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You’ve Accepted An Offer On Your Home! Now What?

It’s a feeling like no other once you’ve unconditionally sold your home. Now that the deal is mutually agreed between all parties, what’s next? There’s just a few more steps you need to be prepared for after you've accepted a conditional offer, but don’t panic - we’ll walk you through it.

 

What’s A Conditional Offer?

Most of the time, offers are conditional. This means the buyer and in some cases, the seller, need to act on the conditions of the sale before the contract to purchase is confirmed. A property cannot be officially sold until all the conditions are met - then it goes unconditional. An example could be if the buyer is waiting on documents validating sign off following consented works from the seller, or if the purchaser is waiting on finance approval.

 

Planning for Settlement Day

Your agent will help you during the whole process, however, you have to make the property available to the buyer for a pre-settlement inspection at least 1-2 days prior and not on settlement date. Your agent will arrange this between parties. Pre-settlement inspections ideally should never be hosted on the day of takeover - just in case there is something that needs remedied. This inspection is the purchaser’s opportunity to check the property, indoors and outside, is materially the same as the time you viewed and made their offer of purchase. If the wall TV and brackets have been removed since, it can leave holes in the wall which may need to be repaired if the scenario was not discussed when formalising which chattels stay and which go. If the property you have sold is tenanted, it is important to ensure chattels viewed do not belong to the tenants and will therefore be removed should the tenancy end at a future date. If applicable, let your utilities company know the final read of the power meter. The property must be vacant and left in a tidy condition on the settlement date, unless you and the buyer have agreed existing tenancies will continue under new ownership.

 

Settling on Settlement Day

This is the day the buyer pays the final amount of money for your property and takes possession. It’s a good idea to move out of the property before settlement day if possible to avoid any delays on the day - these could cost you if you stay beyond the day of ownership handover. There are several things that need to happen on the day but most of them can be organised between your lawyer or conveyancer, the buyer’s and your bank or lending company (depending on whether you have a mortgage or not). Be available as important documents will need to be signed and witnessed by your legal representative a few days prior to settlement. Your responsibility is to hand over all your keys, remotes and any alarm codes to your solicitor or your agent in readiness for release to the new owner.

 

Should The Unexpected Happen

As much as we’d like for everything to always go smoothly, sometimes a curve ball comes along. Remain calm and reach out to your salesperson as they have both knowledge and detail of your property dealing. If the matter is clearly financial or legal in nature then your solicitor should be contacted. Communication is key to connect the various parties involved.

 

Time To Go

The sale has gone unconditional and the day for handover has arrived. Now it’s time to turn the key in the lock for the last time and let the property welcome it’s new owner.