Congratulations on Your Conditional Contract
Congratulations on securing a conditional contract for your property! This can be a busy and exciting time, and we want to ensure you are fully informed about the process. Here is a checklist to help you understand what happens next.
The Conditional Process Explained
The conditional period is monitored closely by your solicitor with assistance from your Sales Consultant. You will be kept informed as matters progress.
- Receiving Your Contract: Soon after signing, you will receive a photocopy of your fully signed contract. The original is delivered to your solicitor, and another copy is delivered to the purchaser’s solicitor.
- Legal Documentation: You will need to meet with your bank and/or solicitor to discuss the signing of any necessary legal documentation.
- Monitoring Dates: Make a note of any conditional dates in your diary and check with your Sales Consultant (or your solicitor) the next day if you have not heard whether the condition has been satisfied.
- Back-Up Offers: Your property will continue to be marketed. You may receive another offer, which would become a ‘back up’ offer in the event that the current contract does not proceed.
- The ‘Cash Out’ Clause: To give you more flexibility, we suggest you have a ‘cash out clause’ included in your contract. This allows you to ‘cash out’ the prior contract if a second, more favourable offer is received. The original purchasers are then given a set number of days to make their offer unconditional, or their contract becomes null and void.
- Final Inspection and Keys: The purchasers are legally entitled to a final inspection just prior to settlement. Your consultant will be in touch regarding these arrangements. The keys will not be handed over until your solicitor has received the funds from the purchaser’s solicitor and all necessary documentation has been completed.
If you are unsure of anything, please do not hesitate to contact your Sales Consultant, or call our team at Ray White Bream Bay for advice on 09 433 0334.
When all the conditions in your contract are satisfied, the deal becomes ‘unconditional’ and the sale is confirmed.
Your Moving Checklist
Once the offer on your property is confirmed unconditional, the time for planning can be more restrictive. It’s a good idea to use the time beforehand to your maximum advantage. Here is a simple checklist to help you get organized.
- Notify friends, family, and business contacts of your change of address.
- If appropriate, contact your local postal centre and arrange for your mail to be re-directed.
- Remove any items not included in your sale well in advance of settlement day.
- If you require the services of a furniture removal company, do this immediately to ensure a booking can be confirmed for your moving day.
- Arrange suitable insurance for your new home, and cancel any existing insurance policies for your previous property.
- Arrange for the transfer of any services (e.g. telephone, power, gas, SkyTV, newspaper subscriptions), and have a final reading for water and power meters.
- Ensure all necessary repairs and maintenance are attended to prior to settlement (or earlier if required).
On behalf of the Ray White Bream Bay team, we wish you the very best.