Final Inspection Prior To Settlement

Did you know…

The rules governing the right to inspect a property prior to settlement?

Right To Inspect – The buyer is entitled to inspect the property and the Seller must grant access to the property to enable the Buyer to inspect the property on 1 occasion within 7 Business days before Settlement date or on the Possession date.

Time For Inspection – The Buyer and the Seller must agree the date and time for the inspection. If it is not possible for the Buyer and Seller to reach an agreement, then the Buyer may, by not less than 1 business day’s notice to the Seller or the Seller’s Agent, specify the date and time for the inspection, which must be a business day and between 9.00am and 4.00pm.

The pre-settlement inspection enables the Buyer to satisfy him/herself, that the property is in the same condition as it was at the time of the contract being written and accepted.

If you would like to discus the above, or requires and up to date Appraisal of your property, please contact Scaffidi Real Estate at your convenience.

Subject Sale Offers

Did you know…

What is involved in accepting a Subject Sale Offer on your property? If a Subject Sale Offer is presented to you on your property, a number of factors should be considered before accepting or not –

a) Is the property to be sold, well priced and marketed by your Real Estate Agent, or an Agent that will enable the best chance of a successful sale occurring.                                                                                                                                                                                                                                    b) What time frame are you allowing the buyers to receive and accept and offer on their property.                                                                              c) Is the buyer requesting a “grace period” of time to sell their property while removing your property off market.                                                    d) What other conditions are on the Subject Sale Offer.                                                                                                                                                            e) Has a “2 day business clause” been included as part of the Subject Sale Offer. If so, this would enable you to keep marketing your property during the agreed time frame in order to receive a cash or finance offer.

The above factors should be discussed with your Agent and understood, before accepting a Subject Sale Offer.

If you would like to discuss the above, or require an up to date Appraisal of your property, please contact Scaffidi Real Estate at your convenience.

To Auction or Not To Auction

Did you know…

An Auction method of Selling is the oldest method of Selling. When Selling real estate by Auction, the following are some Pro’s and Con’s that should be carefully considered.

Pro’s                                                                                                                                                                                                                                                         – Auctions don’t put a limit on the price                                                                                                                                                                                        – They work on open competition                                                                                                                                                                                                    – The sense of urgency can work on buyer’s emotions                                                                                                                                                                  – Auctions are cash sales and can be a quick method of sale                                                                                                                                                      – While an acceptable bid may not be accepted on the Auction day, sales can be negotiated afterwards

Con’s                                                                                                                                                                                                                                                       – Auctions principally work well for unique properties or when stock levels are low                                                                                                             – They tend not to work as well for easily compared properties                                                                                                                                                 – They may also restrict genuine buyers who cannot meet the Auction terms and conditions

If you would like to discuss the above, or require an up to date Appraisal of your property, please contact Scaffidi Real Estate at your convenience.

Methods Of Sale

Did you know…

When Selling your property, the current market conditions can dictate the best method of sale to achieve the highest possible price. Below are the more common methods of sale used in the property market today –

a) Private Treaty                                                                                                                                                                                                                                    b) Auction                                                                                                                                                                                                                                              c) Expression Of Interest                                                                                                                                                                                                                  d) Fixed Date Sale                                                                                                                                                                                                                                e) From A Fixed Price

The above methods can be governed by supply and demand, uniqueness of the property, recent sales evidence, similar properties that may be on the market at a particular time, or tailoring to the Seller’s needs.

If you would like to discuss the above, or require an up to date Appraisal of your property, please contact Scaffidi Real Estate at your convenience.

Finance Approval

Did you know…

The rules governing a Subject To Finance Condition on a contract of sale? It is important to note that if a Subject To Finance Condition forms part of a contract of sale, it should stipulate –

a) Lender                                                                                                                                                                                                                                                b) Latest Time For Approval                                                                                                                                                                                                              c) Amount Of Loan

If a Lender is not stipulated, it can be any bank, building society, credit union or institution which offers loans and carries on business in Australia.

The latest time for approval is, as of 4pm on a stipulated day whereby, a notice of Finance Approval, or if not Approved, a notice of Non-Finance Approval, be provided to the Seller or Seller’s Agent.

Amount of the loan means either the amount referred to in the schedule or any lesser amount of Finance referred to in the Finance Application. If the amount referred to in the schedule is blank, then the amount will be equivalent to the purchase price.

If you would like to discuss the above, or require an up to date Appraisal of your property, please contact Scaffidi Real Estate at your convenience.

Encumbrances

Did you know…

When a property is being sold, the buyer(s) must be made aware of any Encumbrances that can have an effect on the future use of the property.

An Encumbrance means a Mortgage, Easement, Restrictive Covenant, Title Restrictions, Caveat, Memorial and Rate Encumbrance and includes any right and interest which a person has in relation to the property.

Encumbrances will be noted/listed on the Certificate of Title relating to the Property and should be searched through Landgate in order to obtain the full description and limitation, if any, that may effect the Property.

An example of an Encumbrance having an effect on the future use of the property could be a Restrictive Covenant governing the specific height allowed of buildings on the land being sold.

If you would like to discuss the above, or require an up to date Appraisal of your property, please contact Scaffidi Real Estate at your convenience.

Contract Deposit

Did you know…

In a Real Estate transaction to purchase land / property, a Deposit forms part of the contract. The main purpose of a buyer paying a Deposit indicates intent to purchase the property and gives the seller the security of proceeding to settlement. Should the buyer decide not to proceed with the settlement, the seller may retain the deposit as form of compensation.

How much Deposit is Payable?

A deposit figure can be negotiated and agreed to at the time of executing the contract and held in Trust, usually by a Real Estate Agent or Settlement Agent.

If you would like to discuss the above, or require an up to date Appraisal of your property, please contact Scaffidi Real Estate at your convenience.

Contract of Sale

Did You Know…

That a Contract of Sale for a Real Estate Transaction, can have a number of conditions that can affect both the Seller and the Buyer.

Conditions are any written requirements on a contract that are agreed in writing by both the Seller and the Buyer.

For example, some common conditions may include;

  • Settlement Date
  • Deposit
  • Chattels
  • Finance Approval
  • Structural Report
  • Termite Report

There are many others that can also be included, but the most important points to remember with all conditions are;

  • Who is paying and responsible for the conditions to be satisfied
  • What is to be completed
  • When is it to be completed

Another important point to remember is what happens if the “Who, What and When” are not satisfied.

Clear and concise written conditions, signed/initialled/dated by all parties of the contract are very important, so to avoid any problems or delays nearing settlement.

If you would like to discuss the above, or require an up to date Appraisal of your property, please contact Scaffidi Real Estate at your convenience.

Scaffidi Real Estate | G. Scaffidi | ABN 47959576014 | REBA RA 60311