disconnect remaining appliances. Defrost your freezer the day before moving and empty the fridge into an esky. Do one final check of your house as the removalists are loading your boxes. Have final payment ready for your removalist. Read the removalist document thoroughly before signing and save it for future reference. Stay home until the last item is packed and make an inspection of the van to check all your goods are loaded/unloaded. Close and lock all the doors and windows. Arrange for keys, remotes and any documentation/booklets relevant to your sold property to be collected by Len. Carry valuables, personal items and important papers with you so they don’t get lost. Pack a survival kit for the first hours in your new home - include tea or coffee, kettle, mugs and teaspoons, water bottle, snacks, milk, small first aid kit, toilet paper, a torch, spare light bulbs, paper towels and cleaning materials.

Notes

Page 20 - From Contract to Settlement


LEN WORTHINGTON

REAL ESTATE Selling the area’s finest homes! 0402 297 355

|

www.lenworthingtonrealestate.com.au |

lenworthington@remax.com.au

Pre-Settlement Inspection DUE DATE:

As per the contract conditions, your buyer is entitled to conduct a pre-settlement inspection. This will generally be conducted on the morning of settlement, and Len will have arranged this inspection time well prior with yourself and the buyers. The purpose of this inspection is to ensure that the property is clean and tidy, and in the same state at which it was purchased at the Contract Date. We also ensure that all “inclusions” remain, check off all remote controls (for garage door/s and air-conditioning), check keys to all doors, alarm codes etc.

As owners, you should also leave any items specifically detailed in the contract as inclusions (such as items on page 15), as well as any items/documents that are relevant to the property. These may include: • • • • •

Spare floor tiles, wall tiles & roof tiles Spare tins of paint LPG/GAS Bottles for the cooktop House Plans Warranties and instruction booklets for oven, cooktop, dishwasher etc

• • • •

Copies of pest inspections Termite management system info Any property building approval or building final documentation Solar power supply contracts and warranties

Should you need help with getting to this stage, please contact any of the recommended local business owners (i.e lawn mower, carpet cleaner, house cleaner) on page 17 of this guide. Before settlement day please let Len know of your forwarding address and any changes to your contact phone numbers, and email addresses. In the meantime if you need assistance with anything at all relating to your move, please feel free to contact Len anytime.

Notes

Page 21 - From Contract to Settlement


LEN WORTHINGTON

REAL ESTATE Selling the area’s finest homes! 0402 297 355

|

www.lenworthingtonrealestate.com.au |

lenworthington@remax.com.au

Settlement Day Several days prior to settlement, your solicitor will advise you of the estimated time for settlement. If settlement is scheduled for 2pm, then at that time the property changes ownership to the buyer. The Seller must have the property vacant and cleaned at the time of settlement. Len will remove the FOR SALE signage and hand-over all keys, remotes and alarm codes to the buyer usually within 30 minutes of settlement being finalised, and once Len has written facsimile advice from your solicitor that settlement has occurred. The buyer generally cannot have access to start moving belongings into the property until Len has received your solicitor’s fascimile advice.

Buyer’s Deposits: The RE/MAX accounts manager will have already advised you and your solicitor well before settlement of the buyer’s deposits that we are holding in our trust account. Upon settlement, the total agreed Commission/GST will generally be deducted from the buyer’s deposit held in trust, and the balance of the deposit cheque together with your balance sheet will be posted to your forwarding address within seven days (usually much sooner!)

ON SETTLEMENT DAY YOUR SOLICITOR WILL... • Obtain final payout figure on your mortgage/s required at settlement from your bank (often not available until the morning of settlement) • Submit final cheque details to buyer’s solicitor • Effect settlement on your behalf (they usually instruct a Brisbane Town Agent to attend settlement on their behalf) • Advise you once settlement has been effected • Send letter to Agent to advise settlement has been effected and to authorise release of the keys to the buyers and release any surplus deposit over and above agent’s commission • Subsequentally send settlement letter to you enclosing settlement statement etc.

Notes

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LEN WORTHINGTON

REAL ESTATE Selling the area’s finest homes! 0402 297 355

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www.lenworthingtonrealestate.com.au |

lenworthington@remax.com.au

At Your New Home Check all items during unloading and unpacking - look for any damaged or missing items. Check the electricity/gas/phone has been switched on - if not, contact the suppliers. Start with essentials such as making up the beds and setting up the kitchen. Find out which day is your garbage and recycling collection day: Visit www.moretonbay.qld.gov.au/bindays/ or call (07) 3205 0555 Find your local parks, shops, sports centres and swimming pools. Try to keep pets away until you are moved in, then get your pets familiarised to the new area as quickly as possible so they don’t try to find their old place. Take a few different routes to go places from your new home - you’re sure to find some handy shortcuts. Don’t forget to get an updated driver’s licence address sticker & change the address online for your car registration: www.qld.gov.au/transport/licensing/update/details/ Change your address for any vehicle and household insurance policies.

Notes

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/LENWORTHINGTONREALESTATE

! D L SO I would like to take this opportunity to sincerely thank you once again for trusting me and allowing me to help you and your family sell your property and move to your next home. I hope you have enjoyed our journey together as much as I have. The greatest compliment that I can receive for doing a great job is earning the right to be considered for your repeat and referral business in the future. Over 80% of my business comes from repeat and referral clients after more than 15 years of obtaining great results for my sellers. You will often hear of local relatives, friends & neighbours about to list their home for sale, as I would also love the opportunity to help them obtain a great result.

I would be truly grateful for any feedback on my services. If you feel I have achieved a good result, please consider leaving me a testimonial via my website: www.lenworthingtonrealestate.com.au/feedback.html Kind Regards, Len Worthington

From Contract to Settlement - Len Worthington  

We hope that this guide provides you with information that will make the entire “Contract to Settlement” process clearer and less stressful...

From Contract to Settlement - Len Worthington  

We hope that this guide provides you with information that will make the entire “Contract to Settlement” process clearer and less stressful...