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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: a. explain the process to them in full including all statutory and general requirements for the smooth completion of the sale process. b. Outline the process of completion of sale including any advantages and disadvantages of processes where applicable. i. 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. Your response should cover the following points: i. Exchange process o 5 day cooling off period (including if purchaser exercises their recision rights) o waiving the 5 day cooling off period o preparation of contracts o signing of contracts o executing contracts o employing a legal practitioner/conveyancer o receiving the deposit monies (including information on deposit bonds) Settlement process ii. iii. o what is settlement?" o when does it occur? o who attends the settlement? o purchasers right to final inspection prior to settlement o vendors and purchasers responsibilities prior to settlement (including building and contents insurance) o holding the deposit monies o what happens if settlement doesn't occur o releasing the key to the property o financial transactions are checked for accuracy against contractual documentation o authorised agency disbursements o how agency fees are calculated o account sale statement o releasing the deposit monies Any other detail relevant to the effective and legal completion of the sale. 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: a. explain the process to them in full including all statutory and general requirements for the smooth completion of the sale process. b. Outline the process of completion of sale including any advantages and disadvantages of processes where applicable. i. 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. Your response should cover the following points: i. Exchange process o 5 day cooling off period (including if purchaser exercises their recision rights) o waiving the 5 day cooling off period o preparation of contracts o signing of contracts o executing contracts o employing a legal practitioner/conveyancer o receiving the deposit monies (including information on deposit bonds) Settlement process ii. iii. o what is settlement?" o when does it occur? o who attends the settlement? o purchasers right to final inspection prior to settlement o vendors and purchasers responsibilities prior to settlement (including building and contents insurance) o holding the deposit monies o what happens if settlement doesn't occur o releasing the key to the property o financial transactions are checked for accuracy against contractual documentation o authorised agency disbursements o how agency fees are calculated o account sale statement o releasing the deposit monies Any other detail relevant to the effective and legal completion of the sale.
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Answer rating: 100% (QA)
Subject Explanation of the Property Sale Process and Completion Procedures Dear Violet I hope this message finds you well Congratulations on successfully negotiating the sale of your property Now that ... View the full answer
Related Book For
Contemporary Business Mathematics with Canadian Applications
ISBN: 978-0133052312
10th edition
Authors: S. A. Hummelbrunner, Kelly Halliday, K. Suzanne Coombs
Posted Date:
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