Your Offer Has Been Accepted, What Next?
Congratulations! Your offer has been accepted. By now you likely would have jumped through numerous hoops to get to this stage of the purchase process, so what happens next?
It may be necessary and is advisable to obtain a pre-purchase pest and building inspection. We can arrange qualified local professionals to conduct these inspections.
If you are arranging finance, advise your lender that you have had an offer accepted. Your lender will obtain the necessary sales information from us or your solicitor to continue the loan application process. Your lender will generally appoint a licensed valuer to conduct a valuation on the property. It is important to regularly communicate any necessary information to your lender to obtain unconditional finance approval.
Up until the contracts of sale have been exchanged, both the buyer and the seller are not committed to the purchase or sale. At any given time either party can pull out of the contract without financial penalty, and any deposit paid will be refunded to you.
Once you have obtained satisfactory pest and building reports and unconditional finance approval, you need to arrange with your solicitor/conveyancer to sign the contract of sale. When both the purchaser and seller have signed contracts and the required deposit (usually 10%) has been paid to the agent, your signed contract is sent back to the sellers’ solicitor for exchange. The settlement date or handover day is usually 28 or 42 days from the date the contract was exchanged.
We would also like to inform you of some more services that we can provide you with here at PRD Northern Rivers:
Pest & Building Inspections – We can recommend licensed independent pest 7 building inspections to conduct comprehensive inspections on your behalf. Please contact your PRD Northern Rivers representative for details.
Financial services - if you have not as yet organised the finance for your purchase we can refer you to our financial services group, please contact your PRD Northern Rivers representative for further information.
Temporary Insurance - if applicable to your property we can arrange free cover for your home up until settlement (conditions apply) if you are interested please contact us for further information.
Free Service Connection – PRD Smarter Connect is a great stress-free way to reconnect your gas, electricity & telephone to your new property. This optional service is free and a representative from PRD Smarter Connect will be in contact soon.