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Residential Property FAQ
What is conveyancing?
The legal work involved in buying and selling property.
What is a structural survey?
A full inspection of the property to ensure it is structurally sound. While this survey is optional, it provides the greatest protection for the buyer
What is the significance of the signing of contract?
The contract is the written agreement between the buyer and the seller. This agreement, when signed, is legally binding. If a buyer terminates the contract after signing, then any deposit already paid will be lost.
What is Stamp Duty?
This is a government tax payable when you purchase a property.
What is meant by closing date?
This refers to the date that the sale of the house is completed. The purchaser receives the keys of the house and the title is transferred.
What is a reserve price?
The reserve is set prior to the auction. This is the price that the seller instructs the auctioneer to put the property on the market at. Once bidding has exceeded the reserve the auctioneer declares the property on the market and the property will be sold to the highest bidder.
Buying — Auction
Normally a property offered for sale by public auction is advertised for three or four weeks prior to the auction and in many cases viewings are conducted by open viewing, for example Saturday 2.30-4.30pm. Prior to the auction, we may advertise the property with the price indicator, namely the Advised Minimum Value (AMV). This is our opinion of the value at the commencement of the marketing campaign. When the house is sold, the buyer is required to sign a contract and normally pay a 10% deposit to the vendors’ solicitor. The contract is unconditional therefore prospective purchasers are advised prior to the auction to have the property surveyed, have their solicitor examine the title, request a copy of the conditions of sale from the vendors' solicitor and obtain the necessary finance.
Buying — Private Treaty
On the market until a suitable offer is accepted. Once an offer is accepted, a non-binding deposit is paid and contracts are issued to the purchasing solicitor. The sale in this case is agreed subject to contract and until such time as contracts are signed and exchanged by both parties the property is sale agreed but not sold.