Real Estate Agents handle the property contracts and this part of my property sale or purchase:


Property contracts are best left to solicitors. That is in any case what most real estate agents will do. They get solicitors to do their contracts. This part of buying and selling property is not that difficult at all.

In fact in every state or territory of Australia most people will engage a conveyancing firm or solicitor to handle the entire property contract process. So you really don't need a real estate agent.

Every state or territory in Australia has a slightly different property contract process, and you can easily visit our State Information pages about your state (ACT, NSW, NT, QLD, SA, TAS, VIC, WA) and print the relevant information showing how easy the property contract process is.

The simple fact is that all you need to have is an agreement between a buyer and a seller who are both happy and committed to the property sale. Without this, even the best property contract may not complete as one party looks for a way out. This is what can happen when real estate agents are involved, especially when one or both parties may be misled regarding the property sale or during the sales process, and then want to get out of the sale agreement.

All you need to do, is create an agreement (pro-forma agreement) between the two parties and advise your solicitors to generate a property contract to both parties satisfaction.

It is that simple. Real estate agents are not solicitors. You do not need them to prepare a contract to sell your property.

Important Contract Terms and Processes you should know:
Detailed below are some of the common terms and processes involved with a property contract.

Conveyancing and Legalities
The consumer's options in conveyancing (the legal process of transferring the ownership of a property) were once limited to which lawyer he or she decided to hire. These days we now have the choice of employing a solicitor, engaging a specialist agent, or even opting to sidestep the professionals and do-it-yourself. Make sure that whoever you hire has plenty of experience in all aspects of conveyancing and is not also working for the vendor as your interests may be compromised in the event of a dispute. Ensure too that he or she has professional indemnity insurance to cover any damages in the event you suffer financially as a result of their negligence.
 
Standard Contracts 
Most properties are sold under a standard contract of sale into which the specific details of the property are inserted along with any other special conditions that may have formed part of the negotiation between the vendor and purchaser. Most standard contracts are written in 'plain English' so they are easy for the non-legal person to understand. If you are buying a townhouse, your lawyer should also check all the documentation from the strata title and body corporate records.
 
Exchanging Contracts 
Usually once the terms of the contract have been finalized and the inspections, searches and any additional documentation have been collected to ascertain the legal and physical condition of the property, contracts between buyer and seller can be signed and exchanged. In some states, the vendor is now required to include all of this documentation with the contract before the property is put on to the market which means that the exchange of contracts can be completed as soon as both parties are satisfied with all the terms negotiated.

Cooling-Off period 
Even after contracts have been exchanged or signed most states provide to the buyer a short 'cooling off' period. If the buyer chooses to exercise his right to back out of the contract during the cooling off period (this is not permitted for properties bought via auction), they may have a small “fee” to pay the owner depending on the state or territory. After the cooling off period is completed, the buyer is legally obligated to purchase the property unless an undisclosed problem is revealed and there are legal grounds to cancel the contract.
 
Settlement 
Settlement day is the day you take possession of the property and move in. It usually takes a few to several weeks following the exchange of contracts to 'settle' so that the remaining money can be paid (most likely via your mortgage lender) and all legal obligations are fulfilled. If you have negotiated for any moveable items (such as white goods etc) to be included in the contract of sale, arrange a final inspection of the property the day before settlement to ensure these goods have not been removed. It may be worthwhile completing a final inspection in any case to make sure nothing has been damaged.
 
Insurance 
As soon as the property becomes legally yours you must arrange insurance. You may need to do this at exchange or following settlement depending on the state you are buying in and whether the owner's insurance will adequately cover the property in the event of disaster. There are several types of insurance and a range of policies to choose from.

Please review our State Information page for more information and to review issues and considerations for selling or renting properties in your state.