CPPREP4105 Sell Property Assessment Task 3

Get Expert's Help on Scenario: Provide Information to Client

ASSESSMENT TASK 3 – Scenario: Provide Information to Client

You have just negotiated the sale of a property with all terms and conditions and price agreed upon. The vendor has asked you, "what happens next?".

You are to:

  1. explain the process to them in full including all statutory and general requirements for the smooth completion of the sale process.
    1. The explanation may be completed in a 1 page or more report, a 1 page or more letter to the vendor or a flow chart.
  2. Outline the process of completion of sale including any advantages and disadvantages of processes where applicable.

Your response should cover the following points:

  1. Contract process
  • employing a conveyancer/settlement agent
  • preparation of contracts
  • signing of contracts
  • executing contracts
  • receiving the deposit monies
  • the cooling-off period
  1. Settlement process
  • what is settlement?
  • when does it occur?
  • purchasers right to final inspection prior to settlement
  • vendors and purchaser’s responsibilities prior to settlement (including building and contents insurance)
  • holding the deposit monies
  • what happens if settlement doesn’t occur
  • releasing the key to the property
  • authorised agency disbursements
  • how agency fees are calculated
  • account sale statement
  • releasing the deposit monies, including before settlement (Section 27 Sale of Land Act 1962).
  • Any other detail relevant to the effective and legal completion of the sale.

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